Canara Bank to spread wings abroad
Thiruvananthapuram: Canara Bank is implementing its plans to spread operations to more countries.

The bank has entered into an understanding with Sberbank, the leading savings bank in Russia, for cooperation in all areas of banking. Canara Bank is already in operation in Moscow in a joint venture with the State Bank of India.

The bank has also sought permission to open a representative office in China. It is currently awaiting the necessary licence to convert its representative office in Hong Kong into a full-fledged branch. Besides, the bank is looking into the possibilities of opening branches in the Gulf and some other countries.

The Canara Bank's capital adequacy was at 13.9 per cent, at the end of September, and the bank has no immediate plans to tap the market.

The bank was considering the merger of its four RRBs in Karnataka into a single entity. Similarly, the merger of its three RRBs in Uttar Pradesh is also on the cards. The bank's board will take a decision in this regard shortly and then approach the Centre and the respective state governments for approval.
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IRDA suspends Golden Multi Services
Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has suspended the insurance distribution activities of Golden Multi Services Club Ltd (GMSCL) and its associate companies on the grounds of mis-selling of insurance products.

In an order issued on Thursday, the IRDA Chairman, C.S. Rao, said the authority had received complaints from the public from different parts of the country about mis-selling of insurance products by GMSCL and its associates - Golden Trust Financial Services, Golden Multi Services Pvt Ltd, Golden Corporate Services and Golden Trust Multi Services.
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