Page 10 - Canara Bank

Cosmos Coop Bank merges Sahebrao Deshmukh Co-op Bank with itself

Cosmos would have 170 branches in seven states across India

IL&FS, Spanish subsidiary booked for funds fraud in Ethiopian road contract

The CBI has registered a fresh FIR against IL&FS Transportation Network Ltd and its step-down subsidiary Spain-based Elsamex SA for allegedly misappropriating credit facilities to the tune of Rs 239 crore by cheating and diverting funds, officials said on Monday. India Exim Bank had sanctioned a credit limit of Euro 35 million to Elsamex which is also a wholly owned subsidiary of Singapore-based ITNL International Pte Ltd in 2015 for securing and executing overseas contracts. IL&FS Transportation is already facing a CBI probe for causing a loss of over Rs 6,524 crore to a Canara Bank-led consortium. In 2016, a consortium of Elsamex and ITNL won the bid for an Ethiopian project to design, manage and maintain the work of the Nekemte Bure Road upgrading project under an output and performance-based road contract. The project needed disbursal of certain mobilisation advances, which were to be secured by guarantees sanctioned by Exim Bank. So, Euro 32.60 million was allocated under

ED arrests Jet Airways founder Naresh Goyal in Rs 538 cr bank fraud case

The Enforcement Directorate late Friday night arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said. He was taken into custody under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. Goyal, 74, is expected to be produced before a special PMLA court in Mumbai on Saturday where the ED will seek for his custodial remand. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore of which Rs 538.62 crore is outstanding. The CBI had said the account was declared "frau

CBI files 2 cases on Varun Industries in Rs 388 crore fraud in two banks

The CBI has registered two separate cases against Varun Industries for alleged bank fraud of more than Rs 388 crore, officials said Wednesday. The company, its promoters and directors Kailash Agarwal and Kiran Mehta were booked in the two fresh cases registered on separate complaints from the Central Bank of India and Canara Bank, they said. The Central Bank of India has alleged that it has suffered a loss of Rs 269.29 crore, while Canara Bank pegged the losses to be around Rs 118.88 crore, they said. "The accused company had availed PCL facilities for the export of steel and kitchenware items, but it was revealed that at least on three occasions, the beneficiaries of Packing Credit Limits (PCL) were not dealing with the steel and kitchenware items," the FIR pertaining to Canara Bank said. In its FIR registered on the complaint of Canara Bank, the Mumbai unit of the CBI's Banking Securities and Fraud Branch noted that the proceeds in the PCL facilities were diverted to other ...

Bank of Baroda, Canara Bank, BoM raise rates by up to 10 basis points

One year MCLR hiked to 8.7% with effect from Saturday

Bank of Baroda, Canara Bank, BoM hike lending rates by up to 10 bps

A number of public sector banks, including Bank of Baroda (BoB) and Canara Bank, raised the marginal cost of funds based lending rates (MCLR) by up to 10 basis points even though RBI retained policy rate on Thursday. The move will make EMIs linked to MCLR expensive. The one-year tenor MCLR is the rate against which most consumer loans are tied to. The revised one-year MCLR would be 8.70 per cent as against the existing rate of 8.65 per cent, BoB said in a regulatory filing. The new rate would be effective from August 12, it said. Canara Bank too raised its MCLR by 5 basis points to 8.70 per cent effective August 12. Another public sector lender, Bank of Maharashtra (BoM) has increased its MCLR by 10 basis points. With the hike, the rate of one-year MCLR rises to 8.60 per cent as compared to 8.50 per cent, BoM said in a filing. The revised rate is effective from August 10, 2023, it said. The Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6

Public sector banks' lending to state govt units down 20% in FY23

The moderation in lending follows the Reserve Bank of India's missive to lenders for not doing enough due diligence and monitoring the end use of funds

Canara Bank Q1FY24 net up 74.81% to Rs 3,534.8 crore, NII up 27.7% YoY

The asset quality profile improved, with gross NPAs declining to 5.15 per cent in June 2023 from 6.94 per cent in June 2022

Canara Bank reports profit surge of 75% to Rs 3,535 cr in June quarter

State-owned Canara Bank on Monday reported a 75 per cent rise in net profit at Rs 3,535 crore in the June quarter, helped by decline in bad loans and growth in interest income. The Bengaluru-based lender had posted a net profit of Rs 2,022 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 29,828 crore, from Rs 23,352 crore in the same period a year ago, Canara Bank said in a regulatory filing. Interest earned by the bank improved to Rs 25,004 crore over Rs 18,177 crore in June 2022. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 5.15 per cent of gross advances at the end of the June quarter, from 6.98 per cent a year ago. Similarly, net NPAs or bad loans declined to 1.57 per cent, as against 2.48 per cent in the year-ago period. As a result, provision for bad loans came down to Rs 2,418 crore, as against Rs 2,673 crore allocated in the same quarter a year ago. Capital Adequacy Ratio of

ED files fresh case against former Jet Airways promoter Naresh Goyal

The Enforcement Directorate has conducted eight searches so far in locations linked to Naresh Goyal after filing a fresh case where Canara Bank is the complainant

Culture Ministry, Canara Bank sign MoU for financial assistance to artists

A Memorandum of Understanding was signed between the Ministry of Culture and a PSU bank on Wednesday for the disbursal of financial assistance to veteran artists, officials said. The ministry administers a 'Financial Assistance for Veteran Artists' scheme under which financial assistance of Rs 6,000 per month is provided to artists and scholars above the age of 60, who have contributed significantly in their specialised fields of performing arts and culture in their active age or are still contributing, but due to old age, they are facing difficulty and are in penury condition. Currently, under the scheme, disbursal of financial assistance in respect of artists selected before 2017 is made through the LIC while for the artists approved post-2017, it is made directly by the ministry, according to an official statement issued by the ministry. It has been noted that the receipt of documents from the beneficiaries often gets delayed resulting in disbursal of the amount as a lump sum ...

