Canara Bank

Description
This is report on marketing of canara bank.

Market
The globe is actually composed of several exciting worlds. One of them is finance. In this profound, high-stakes business, Canara Bank celebrated a century in 2006/07. In that year it also emerged as the largest nationalised bank in India. As at the end of March 2007, its global business touched Rs. 240,900 crore (US$ 60.23 billion) comprising Rs. 142,400 crore (US$ 35.60 billion) under deposits and Rs. 98,500 crore (US$ 24.63 billion) under loans. With asset size valued at Rs. 152,000 crore (US$ 38 billion) Canara Bank muscled its way up the ranks to emerge right on top. The bank has a formidable presence that cuts across both social and regional demographics. Its impressive figures cover 2675 branches, more than 200 extension counters and 2000 ATMs. Between them the bank has created a network that supports the varied needs of more than 32 million customers. Recognising that each part of the country needs an equal opportunity to grow and flourish, Canara Bank played a pioneering role in expanding its operations in rural and semi urban areas. It also kept pace with the evolving needs of its huge client base by introducing delivery channels that were mostly technology enabled.

conferred upon it is evidence. In April 2007, it received the Best Public Sector Bank Award in the Financial ExpressErnst and Young Best Banks Survey; it won the Golden Peacock Award established by the Institute of Directors for its Corporate Social Responsibility programme in 2007; in the same year it also won the Golden Peacock National Training Award for Excellence in Training; for 2007 and 2008, Canara Bank was conferred with the Employer Branding Awards by Indiatimes Mindscape and ITM Business School, for Excellence in Human Resource Development; in 2006 it was awarded for Excellence in the Field of Khadi & Village Industries and in the 2006/07 financial year the Ministry of Micro, Small & Medium Enterprises gave it the First National Award.

Fund in 1906, this small business blossomed into a limited company called Canara Bank Limited in 1910. In 1969, fourteen major banks in the country were nationalised; Canara Bank was one of them. Encouraged by the government, Canara Bank soon launched into a massive expansion drive. By the early 1980s the shape that Canara Bank was finally going to take began to emerge. It set up a host of specialised subsidiaries to cater to the needs in housing, capital market, venture capital, gilt trading, factoring and computer services. Its first overseas branch offices opened in London and was followed by one in Hong Kong. In the next two decades the bank notched up a number of firsts: it became the first bank to articulate and adopt the principles of Good Banking; the first Bank to be conferred the ISO 9002 Certification for one of its branch offices in Bangalore; and the first bank in Bangalore to open a Mahila banking branch to help meet the financial requirements of women. In 2007 the bank capped its efforts of the last twenty years to reach the number one position in aggregate business among all nationalised banks. Canara Bank has forayed into insurance and asset management through two JVs with international majors. It proposes to open a branch in Shanghai shortly.

Product
Canara Bank is one of the most proactive public sector banks. It has led not just in exploiting technology to create greater efficiencies but has also led in creating new products. The bank offers internet banking facilities in over 600 branches, electronic fund transfer through RTGS and NEFT systems in all their branches and several types of accounts which specifically cater to the needs of children, high net worth individuals and senior citizens. Its debit card can be used across 27,000 ATM outlets in India and has recently been enabled for global use. Its specialised offerings include consultancy services to the farmer community and advisory service to corporate clients through selected Corporate Service Branches. For the unlettered farmer, Canara Bank has launched a biometric reader which enables them to access and operate their accounts. These hand-held devices are voice enabled; a mobile biometric ATM van is also currently operational in Bangalore. Canara Bank has designed special no-frills accounts, which allow vast sections of disadvantaged and low income people to use

History
Founded as Canara Hindu Permanent

Achievements
Canara Bank believes it’s a people’s bank and, therefore, takes complete ownership of its corporate social responsibility. This has culminated in great amounts of recognition; the dozens of awards that have been

Dr. Rajendra Prasad laying the foundation stone of the Bank’s administrative office in Bangalore on 2nd February 1959

the banks’ facility. Called Financial Inclusion, this is a thrust area for the bank. Up to December 2007, Canara Bank had opened 3.6 million such accounts and accomplished total financial inclusion in 24 districts in Kerala and eight districts in Karnataka. Another area of import for the bank is its support to the SME section. In addition to the financial aid to the Micro, Small and Medium Enterprises (MSME) the bank has also set up training institutes that enhance capacity building of budding entrepreneurs to build their own businesses. With the launch of its trade sharing portal www.canmoney.in, the brand has reached another milestone. This three-in-one account with online trading facility has innovative benefits like Buy In Today and Sell Out Tomorrow (BITSOT), wherein the customer can sell the stock bought by him the very next day – even before receipt of the shares. On the 29th March 2008, Canara Bank launched a number of new customer-friendly initiatives including a call centre service offering details of its products and services to customers, through a toll-free number 1800 425 0018. The other products it launched were facilities to deposit cheques at its ATM centres, zero balance salary savings accounts, internet purchase using debit cards, multi-city cheque facility, on- line application for home loans and globally valid debit cards.

