Daijiworld Media Network - Bengaluru
Bengaluru, May 11: In a remarkable internal mobilisation effort, Canara Bank has collected Rs 16,700 cr in deposits within just ten weeks by involving all 82,000 of its employees in a unique campaign.
Launched on January 26, 2024, amid a system-wide slowdown in deposit growth, the initiative saw the bank’s top management urging each staff member to mobilise Rs 10 lac in deposits through their personal and professional networks.
“We had given a call to each of the 82,000 staff members to canvas within their circles. Each one should bring in Rs 10 lac as a deposit in CASA or retail term deposits,” said K Satyanarayana Raju, Managing Director and CEO of Canara Bank.
Raju credited the success of the campaign to strong internal reforms over the past few years, which had built staff confidence through greater transparency in promotions, recognition, and transfers. The move was also backed by trade unions.
The bank raised Rs 16,700 crore through the campaign split equally between CASA and term deposits helping to lower its credit-deposit ratio from 76 per cent in December to 73 per cent in March.
“This was not a drive aimed at putting up a high number on deposit for the period-end,” Raju clarified. “It has helped the overall business, with stickiness even in CASA balances.”
The effort also reduced Canara Bank’s dependence on bulk deposits, with their share dropping from 25 to 23 per cent.
Looking ahead, the bank aims to focus on recurring deposits to further strengthen its deposit base and customer engagement.