Public sector banks, Canara Bank has intentions to venture into the northern part of India. The bank has a significant customer base of more than 37 million and has a strong presence in the southern part of India. It intends to start highest number of its intended 200 branches in the north this fiscal.
AC Mahajan, CMD of the bank said, “We are planning to open 200 branches in the current fiscal. These branches will be opened across the country with special focus on increasing our presence in Gujarat, Rajasthan and the northeastern states”.
The present network of the bank comprises of 3,050 branches and a total of 2,017 ATMs.
Mahajan said, “Around 1,650 individuals are proposed to be recruited in 2010-11,” indicating that the bank is thinking about increasing via recruitment as well.
The bank also plans to increase its foreign presence by starting full fledged branches in Bahrain and Qatar and a representative office at Sharjah in this fiscal. This year the bank started a branch in Leicester, UK in April.
Mahajan said, “We are aiming at a total business of Rs 5 lakh crore by March 2011, where target for deposits is Rs 2.85 lakh crore and Rs 2.15 lakh crore for Advances”.
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