The Hindu Business Line : Make a suggestion and get rewarded : Canara Bank

The bank invites its customers to offer innovative, original, feasible and customer-centric suggestions that would enable the bank to fine-tune its delivery system and provide a competitive edge in customer service.

The customer suggestion scheme will be operable across all branches of the bank, according to Mr G. Umesh Shenoy, General Manager, Kerala Circle. He made the announcement while speaking at a function held on the occasion of opening of a branch at Kadappakkada in Kollam.

The scheme will be open on an ongoing basis and the bank will suitably reward customers whose suggestions are accepted. It has also set up a committee comprising top-level executives to screen the suggestions.

New products: The bank has introduced a scheme called `Cantravel' for financing individuals towards meeting their travel and lodging expenses in India and abroad.

According to Mr Shenoy, under the new scheme, the bank will offer a maximum amount of Rs 5 lakh depending on the income level of the individual. There is no margin specification for the scheme and there will not be any need to furnish security for loans up to an amount of Rs 50,000. For loans beyond Rs 50,000, co-obligation will be required.

The rate of interest applicable for loans under Cantravel will be 11 per cent (floating) and the repayment period will range from 36 months to 48 months. No processing charges will be levied up to March 31, 2005.

Another new product is `Cantech', a scheme for the professionals working in reputed companies in the information technology and biotechnology fields.

Under the terms of the scheme, the bank will offer a maximum amount of Rs 7 lakh as loan. No margin will be payable, and no security will need to be furnished for loans up to Rs 1 lakh advanced under the scheme. The rate of interest applicable will be 11 per cent, and the repayment period is 36 months.

Fund transfer: The bank has introduced an Electronic Funds Transfer from Al Razouki International Exchange Company, Dubai, to 22 selected branches in the Kerala Circle `live' from October 15.

According to Mr Shenoy, a number of companies and banks have expressed their interest to join the bank's electronic funds transfer facility.