tagline – Together We Can – conveyed the unmistakable joy of sprightly youthfulness; of a certainty that irrespective of the demand, the task would be accomplished. To ensure that the values are achieved, the bank recreated a strategic agenda.

Recent Developments
As the bank grew in stature and in the role that it was discharging, it required a new identity. On 29th December 2007, the bank’s new logo was unveiled by the Hon’ble Union Minister for Finance in the august presence of His Excellency, the Governor of Karnataka. The new brand identity symbolised the coming together of the bank and its varied stakeholders – investors, institutions and society at large. Its

This included restructuring itself from a fourtier set up to three-tiers to reduce turnaround time; it initiated a major drive to scale up skill levels of its employees and improve their motivation to meet the challenges of the new world; it created Club 2020 to arm young and talented officers of the bank for positions of responsibility; it developed a scheme called Pratibha to identify and hone skills in specialised fields; to maintain its IT advantage it engaged with IBM and Iflex to create a host of technology-driven products and services for its customers; it tied up with HSBC and Robeco to provide it with the latest financial products in insurance and mutual funds so that the bank could be turned into a financial supermarket and it kicked-off a study by Boston Consulting Group to develop a comprehensive business strategy that would help position Canara Bank as a Global Bank with best practices.

Jalayoga, a scheme that brings drinking water to backward communities in remote areas. Within the bank itself, employees are encouraged to perform rural service. Volunteers have taken up developmental work in villages and brought enlightenment and succour to thousands of people.

Brand Values
Irrespective of what it does, the one recurring theme is transparency. Translated into action, it can be summarised as integrity, customer-focus, expertise and progressiveness. Canara Bank is recognised for its uncompromising ethics. It expects to continue to be the catalyst of change in every region where it operates and every life that it touches. If its century old history is an illustration of what it can do then its new logo almost certainly is a map of where it is headed.

Promotion
Over the years Canara Bank has launched a number of promotions in sync with its communications strategy. In 2005 it created a property, Canara Bank Yede thumbi haduvenu, on the Kannada channel of ETV. This music show today has a viewer ship of over 10 million (Source: TAM) and has made the brand into a household name in Karnataka. This is possibly the longest running, single-sponsor programme in South India. At heart Canara Bank sees itself as a people’s bank. Everything it does is designed to bring it closer to consumers. In one of its programmes, to fulfil an important corporate social responsibility, Canara Bank set up 34 self-employment training centres across the country to revive traditional crafts like wood crafting, sculpting, metal artefacts etc. When fully realised this initiative will generate employment for over one million people. The bank's Centre for Entrepreneurship Development for Women has been instrumental in identifying, training and supporting women to become entrepreneurs. The bank hopes that this step will help liberate women and make them financially independent and self-reliant. Realising that medical facilities were inadequate in rural India, Canara Bank created the Rural Clinic Service. This programme is designed to serve the dual purpose of providing financial assistance to unemployed doctors and help them set up practice in remote rural areas. Canara Bank has also promoted,

www.canarabank.com
THINGS YOU DIDN’T KNOW ABOUT

Canara Bank
Canara Bank launched the Savings Bank account in 1920 Using the bank's web-site students can apply for an education loan on-line The Farmers Green Card was the first credit card for farmers issued by any bank in India; it was launched in 1988 Canara Bank provides agricultural consultancy services In 1996 a Canara Bank branch office in Bangalore became the first branch of any bank in India to have the ISO 9002 Certification Over the years, Canara Bank has taken over eleven banks Canara Bank has changed its logo four times In the year of its inception, Canara Bank made a profit of Rs. 2000; a hundred years later, in 2006, it had made an operating profit of more than Rs. 2000 crore (US$ 500 million) Without exception, Canara Bank has made a profit every year The bank’s in-house magazine Shreyas is more than 30 years old; it has won more than 30 awards CanBank Bimonthly Review, its widely acclaimed economic journal, is in the nineteenth year of publication



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