Canara Bank initiates process to launch IPOs of two non-core arms: Report

If listed, Canara Robeco AMC will be the fifth mutual fund to list after HDFC, Nippon Life, UTI, and Aditya Birla

CBI files case against IL&FS Transportation Network for defrauding 19 banks

The fraud done by IL&FS Transportation Network Ltd (ITNL) and its directors came to light in 2018 after the National Company Law Tribunal (NCLT) appointed a new board of directors

Canara Bank aims to improve profitability further with focus on loan growth

Canara Bank on Thursday said the bank aims to improve bottomline further with balanced thrust on retail, MSME and corporate advances, coupled with increased adoption of digitalization for efficiency improvement. The bank recorded an 87 per cent jump in net profit to Rs 10,604 crore in FY 2022-23 with operating profit growing by 20.04 per cent to Rs 27,716 crore compared to preceding financial year. The bank expects a substantial improvement in low-cost deposits base in FY 2023-24 by increasing customer base, rolling out innovative and customised products and by leveraging technology to provide best in the services to valued customers, Canara Bank managing director K Satyanarayana Raju said in his address to shareholders. Bank's endeavour will be to keep reinventing itself by building on its strengths as per emerging industry landscape and changing customer needs, the annual report said. "Our endeavour is to ensure a 'customer-centric' banking model that creates long-term value for

Surge in market valuations may give PNB, three other PSBs largecap status

Elevation expected during reclassification by Amfi next month

Insurance, MF ventures to list in 15-18 months: Canara Bank MD & CEO

'Ninety per cent of the public sector bank's term deposits are in the bucket of one year'

SBI slow in procurement from GeM portal; lags behind smaller counterparts

India's largest lender SBI was quite slow in procuring goods and services from government-owned GeM portal in 2022-23 and lagged behind smaller counterparts, including Canara Bank and Punjab National Bank, according to the government data. Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of Rs 592.82 crore from the portal, the data showed. Punjab National Bank (Rs 164.57 crore) was the second largest, followed by Indian Overseas Bank (Rs 159.82 crore), State Bank of India (Rs 158.22 crore), Indian Bank (Rs 111.59 crore), Bank of India (Rs 63.81 crore), Bank of Baroda (Rs 48.63 crore), Union Bank of India (Rs 37.03 crore), Bank of Maharashtra (Rs 10.26 crore), Punjab and Sind Bank (Rs 9.98 crore), UCO Bank (Rs 5.30 crore) and Central Bank of India (Rs 4.54 crore) in 2022-23. The SBI did not respond to an email query on the subject. The GeM portal was launched on August 9, 2016, for online purchasing of goods and services by al

RBI imposes Rs 2.92 cr fine on Canara Bank for violation of various norms

The Reserve Bank of India on Friday said it has imposed a penalty of Rs 2.92 crore on Canara Bank for violation of various norms, including linking interest rates to external benchmark, and opening savings accounts of ineligible entities. The Reserve Bank of India (RBI) conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021. "A scrutiny of the bank was carried out by RBI in July 2020 based on a high-value fraud reported by another bank," the central bank said in a statement. After scrutiny, the RBI found that the bank failed to link interest on floating rate retail loans and loans to MSME to an external benchmark and also failed to link interest on floating rate rupee loans sanctioned and renewed during financial year 2020-21 to its Marginal Cost of Lending Rate (MCLR). The public sector lender, the RBI said, opened several savings deposit accounts in the name of ineligible entities, registered dummy mob

Kansai Nerolac, Canara Bank, Mankind Pharma among top stocks to watch today

Stock to Watch on Tuesday, May 9: Canara Bank's net profit rose 90.6 per cent year-on-year (YoY) at Rs 3,175 crore in Q4FY23

Canara Bank consolidated net profit jumps 74% to Rs 3,337 cr in March qtr

State-owned Canara Bank on Monday reported a 74 per cent jump in March quarter consolidated net profit to Rs 3,336.51 crore, helped by higher core income and lower provisions. The Bengaluru-based lender had reported a net profit of Rs 1,918.80 crore in the year-ago period. For FY23, its post tax profit grew to Rs 11,254.75 crore from Rs 6,124.83 crore in FY22. In the latest March quarter, the lender's core net interest income grew 23 per cent to Rs 8,617 crore. This was due to a 17 per cent growth in advances and a 0.14 per cent expansion in the net interest margin to 3.07 per cent. Its other income grew 7 per cent to Rs 4,776 crore but was also hit by a 72 per cent decline in the treasury income. Canara Bank's managing director and chief executive K Satyanarayana Raju said the bank will aim to grow its overall loan book in double-digit in FY24, and denied it being a moderation, saying the lender believes in over-delivering. Raju said the bank registered a corporate loan book ...