Canara Bank CEO Talks Tech Investment and Hiring Strategy

Canara Bank CEO K. Satyanarayana Raju emphasizes heavy investment in technology to enhance services.

  • Canara Bank CEO K. Satyanarayana Raju emphasizes heavy investment in technology to enhance services.
  • The bank aims to hire over 200 people, focusing on data analytics, AI, machine learning, and data center maintenance.
  • The bank’s net profit rises by 18.4% in Q4, driven by improved asset quality and increased net interest income.

In an interview, Canara Bank’s CEO K. Satyanarayana Raju discussed the bank’s significant investment in technology to enhance customer services and control costs. Raju highlighted the bank’s transition towards technological advancement, indicating its alignment with current industry standards. He emphasized the bank’s reliance on internal talent for innovation and development, showcasing the success of indigenous initiatives like the Canara ai1 app, developed entirely in-house and earning high ratings.

Furthermore, Raju outlined the bank’s hiring strategy, intending to recruit over 200 individuals in the current fiscal year. The focus will be on specialized areas such as data analytics, artificial intelligence, and machine learning, reflecting the bank’s commitment to embracing emerging technologies. This hiring initiative aims to bridge skill gaps and prepare the workforce for future responsibilities, leveraging the bank’s belief in the capability of its human resources.

The bank’s tech-focused approach comes amidst recent penalties imposed by the RBI on other financial institutions for digital regulation non-compliance. Canara Bank’s robust financial performance, marked by an 18.4% rise in net profit in Q4, reflects its commitment to improved asset quality and increased net interest income. With a declining gross NPA ratio, the bank’s proactive measures underscore its resilience and focus on sustainable growth in the dynamic banking landscape.