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2014-06-07

Canara Bank lending to SME sector stands at Rs 1,500 crore

Public sector lender Canara Bank is targeting an aggregate business of Rs 8.50 lakh crore this fiscal with plans to add 1,250 branches, a top official said.

Public sector lender Canara Bank is targeting an aggregate business of Rs 8.50 lakh crore this fiscal with plans to add 1,250 branches, a top official said.

 

"The bank was aiming to reach an aggregate business figure of Rs 8.50 lakh crore with a deposit growth of 16-17% and advances growth of 19-20% by March 2015," bank's Chairman and Managing Director R K Dubey said.

 

Dubey also inaugurated the bank's third circle office in Kerala in the presence of K V Thomas, MP and former minister, P Rajeev, MP, V S Krishnakumar, Executive Director. The branch will be headed by C G Nair, Deputy General Manager. The circle office covers four districts of Kerala with 125 branches-- in districts of Ernakulam, Thrissur, Palakkad and idukki.

 

Canara Bank had committed Rs 1,170 crore to Kochi Metro project and we are considering some big proposals from government and big PPP, he said. The total business of Ernakulam circle is Rs 13,000 crore with CD ratio of 86%. The finance to agriculture is Rs 3,000 crore, SME is Rs 1,500 crore and priority sector is Rs 4,900 crore.

 

During 2013-14 fiscal, the bank's business had touched Rs 7.22 lakh crore. The public sector lender will add 1,250 branches this year, including 100 in Kerala.

 

The bank was planning to raise capital of Rs 3,000 crore this fiscal to meet its capital requirement. "We may raise capital from government or from market or from bonds. As market improves, we will go for the best option subject to government and RBI approval," he said.

 

Dubey further said that the bank aims to reduce its gross NPA to touch approximately 2% and Net NPA 1-1.25% this year.

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