Canara Bank has received an approval from Reserve Bank of India (RBI) for opening six new overseas branches for which the bank is working on modalities to open them soon. The bank received approval from RBI to open branches in New York, Tokyo, Nigeria, Tanzania, Brazil and Jeddah.
In addition, the bank has also got a licence to open a branch in Johannesburg, South Africa and is expecting to get licences in Qatar and Frankfurt shortly. The bank currently has branches in London, Leicester, Shanghai, Hong Kong, Bahrain and a representative office in Sharjah.
The bank is targeting to obtain around 10-15% of total business from overseas branches. Currently, the foreign business of the bank accounts for 5% of the total business which crossed Rs 6 lakh crore as on March 31, 2013.
