BENGALURU: From April 1, 2020, the amalgamation of Canara Bank and Syndicate Bank comes to effect to create India’s leading public sector bank. Consequent to the announcement regarding amalgamation by the Govt. of India, the Boards of both banks had given in-principle approval on 13th September 2019.
Sharing his views on this important milestone, Shri. L.V.Prabhakar, MD & CEO, Canara Bank, said, “It is a momentous day in the chronicles for both our Banks that are driven by the cause of nation-building and with a rich heritage of customer care and services. We are delighted that following the amalgamation as a single legal entity, we will become a powerful banking institution that is globally competitive and efficient working towards providing differentiated customer experience excellence across all our products and services. The combined entity will be large but with an unchanged approach to grass-root banking, customer delight, and satisfaction. The amalgamated Bank shall massively enhance the reach of banking services to the larger public and augment the financial inclusion activities currently underway. This is a historic endeavor and we will continue to serve our customers with renewed energy and vitality as we make a meaningful contribution towards our role in boosting India’s economy. ”
As per the press
notification dated 28th March 2020, issued by Reserve Bank of India,
all branches of Syndicate Bank will function as branches of Canara Bank from
April 1, 2020. Customers, including depositors of Syndicate Bank, will be
treated as customers of Canara Bank with effect from the said date.
The amalgamation will lead to a significant expansion in business size and the resultant economies of scale are expected to translate into better profitability, wider product offering and adoption of state-of-the-art technology catalyzing growth.
All the services currently provided for the customers of both banks will continue to be the same. Though the integration of Core Banking solutions of both the banks will be done in due course, the customers will have unhindered access to the best of the technology products.
Enhanced Employer Brand
amalgamation will provide brighter professional prospects for each of the staff
members. The bank has adopted the “best of both” while deciding employee
Customer Experience Excellence
The banking services offered to the
customers will continue uninterrupted with the best of features of both the
banks. To reinforce the feeling of being a part of a single large banking
institution, the bank will be providing 12 interoperable services to its
customers of the amalgamated bank with effect from 1st April 2020. Customers can also choose from a broader suite of products &
services across both banks.
In addition to the existing products, the following new schemes/ products have been introduced to cater to the needs of customers of the Amalgamated Entity:
Our Bank has also announced new Loan schemes for MSME / Corporate / Business/ Agriculture / Retail customers, to tide over the liquidity/cash flow mismatches in the wake of the outbreak of COVID 19. Customers can avail from 10%- 35% of existing working capital or loan limit depending upon the category of borrowers on softer terms upto 30.06.2020.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
Chattel Mortgage — What It Is and What It Is Good For
The Pros and Cons of Life in the Gig Economy
Medica Group of Hospitals lays the foundation for a Healthy Future during COVID-19
IDP Education launches its virtual offices across India
2014 The Global Indian New Network (TGINN)