Canara Bank to Recruit People Proficient in Local Languages

Canara Bank, which has waived charges on non-maintenance of minimum balance, plans to compensate for the revenue loss by canvassing ₹10,000 crore of additional deposits in savings accounts. The Bengaluru-based lender's managing director and chief executive officer, K Satyanarayana Raju, in a telephonic interview with Anupreksha Jain, pointed out that any further rate cut by the central bank would put margins under pressure for another six months. Edited excerpts:

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How do you plan to compensate for losses arising from the non-levy of fees for those not maintaining minimum balance in savings accounts? How much income did this generate?

On an average, we were getting around ₹289 crore from charging for non-maintenance of minimum balance, approximately. This will be compensated by canvassing additional ₹10,000 crore in the savings bank. If we can canvass additional ₹10,000 crore, the cost of funds will match with that income.

What are your hiring plans for FY26?

In the existing scenario, the thrust is on recruiting people only with the local language, especially people who sit at the counters. This year, we intend to recruit around 3,000 associates. These will be recruited state-wise with criteria of proficiency in the local language. The thrust is on recruiting associates not officers. We have created a promotion policy for associates that within three years, these associates can appear for a promotion test and get elevated to an officer level.