Money & Banking

Lockdown effect: Canara Bank sees sharp increase in digital transactions

Anil Urs Bengaluru | Updated on July 20, 2020

The digital channels of Canara Bank were fully and effectively utilised during the lockdown. “Greater leveraging of digital channels led to a sharp increase in e-transactions by 24 crore,” said TN Manoharan, Chairman, Canara Bank.

In a note to shareholders, he said: “The bank also effectively discharged its duties with all branches and ATMs being fully operational during the lockdown to avoid any financial exigency.”

The bank’s Business Correspondents (BC) services were enhanced, thus leading to 1.2 crore BC transactions during the shutdown days.

“Digital initiatives and alternative delivery channels of the bank have significantly stepped up alternate delivery channels, as a result of which the e-transaction ratio stood at 73.92 per cent as of March 2020,” said Manoharan.

The number of registered users under mobile banking rose 93.21per cent year-on-year (yoy) to 42.24 lakh and net banking users increased by 76.76 per cent yoy to 109.35 lakh as of March 2020.

LV Prabhakar, MD and CEO, said: “From the operation perspective, the bank has taken all precautionary initiatives to ensure continuity in operations. The bank has a disaster recovery site, which is capable of handling the CBS and other functions.Further to safeguard the health of its employees, the bank has given Work from Home options and implemented staggered working hours.”

Changing customer needs

“In an age of information and technology, the bank recognises the changing needs of the customers and cater to the needs of the young demographic base of the country. Thus, your bank gives thrust on digital footprints and enhanced delivery channels,” said Prabhakar.

The bank, as of March 2020, has 8,850 ATMs. Ithas 177 hi-tech E-lounges operational in select branches. .

According to Prabhakar, in order to ensure business continuity for smaller enterprises that were faced with liquidity and cash flow issues, the bank introduced the ‘Canara Credit Support to Covid-19 affected Customers (CCS)’, providing fund-based working capital demand loans.

The bank actively participated in all government schemes and provided compassionate assistance to the beneficiaries, crediting ₹783 crore under PM Kisan and ₹1,029 crore to PMJDY women beneficiaries.

As a part of nation building and in solidarity with those worst affected by the pandemic, the bank’s employees contributed ₹15.53 crore to PM CARES Fund. Further, as a philanthropic gesture, the bank spent ₹4.35 crore for Covid-19 relief measures as a part of its CSR initiatives.

Published on July 20, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like