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Wednesday, November 21, 2012

Canara Bank observes Founder’s Day

Canara Bank should play a lead role in furtherance of the financial inclusion movement in the country, said Union Minister of State for Finance Namo Narain Meena.

Speaking at the bank’s Founder’s Day function here, Meena said, “There is still persisting problem of inadequate outreach of institutional credit to the rural poor and the bank should work towards it.”

Union Minister of State for MSMEs K.H. Muniyappa said on the occasion that banks need to make inclusive growth a reality.

Deputy Chief Minister of Karnataka R. Ashoka highlighted the role played by Canara Bank in contributing to the development of the State. He argued that there is a compelling need for the State Government and Canara Bank to work in unison as partners in development.

The Executive Director of the bank Archana S. Bhargava said the bank had the fourth position in the country’s banking sector.

She stressed that while meeting the banking requirements of all segments of society, Canara Bank always maintained focus on the needs of the common man in line with the vision of its founder.

Bhargava said the bank has taken initiative to reduce 0.25 per cent interest in rate of interest on loans to MSMEs up to Rs 1 crore with immediate effect. This will benefit large number of micro and small enterprises in reducing their interest burden.

Further, she also declared open the dedicated call centre set up by Canara Bank, SLBC Convenor Bank, for the State of Kerala for urban financial inclusion. The call centre will provide necessary guidance and assistance in local language to the urban poor for opening accounts with banks.


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