Glaring lapses in Canara Bank’s credit card push

The public sector lender appears to have—among other things—issued cards to customers who never asked for them, an internal audit reveals.

Bengaluru-based Canara Bank wants to start a credit card subsidiary. With a base of 923,000 outstanding credit cards—second only to the State Bank of India among public sector lenders—it is well placed to do so.

The launch of a separate unit to handle the credit card business would be the cherry on the cake for the bank’s CEO and managing director, Lingam Venkat Prabhakar, whose term ends in December. After all, it was under him that Canara Bank, in April 2020, took on the operations of Syndicate Bank—making it the fourth largest public sector bank in the country.

While the …


Furquan Moharkan

Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.

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