Canara Bank's Strategic Expansion Amidst Deposit Mobilisation Challenges

Canara Bank CEO K Satyanarayana Raju announced the bank's plans to expand by opening new branches in light of deposit mobilisation challenges in India. The bank aims to open 250 new branches in FY25 and has significant plans for the Telugu states. The bank is also focusing on technology and cybersecurity enhancements.

Canara Bank chief executive and managing director K Satyanarayana Raju announced on Saturday that the bank is focusing on expanding its business by opening new branches, as deposit mobilisation has become increasingly challenging in India. Speaking at the inauguration of a regional office in Bhimavaram, Raju highlighted that the bank launched 150 branches in fiscal 2023-24 and plans to open another 250 in FY25.

Raju elaborated that during the merger with Syndicate Bank in 2020, around 1,300 branches were closed. He noted that in Andhra Pradesh and Telangana, 22 new branches will be established in the current fiscal year, which will significantly boost the bank's presence in these regions.

The CEO also revealed that the bank is implementing advanced technologies such as Artificial Intelligence, Machine Learning, and business analytics to improve operational efficiency and cybersecurity. These measures, along with strategic stake divestment in subsidiaries, aim to provide a capital cushion and ensure consistent performance and profitability.

(With inputs from agencies.)