Financial Showdown: Canara Bank and ICICI Bank Compared

Canara Bank, a well-known name in the Indian banking industry, is a tribute to its unwavering dedication to financial excellence and client care. Since its inception in 1906, the bank has made amazing progress, emerging into a premier financial organisation with a nationwide network of branches and ATMs. Canara Bank, headquartered in Bangalore, has always kept its purpose of promoting economic progress and prosperity.

The bank’s heritage is inextricably linked to its commitment to inclusion and social responsibility. Canara Bank has been instrumental in bringing financial services to rural and underserved regions, notably contributing to financial inclusion and rural development.

Canara bank timings of operation vary depending on the service and branch. However, most locations are open from 10:00 AM to 3:30 PM Monday through Friday, while Canara Bank is open on Saturday from 10:00 AM to 3:30 PM. The bank is closed on the second and fourth Saturdays of each month.

The services provided by Canara Bank in India for different category of customers are as follows-

1. Personal Banking – Canara Bank India provides the following services under the Personal Banking section: –

• Loans
• Home Loan
• Life Insurance
• Canara Global credit Cards
• Canara champ deposit scheme
• Personal Loan
• Canara super savings salary account scheme
• CANARA ROBECO Mutual Fund Products
• Overdrafts
• Loan against Property
• General Insurance
• Canara premium current account
• SB gold scheme

2. Corporate Banking – Canara Bank provides par excellence services in Corporate Banking as well. These include,

• Syndication Services
• IPO Monitoring Activity
• Merchant Banking Services
• Accounts & Deposits
• Cash Management Services
• Loans & Advances
• TUF Schemes
• Canara electronic Tax

3. NRI Banking

• Canbank remit money scheme
• Rupee drawing arrangement
• Swift
• Bank-western union remittances scheme
• Priority & SME Credit

Another such bank is ICICI Bank. In 1955, the World Bank made the effort to establish ICICI Bank. The primary goal of this bank was to establish a development financial institution to provide mid-term and long-term funding to Indian businesses. ICICI concentrated on project finance till late 1980. The ICICI bank’s registered office is in Vadodara, Gujarat, while its corporate office is in Mumbai, Maharashtra.

This private bank offers a variety of services and financial products to its customers and is present in over 17 countries. On the other hand, there are 5275 ICICI branches in India and over 15000 ATMs around the country.

ICICI bank timings of operation vary depending on the service and branch. However, most branches are open from 09:30 AM to 4:30 PM Monday through Friday, while Canara Bank is open on Saturday from 09:30 AM to 4:30 PM. The bank is closed on the second and fourth Saturdays of each month.

4. In India it has several subsidiaries like –

• ICICI Prudential Life Insurance Company Limited
• ICICI Lombard General Insurance Company Limited
• ICICI Prudential Asset Management Company Limited
• ICICI Prudential Trust Limited
• ICICI Prudential Pension Funds Management Company Limited
• ICICI Direct
• ICICI Securities Limited
• ICICI Venture Funds Management Company Limited
• ICICI Securities Primary Dealership Limited
• ICICI Home Finance Company Limited
• ICICI Investment Management Company Limited
• ICICI Trusteeship Services Limited

5. Apart from this, ICICI Bank itself offer services to its customers like –

• Home Loans
• Personal Loans
• Auto Loans
• 2-Wheeler Loans
• Investment for Tax Strategies
• Mutual Funds
• PPF Account
• Health Insurance
• General Insurance
• Life Insurance
• Deposit Schemes like Fixed Deposits and Recurring Deposits
• Current Account and Savings Account Services
• Internet Banking and Mobile Banking

6. What is the difference between ICICI Bank and Canara Bank?

Private banks in India place an emphasis on technology, innovation, and personalised services, frequently catering to customers with higher incomes. Public banks, on the other hand, are concerned with broader societal objectives like as financial inclusion and stability, as well as servicing a larger segment of population and contributing to the country’s economic progress. Individual tastes and financial demands influence the decision between these two sorts of banks.

• Ownership: Canara bank is a public bank that is most of its shares are owned by the government whereas ICICI Bank is a private bank and performs independent banking decisions under the RBI regulations.
• Customer base: Canara Bank is a public bank and thus has a bigger customer base than private banks like ICICI.
• Decision Making: Privaye banks like ICICI India have more leeway in management decisions since they are motivated by profit and the interests of shareholders. While in Public banks,certain policy choices and lending priorities may be impacted by national economic goals as a result of government engagement.
• Interest Rate: Canara bank, because of their social purpose, like all public banks may provide significantly lower interest rates on loans and deposits compared to ICICI bank in India.

So, with the presence of public banks why do we need private banks? These should answer that –

• Providing a high level of Professional Management: Private sector banks contribute to the introduction of a high level of professional management and marketing concepts into banking. It also assists public sector banks in developing equivalent skills and technologies.
• Fosters healthy competition: Private sector banks foster healthy competition in the banking system’s overall efficiency levels.
• Promotes international Investment: Private sector banks, particularly international banks, have a large effect on foreign investment in the country.
• Facilitates access to global capital markets: global banks in the private sector assist Indian firms and government agencies in meeting their financial needs through international capital markets.
• Aids in the development of innovation and expertise:
• Private sector banks are always attempting to invent new product channels (new schemes, services, etc.) and help industries acquire competence in their domains by providing excellent service and assistance.

They introduce innovative technologies into the banking service. As a result, they are ahead of the other banks in a variety of new industries. For example, the introduction of computerised operations, credit card business, ATM service, and so on.

Thus, we can conclude by saying individual preferences, financial goals, and the degree of service and accessibility necessary all influence the decision between private and public banks. Both types of banks contribute to the general stability and prosperity of the Indian economy, with each serving a unique purpose in meeting the diversified banking demands of a large and dynamic population.