Canara Bank crosses Rs 1-trn mark in gold loan

Hyderabad: State-owned Canara Bank has crossed Rs 1 lakh crore (Rs 1 trillion) mark for outstanding gold loan book in June 2022.

The Bengaluru-based lender, during the current fiscal year has witnessed a handsome growth of 26.19 per cent under the gold loan outstanding as compared to previous year. This was possible because of the collective contribution from 435 Canara Bank gold loan plaza branches located across all the States of India.

Bhavendra Kumar, Chief General Manager, Canara Bank, Head Office, Bengaluru, said: "Canara Bank has achieved the phenomenal target of Rs 1 lakh crore sales in gold loan, apart from gold loan outstanding, Canara Bank has achieved double digit growth in all credit parameters including retail, housing, MSME, agricultural and corporates".

He further envisages tremendous demand under gold loan in the short term to medium term.

The Canara bank which is known for its customer centricity was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through various phases in its growth trajectory over the hundred years of its existence. The growth of Canara Bank was phenomenal, especially after nationalization in the year 1969. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian Banks.