Coimbatore: The Canara Bank and Syndicate Bank, set to be merged as part of the Centre’s mega consolidation plan for banks, would become one entity in April next year and their combined turnover will be Rs 15 lakh crore, the chairman of Canara Bank, TN Manoharan said Wednesday here on the sidelines of an event.
Manoharan said his bank was having a business of Rs10 lakh crore and the Syndicate Bank Rs five lakh crore. So the total turnover will be Rs 15 crore.
On the impact of economic slowdown, Manoharan he said credit growth has been slow and steady. Though there has been decline in the corporate lending, banks were shifting focus to retail lending and also other sectors like automobile, housing and personal loans.
The government has announced merger of 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth.
PTI