Canara Bank's Innovative Staff-Led Initiative Boosts Deposits

Facing challenges in deposit growth, Canara Bank embarked on a unique internal campaign, engaging its 82,000 employees to contribute towards deposit mobilization. This innovative approach led to the collection of an impressive Rs 16,700 crore within just ten weeks, as shared by a top official.

The Campaign's Kickoff and Strategy

Launched on January 26, 2024, during a system-wide slowdown in deposit accretion, the bank's leadership directly appealed to staff. Employees were encouraged to leverage their personal and professional networks to enhance the bank's deposit base, with each staff member aiming to bring in Rs 10 lakh.

Employee Engagement and Reforms

The campaign saw overwhelming support from employees, attributed to recent internal reforms promoting transparency in promotions, performance recognition, and transfers. This alignment with leadership's vision was crucial in the campaign's success.

Results and Future Plans

The initiative not only achieved its target but also improved the bank's credit-deposit ratio and reduced reliance on high-cost bulk deposits. Looking forward, Canara Bank plans to focus on mobilizing monthly recurring deposits, strengthening customer relationships further.