BANKING & INSURANCE

CIA-1

SUBMITTED BY

GROUP 16
SAIRA SHARMA-19111336
YASH JAIN-19111348
RISHABH DUBEY-19111350

SUBMITTED TO

PROF. AASHIEK CHERIYAN

SUBMITTED ON

4th March 2022

 CANARA BANK

ABOUT THE BANK

Canara Bank is a state-owned commercial bank with headquarters in Bangalore. Widely

known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao
Pai, a great visionary and philanthropist, in July 1906. The Bank operates in four segments
namely treasury operations retail banking operations wholesale banking operations and other
banking operations. The Bank provides a range of products and services to the customers.
Canara Bank has a strong pan India presence and as on 31 December 2020 it has 10491
branches and 12973 ATMs catering to all segments of an ever growing clientele accounts
base of 10.90 crore.

The subsidiaries of the Bank include Canbank Financial Services Ltd Canbank Venture
Capital Fund Ltd Canbank Factors Ltd Canara Robecco Asset Management Company Ltd
Canbank Computer Services Ltd Canara Bank Securities Ltd and Canara HSBC Oriental
Bank of Commerce Life Insurance Company Ltd.
 PRODUCTS & SERVICES OFFERED BY CANARA BANK

Personal Banking

Canara Bank India provides the following services under the Personal Banking section:-
• Loans
• Home Loan
• Life Insurance
• Canara Global credit Cardsv
• Canara champ deposit scheme
• Personal Loan
• Loan against Property
• General Insurance
• Canara premium current account
• SB gold scheme
• Canara super savings salary account scheme
• CANARA ROBECO Mutual Fund Products
• Overdrafts

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
Apart from these, the Canara Bank also has exciting offers and packages for NRIs.

NRI Banking

• Canbank remit money scheme

• Rupee drawing arrangement
• Swift
• Bank-western union remittances scheme
 Priority & SME Credit
The following facilities are listed under this service:-
• Priority Credit
• SME Business
• SME Marketing Desk
• Regional Rural Banks
• Consultancy Services related to agriculture
• Agri-Business Marketing Desk
• Rural Development
• Entrepreneurship Development for women
• Social Banking

Some of the loans provided by the Canara Bank include;

Bank Deposits

• Savings Bank Deposits

• Canara Super Savings Salary A/c
• Canara Flexi A/c
• Current Account
• Savings Bank Gold A/c
• Canara Saral
• Canara Champ
• Can Premium Current Account

Loans & Advances

• Housing Loan
• Loan for Personal Needs
• Loan for Personal needs of Teaching/Non- Teaching Staff
• Loan for Pensioners
• Loan against Security of Mortgage of Property
• Loan against approved Shares/Debentures/Mutual Funds
Canara Bank Loans

Canara Bank provides all conventional banking facilities and various contemporary banking
products. The various types of Canara Bank Loans, which are offered to the customers
include:
• Personal Loan
• Home Loan
• Consumer Loan
• Vehicle Loan
• Educational Loan
• CEMAT Facilities
• Agricultural Loan
WHY DO BANKS USE KYC AND HOW IT IS USED?

Know Your Customer is the process of verifying the identity of the customer. The objective
of KYC is to prevent banks from being used, by criminal elements for money laundering
activities. It also enables banks to understand their customers and their financial dealings to
serve them better and manage their risks prudently. KYC is the means of identifying and
verifying the identity of the customer through independent and reliable sources of documents,
data, or information. It is used for the purpose of verifying the identity of:
- Individual customers, the bank will obtain the customer’s identity information, address, and
recent photograph. Similar information will also have to be provided for joint holders and
mandate holders.
- Non-Individual customers – banks will obtain identification data to verify the legal status of
the entity, operating address, the authorized signatories, and beneficial owners.
Information is also required on the nature of employment/business that the customer does or
expects to undertake and the purpose of opening of the account with the bank.

The KYC guidelines have been put in place by the Reserve Bank of India in the context of
the recommendations made by the Financial Action Task Force (FATF) on Anti Money
Laundering (AML) standards and on Combating Financing of Terrorism (CFT). The
Prevention of Money Laundering Act requires banks, financial institutions, and
intermediaries to ensure that they follow the certain minimum standard of KYC and AML.
KYC is to be provided at the time of opening a new account as well as refresh. It may be
necessary to obtain additional information from existing customers based on the conduct of
the account, where there are changes to the account or at fixed periodic refresh cycles based
on the risk categorization of the customer. Similarly, an existing customer will be required to
provide fresh KYC for the new account opening to adhere to the latest applicable KYC
standards. 
HOW DOES KYC WORK IN CANARA BANK?

To comply with the RBI guidelines on Know Your Customer/Re-KYC the customers of
Canara Bank are required to submit KYC documents and PAN/Form 60 to the concerned
Canara Bank branch immediately in case they have not submitted the documents earlier. All
the customers of Canara Bank are required to submit the following KYC documents to their
respective branches.
1. Proof of Identity (Photo ID) with their mobile number
2. Proof of latest residential address along with recent passport size photograph of the
account holder
3. Non -Resident Indian account holders have to submit a duly attested copy of a valid
passport with VISA details.
FATCA/CRS certification by NRI customers who have not submitted declaration at the time
of opening their account.
KYC form is available online too for Canara Bank.The procedure can be done in online mode
too.

HOW IS IT DIFFERENT FROM THE TRADITIONAL METHOD BEFORE KYC?

The last decade before KYC was introduced has taught us that a person’s online identity isn’t
always what it appears to be. Data breaches, phishing schemes, identity theft, money
laundering, and other digital scams have wreaked havoc on organizations from every sector
of the economy right from fin-tech services to dating sites to players in the sharing economy.

Financial institutions start the KYC process by asking customers to provide a range of basic
information about their business operations and individuals. It includes the names of the
company’s directors, business addresses, national insurance or social security numbers,
company numbers, and so on. This information is supplemented with publicly available
information about the entity from open sources, such as names and addresses, registration
numbers, stock exchange listings, and annual reports.

The KYC information is then compared to lists of individuals and organisations that are
known to governments and law enforcement agencies. The lists have a number of different
aims: 

 To identify individuals suspected of being involved with criminal activities

 To detail which jurisdiction’s international sanctions companies or individuals fall
under
 To provide intelligence on companies or individuals suspected of taking part in
bribery or money laundering
 To identify Politically Exposed Persons (PEPs)