Bangalore, Nov 19 : Leading lender Canara Bank today celebrated its 107th Founders Day here to mark the birth anniversary of its founder Ammembal Subba Rao Pai who set up the Bank in Mangalore in July 1906.
Union Minister of state for Finance Namo Narain Meena, who attended, stressed on the need for addressing persisting problems of inadequate outreach of institutional credit to the rural poor. Union Minister of State for MSME K H Muniyappa, Karnataka Deputy CM R. Ashoka and various Heads of Financial Institutions attended. Mr Muniyappa said Banks need to make inclusive growth a reality today.
Canara Bank Executive Director Archna S Bhargava, while delivering welcome address, said while meeting the banking requirements of all segments of the society, Canara Bank always maintained focus on the needs of the common man in line with the vision of its founder. She also announced Canara Bank's initiative to reduce 0.25 per cent in rate of interest on loans to MSMEs upto Rs. one crore with effect from today.
This would benefit large number of micro and small enterprises in reducing their interest burden On this occasion, she said. Further, she also declared open the dedicated Call Centre set up by Canara Bank, SLBC Convenor Bank, for the State of Kerala for urban financial inclusion. The Call Centre would provide necessary guidance and assistance in local language to the urban poor for opening accounts with banks.