CANARA BANK

psbs-remain-government-captives

PSBs remain government captives

Structural problems of the PSBs, most of them imposed by the government and its system of political governance, has incrementally increased the government shares in 12 PSBs even as it has been seen trying really hard to offload its shares.
For instance, the huge recap infusion of Rs2.6-lakh crore into the PSBs over the past three years - to offset their bad loans - has sharply accelerated government holdings in these banks which could, in turn, limit the size of future capital infusion in certain banks. Of the 12 PSBs, the government holds 92-96 percent in four of them and 83-89 percent in five banks.
Of course, the government would like to offload its shares in PSBs. But the problem is there are very few takers for shares of PSBs despite cheap valuations of 0.4-0.6 times book. The only way investors' appetite in the shares of PSBs can be whetted up is by way of withdrawing the government's socialist hands from the functioning of these banks and driving them towards following the best global banking practices.
Once this transition takes place, investors would be glad to chase PSBs shares and enable the government to recover its cost plus profit. 

16 Sep 2020
md-ceo-of-a-psb-appointed-as-osd-of-another-psb

MD & CEO of a PSB appointed as OSD of another PSB

Former Syndicate Bank MD and CEO Mrutyunjay Mahapatra has been appointed as OSD of another PSB Canara Bank. The government’s notification on April 13, 2020 has appointed Mahapatra, former managing director and chief executive officer of Syndicate Bank as an OSD on a supernumerary basis in Canara Bank.

His appointment comes to effect from the date of assumption of office, and till the age of superannuation (May 5, 2020) or until further orders, whichever is earlier. Shares of Canara Bank on Wednesday closed at Rs 86.60 apiece on the BSE, down1.81 percent from the previous close.

16 Apr 2020
psbs-remain-government-captives

PSBs remain government captives

By IndianMandarins 16 Sep 2020

Structural problems of the PSBs, most of them imposed by the government and its system of political governance, has incrementally increased the government shares in 12 PSBs even as it has been seen trying really hard to offload its shares.
For instance, the huge recap infusion of Rs2.6-lakh crore into the PSBs over the past three years - to offset their bad loans - has sharply accelerated government holdings in these banks which could, in turn, limit the size of future capital infusion in certain banks. Of the 12 PSBs, the government holds 92-96 percent in four of them and 83-89 percent in five banks.
Of course, the government would like to offload its shares in PSBs. But the problem is there are very few takers for shares of PSBs despite cheap valuations of 0.4-0.6 times book. The only way investors' appetite in the shares of PSBs can be whetted up is by way of withdrawing the government's socialist hands from the functioning of these banks and driving them towards following the best global banking practices.
Once this transition takes place, investors would be glad to chase PSBs shares and enable the government to recover its cost plus profit. 

md-ceo-of-a-psb-appointed-as-osd-of-another-psb

MD & CEO of a PSB appointed as OSD of another PSB

By IndianMandarins 16 Apr 2020

Former Syndicate Bank MD and CEO Mrutyunjay Mahapatra has been appointed as OSD of another PSB Canara Bank. The government’s notification on April 13, 2020 has appointed Mahapatra, former managing director and chief executive officer of Syndicate Bank as an OSD on a supernumerary basis in Canara Bank.

His appointment comes to effect from the date of assumption of office, and till the age of superannuation (May 5, 2020) or until further orders, whichever is earlier. Shares of Canara Bank on Wednesday closed at Rs 86.60 apiece on the BSE, down1.81 percent from the previous close.

merger-of-banks-to-be-effective-from-april-1,-2020

Merger of banks to be effective from April 1, 2020

By IndianMandarins 05 Mar 2020

Exercise of consolidation of 10 PSBs into four is on course and the merger will come into effect from April 1, 2020. Cabinet has given a go-ahead for the merger proposal with the government being in regular touch with these banks.

There will be no regulatory issues. The banks’ merger is on course and decisions have already been taken by the respective bank boards. The mergers are aimed at creating global sized banks in India.

This has been the biggest consolidation exercise in banking sector. The government in August 2019 announced mergers of public sector banks by bringing down their total number to 12 from 27 in 2017.

United Bank and Oriental Bank of Commerce will be merged with PNB; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank, and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.

bob,-boi-and-canara-bank-get-new-md-&-ceo

BOB, BoI and Canara Bank get new MD & CEO

By IndianMandarins 20 Jan 2020

The NaMo administration on Monday appointed Sanjiv Chadha (DMD, SBI), as Managing Director and Chief Executive Officer, Bank of Baroda for a period of three years.

Lingam Venkata Prabhakar (ED, PNB) as Managing Director and Chief Executive Officer, Canara Bank whereas Atanu Kumar Das (ED, Bank of India) was appointed as MD & CEO Bank of India for a period of three years.

banks-hiring-in-the-time-of-economic-slowdown!

Banks hiring in the time of economic slowdown!

By IndianMandarins 18 Nov 2019

If there is bad news about Indian economy slowing down, there is something to cheer about too as banks have not reduced hiring rather hiring more. Banks backed by technology are expanding the branch network resultantly adding more to the workforce.
There have been reports from many banks including Axis Bank, Federal Bank and many more that they are hiring more and more people. They have hired six times more of employees this financial year as compared to the last year. Going forward, some of the banks are expanding their branch network; therefore, they will need more people at different levels, with specific skill sets. They are investing in workforce backed with technology including use of artificial intelligence to identify the right candidate.

ms-manimekhalai-is-ed,-canara-bank

Ms Manimekhalai is ED, Canara Bank

By IndianMandarins 12 Feb 2019

Ms Manimekhalai (GM, Vijaya Bank) appointed Executive Director, Canara Bank for a period of three years.

ms-bharathi-is-md-&-ceo,-allahabad-bank

Ms Bharathi is MD & CEO, Allahabad Bank

By IndianMandarins 24 Dec 2018

Ms P V Bharathi (ED, Canara Bank) was, on Monday, appointed to the post of MD & CEO of Allahabad Bank till her retirement i.e. 31 March 2020. She may take over the charge on 01 February 2019. 

no-taker-for-canara-bank-md-&-ceo-post

No taker for Canara Bank MD & CEO post

By IndianMandarins 19 Dec 2018

The Banks Board Bureau (BBB) has been constrained to invite fresh applications for the post of Canara Bank’s MD & CEO after a lukewarm response to its earlier invitation made in August 2018, even though the post was made open to private sector applicants. The last date for application is January 10, 2019.

 

The post has been vacant since Rakesh Sharma’s term ended on July 31, 2018. In October, he was appointed the MD & CEO of IDBI Bank.

 

In a separate move, the government has made executive directors of public sector banks eligible for the managing director’s post in State Bank of India. At present, only deputy managing directors of SBI are eligible for SBI’s MD post.

 

“EDs of nationalised banks made eligible for selection as MD, SBI. Earlier, DMDs of SBI were made available to be MD in nationalised banks. Govt’s thrust to widen the top management talent pool and sharing of experience across PSBs continues.” Rajeev Kumar, secretary, financial services in the finance ministry, said in a tweet on Monday.

 

Currently, SBI has four MDs, but last year the government allowed the lender to have six MDs. The bank has to take its board’s approval to increase the number of MDs.

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