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Canara
Bank may miss lending target
Our Banking Bureau
26 March 2002
 Chennai:
For retail
lending Canara Bank had set itself a target of Rs 2,700 crore for
the current year. But it is likely to end the year with not more
than Rs 1,250 crore. Now, for the next fiscal, the bank has set a
target of Rs 5,000 crore for retail lending.
The bank has set up
exclusive marketing teams to popularise the various retail loan
products. Canara Bank general manager (Chennai circle) George
Joseph says the bank proposes to spend Rs 250 crore on information
technology next year, as against Rs 50 crore in the current year.
“Next month, we propose to introduce ‘anywhere banking’ in
the four metros and Bangalore.”
The Chennai circle is one of the five metro circles of the bank
with a total business of over Rs 7,000 crore. It has 220 branches,
of  which
169 have been computerised. In Chennai city alone, the bank has 59
branches and 53 ATMs.
Next year, 40 branches in
the city will be networked, so that ‘anywhere banking’ is
possible from any of these branches, he says. “The bank also
proposes to open seven branches in Chennai city, as well as one
each in Pondicherry and Chidambaram.”
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