Canara Bank staff-led drive mobilises Rs 16,700 crore in 10 weeks amid deposit growth challenge

Time of India

11-05-2025

Faced with deposit growth challenges,
Canara Bank
launched a unique internal campaign by asking each of its 82,000 employees to contribute towards
deposit mobilisation
. Resultantly, the bank collected Rs 16,700 crore within just ten weeks, a top official has said.
The initiative began on January 26, 2024, amid a system-wide slowdown in deposit accretion. The bank's top management appealed directly to staff, urging them to reach out within their personal and professional circles to help boost the bank's deposit base.
'We had given a call to each of the 82,000 staff members to canvas, contacting their relations and whatever there is in their circle. Each one should bring Rs 10 lakh as a deposit either in CASA (current and savings account) or retail term deposit,' Managing Director and Chief Executive Officer K Satyanarayana Raju told PTI.
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Raju said the campaign received wholehearted support from employees, who were aligned with the leadership's vision, thanks to a series of internal reforms over recent years.
'In the last 2-3 years, we have taken steps to get benefits to the staff members, bringing transparency in promotions, performance recognition, and transfers, which has gone well. When we gave a call, we explained to them properly and we could convince them about the need of the hour,' he said, adding that the trade unions also responded positively.
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The initiative resulted in Rs 16,700 crore in new deposits, split evenly between CASA and term deposits, Raju said.
This infusion helped bring the bank's credit-deposit (CD) ratio down to 73 per cent in the March quarter from 76 per cent in December, he noted.
He explained that the bank had been nearing the 80 per cent threshold in CD ratio due to heightened credit demand in the final quarter, prompting the urgent employee-led drive.
The strategy also reduced Canara Bank's reliance on bulk deposits—typically high-cost liabilities—with their share falling to 23 per cent from 25 per cent earlier.
Raju clarified that this was not a short-term move to boost end-of-quarter numbers, but a business-strengthening strategy.
'This was not a drive aimed at putting up a high number on deposit for the period-end,' he said. 'It has helped the overall business, as there is stickiness in even the CASA balances.'
He added that the effort also strengthened the bank's connection with its customer base, with long-term benefits expected to follow. Looking ahead, the bank plans to shift its focus towards mobilising monthly recurring deposits.
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