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New Delhi, Jan 24 () The government on Friday announced appointment of L V Prabhakar as managing director and CEO of Canara Bank.
 He will replace R A Sankara Narayanan who demits office on January 31.
 The central government appoints L V Prabhakar as MD and CEO with effect from February 1, 2020, and up to the date of his attaining the age of superannuation December 31, 2022 or until further orders, an official order said.
 Prabhakar, currently executive director at Punjab National Bank. Prior to joining PNB in 2018, he served Allahabad Bank in various capacities.
 He took over the reins of Executive Director PNB at a tumultuous time when Nirav Modi fraud was unearthed. For a long period of time he single-handedly managed the responsibilities of three executive directors. 
He has spearheaded recovery efforts of the bank. During his tenure, the gross domestic business increased by Rs 1 lakh crore to landmark figure of Rs 11.45 lakh crore with gross recovery of more than Rs 20,000 crore.
 His zest for perfection and workmanship was exemplified by the fact that for a long period of time he single-handedly managed the responsibilities of three Executive Directors &amp; brought the Bank back on upward trajectory. 
 He has also been serving on Board of PNB Housing Finance Ltd. &amp; PNB MetLife India Insurance Company as non-executive director. DP MR
MR

Govt appoints L V Prabhakar as MD of Canara Bank

Mumbai, Jun 24 () State-owned Canara Bank on Wednesday reported a standalone net loss of Rs 3,259 crore for the quarter ended March, due to higher provisioning. The lender had reported a net loss of Rs 552 crore in the corresponding period of the previous financial year. For the full year 2019-20, the bank reported a net loss of Rs 2,236 crore as against a net profit of Rs 347 crore. From April 1, 2020, the bank amalgamated Syndicate Bank with it. "Provisioning increased as for most of the accounts we have provided proactively and have also taken into consideration the staff cost," the bank's Managing Director and CEO L V Prabhakar said. Provision also increased due to harmonisation with respect to the impact of divergence in asset classification across both the banks. Total provision also increased to Rs 5,300 crore during the quarter as against Rs 3,525 crore in the year-ago period. The harmonisation process resulted in an increase in gross non-performing assets (NPAs) by Rs 532.63 crore and an increase in the NPA provision by Rs 340 crore during the year ended on March 31, 2020. Prabhakar said as of March 31, 2020, about 19 per cent of the bank's borrowers have opted for moratorium on term loan repayment and in value terms, it is around 17 per cent. In value terms, close to 5 per cent of retail customers, 34 per cent of corporates and 48 per cent of MSME borrowers have opted for the moratorium as of March-end. Gross non-performing loans stood at 8.21 per cent, while net NPAs at 4.22 per cent. Prabhakar expects gross NPA to be around 8 per cent and net NPA at nearly 4 per cent this year. Fresh slippages in the quarter was Rs 3,090 crore. The bank expects slippages to be around Rs 9,000 to Rs 10,000 crore during the current fiscal. Recoveries from the written off accounts during the quarter was Rs 554 crore during the period. "We are looking at recoveries of around Rs 9,000 crore to Rs 9,500 crore, including Rs 3,000 crore from NCLT (National Company Law Tribunal) accounts," he said. Domestic deposit grew 6.3 per cent to Rs 6,01,664 crore as at March 2020 and gross advances stood at Rs.4,26,684 core. In the current financial year, the bank is looking at a loan growth of 7-8 per cent and deposit growth of 10 per cent. The bank's scrip ended 3.95 per cent down at Rs 109.45 apiece on the BSE on Wednesday. HV HRS

Canara Bank reports Rs 3,259 cr loss in Q4 on increased provisioning

Mumbai, Jan 21 () The State Bank of India (SBI) on Tuesday said Challa Sreenivasulu Setty has taken charge as the Managing Director of the bank, effective January 20. 
 Prior to this role, he was designated as the Deputy Managing Director at the bank, handling stressed assets portfolio, a press release said.
 Setty has over three decades of experience in various functional areas of banking and held various positions at SBI, including Vice President and Head (syndications) in New York branch, Deputy General Manager (commercial branch), Indore and General Manager (corporate account group), Mumbai branch.
 He had joined as Probationary Officer in 1988 in SBI's Ahmedabad Circle. 
 Setty's appointment was approved by the Personnel Ministry on Monday.
 The ministry also appointed Sanjiv Chadha as MD and CEO of Bank of Baroda, L V Prabhakar as MD and CEO of Canara Bank and A K Das as MD and CEO of Bank of India. HV RVK

Setty takes charge as MD of SBI

(Eds: Adding more info) New Delhi, Mar 31 () The biggest ever consolidation exercise in the public sector banking space is slated to take shape on Wednesday when six PSU lender will be merged into four in a bid to make them globally competitive.The exercise assumes significance as it is taking place at a time when the entire country is under the grip of COVID-19 outbreak. It has triggered 21-day lockdown to contain the spread of the deadly virus.Experts said merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks are exuding confidence."We don't foresee any problem it is going as per the plan. We have reviewed in the light of this situation also. Certain modification in implementation. We have done so that there is not any disruption for employees and customers. We are ensuring zero disruption," Union Bank of India Managing Director Rajkiran Rai G told .The four anchor banks -- PNB, Canara Bank, Union Bank and Indian Bank -- are postponing some part of the implementation and processes due to the lockdown."For merging banks, we have not changed some of the process like loan process etc, which we proposed to do earlier. However, because of the prevailing situation we will be continuing old system till the situation comes under control," he said.With the merger, the bank looking at more than Rs 2,500 crore of synergy benefits in the next three years, he added.As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones.There were as many as 27 PSBs in 2017. The total number of public sector banks in the country will come down from 18 to 12 beginning next financial year.Speaking on preparedness, Indian Bank MD Padmaja Chunduru said harmonisation of products -- both on the loan and deposit sides -- has been completed and the same products will be offered to all customers.She also said all the deposit and loan products, including access to Indian Bank's emergency credit lines launched in the wake of Covid-19 would be made available to the customers of Allahabad Bank."We have focused all our resources on the important things that matter for day one -- treasury integration has happened and IT integration to the extent of product harmonization and rolling out of the same products has happened," she said.She expects the entire IT integration to be completed by December 2020.Following this merger, PNB will become second largest after the State Bank of India (SBI), Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.Commenting on the consolidation, Canara Bank MD L V Prabhakar said, "We are delighted that following the amalgamation as a single legal entity, we will become a powerful banking institution that is globally competitive and efficient working towards providing differentiated customer experience excellence across all our products and services".The combined entity will be large but with an unchanged approach to grass-root banking, customer delight, and satisfaction, Prabhakar said.The merger will result in the creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore and it would help create banks with scale comparable to global banks and capable of competing effectively in India and globally.In addition, consolidation would also provide impetus to merged entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the public sector bank.These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad effective April 2017. DP HV RS BAL

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Govt appoints L V Prabhakar as MD of Canara Bank

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Canara Bank reports Rs 3,259 cr loss in Q4 on increased provisioning

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Setty takes charge as MD of SBI

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Mega-merger of PSU banks to be effective from Wednesday; 6 banks cease to exist

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