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Third largest public sector bank in India
Canara Bank is an Indian public sector bank based in Banglore. Established in 1906 in Manglore by Mr. Ammembal Subba Rao Pai, the bank was nationalised in 1969. Canara Bank also has offices in London, Leicester, Hong Kong, Shanghai, Manama, Johannesburg, New York City, Dubai, and a representative office in Sharjah.
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Banking stocks like SBI, ICICI Bank, among others declined on October 12, as investors focused on the latest liquidity curbing measures announced by the Reserve Bank of India.
The RBI has raised the minimum daily CRR maintenance requirement to 99% from 90% from October 16 to curb banking system liquidity. Jefferies expects a limited impact on banks net interest margins, estimating a potential 1-2 basis point increase in funding costs. It prefers banks over NBFCs in a rising-rate environment…
SBI fell 1.77 pr cent to Rs 942.10. PNB shares were quoting 1.35 per cent lower at Rs 115.40. ICICI Bank declined 1.34 per cen to Rs 1,336.90. Union Bank and IndusInd Bank slipped 1.2-1.3 per cent.