Canara Bank to Hire Staff Proficient in Regional Languages, Says MD & CEO

Canara Bank has decided to waive charges for non-maintenance of minimum balances in savings accounts, foregoing around ₹289 crore in annual fee income. To recover this loss, the public sector lender plans to attract ₹10,000 crore in additional savings deposits, as per news reports. 

As per a news report, in an interview, MD and CEO K. Satyanarayana Raju outlined the bank’s strategic priorities for FY26, including recruitment, recovery targets, lending focus, and digital outreach.

Targeted Hiring and Recovery Led Banking

Canara Bank will hire approximately 3,000 new associates this financial year, focusing on candidates proficient in local languages.

These hires will be at the associate level, with a path to officer positions through internal promotion exams. Simultaneously, the bank is aiming for ₹10,000 crore in recoveries this year, outpacing expected slippages of ₹7,000–₹8,000 crore. The June quarter already saw recoveries of ₹2,477 crore against slippages of ₹2,150 crore.

Retail and Gold Lending in Focus 

Retail lending will remain a key area of growth, with housing loans already expanding at 14%. Vehicle and education loans will also be prioritised, supported by the Pradhan Mantri Vidyalaxmi portal. Additionally, the bank will continue to offer gold-backed personal loans in metro areas as a lead product. 

Returns on gold loans, which previously averaged 9–9.1%, have moderated to around 8.65%. Raju anticipates stabilisation between 8.5% and 8.6%, provided there are no further interest rate cuts. However, he warned that additional repo rate cuts could pressure margins for another six months. Currently, the bank expects a 5–6 basis points improvement in net interest margins, contingent on stable monetary policy.

Branch Growth and KYC Compliance 

Branch expansion continues with 250 new outlets planned this year, with locations now selected using data analytics rather than manual methods. Emphasis is being placed on peri-urban areas with high MSME lending potential, where Canara has also set up 163 regional MSME hubs. 

Responding to the RBI’s KYC directive for dormant accounts, the bank has expanded its Business Correspondent network from 8,000 to 15,000.

Also Read: What Will Happen to ₹67,000 Crore Unclaimed Bank Deposits in India?

Canara Bank Share Price Performance 

As of July 31, 2025, at 1:15 PM, Canara Bank share price is trading at ₹108.12 per share, reflecting a decline of 0.074%. Over the past month, the stock has declined by 5.32%.

Conclusion

With a deepened focus on regional hiring, digital outreach, and structured retail expansion, Canara Bank is aligning its FY26 roadmap to drive inclusive growth while navigating rate and margin challenges.

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