NEWS & ADVICE : SAVINGS ACCOUNTS
Canara bank plans to increase its CASA deposits by 28% this fiscal
By Neelima Shankar
Aug 22, 2012
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The public sector bank, Canara bank has targeted to achieve a 28 percent growth in its Current Account and Savings Account (CASA) segment and reach Rs. 1 lakh crore amounts of deposits in the financial year 2012-13. At the end of Q1 (June quarter) of this year, the banks CASA deposits stood at Rs. 77, 902.

The Executive Director of Canara Bank, Mr. Ashok Kumar Gupta, said that the bank is making efforts to increase the CASA percentage to total deposits of the bank. To achieve this, the bank launched a three month campaign called ‘CASA Olympics' on July 9. The campaign would go on till September 30. During the campaign, the bank has targeted to open 3 million accounts under this segment.

On the bank's progress under the campaign, Mr. Gupta said that the competition among 34 circles of the bank is favorable. They have opened about 5000, 000 new accounts till now, which amount to Rs. 600 crore.

It is reported that a similar campaign, titled ‘Conquer June 2012', was also started by the bank for the same purpose. Under the previous campaign, the bank mobilized Rs. 2958 crore in the savings account segment. According to bank's estimate, about Rs. 22,000 crore will be added under the CASA segment.


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