Canara Bank employees sell FD schemes on Mumbai streets; video goes viral

It is not very uncommon to see political parties, street vendors, or different campaigns using the ‘Word of Mouth’ tactic for advertising their agendas. However, we have come across a video where a bank can be seen hitting the road to advertise its special Fixed Deposit (FD) scheme. Notably, a few employees of state-owned Canara Bank recently went on the streets with a microphone and were heard announcing the details of the FD plan to lure in customers.

The video, which is believed to be from a locality in Mumbai, has been widely shared on social media and has gone viral in no time. Posted by Twitter user Tamal Bandyopadhyay, the post claims that Canara Bank was selling fixed deposits in Mumbai suburbs, thus narrating the story of a liquidity crunch in the system.

Look at how ⁦⁦@canarabank⁩ selling fixed deposits in Mumbai suburbs. Tells the story of liquidity crunch on the system. Banks need more money to support rising credit growth pic.twitter.com/Mfi1Zx4DqI

— Tamal Bandyopadhyay (@TamalBandyo) October 22, 2022

If we watch the video, a group of employees can be seen walking on the street. While one announces the details of the ‘666 days’ FD plan through a microphone, others go on to distribute pamphlets to the people. Notably, the ‘666’ plan of Canara Bank assures a return of 7 per cent per annum for general citizens, and 7.5 per cent for senior citizens, for deposits lower than Rs 2 crore.

Internet reacts to Canara Bank’s ‘Word of Mouth’

People also took to the comment section and shared their reactions as many were left surprised by such a move by the bank employees. One wrote, “Is this legal? Can any institution advertise their products like this without permission of local municipal authority?”

Another commented, “There is no liquidity crunch in the system. Look at the deposit growth figures of most banks. Good growth is seen. This video is one of the few exceptions.”

A third person wrote, “I am confused…is this more a case of people not depositing money in banks due to low-interest income?”

Notably, while the video suggests that the bank is making attempts to increase the deposits to balance its outstanding loans, it came days after the lender showed strong results in the second quarter of the current fiscal year. The public sector bank has recorded a growth of 89.5 per cent with a standalone profit of Rs 2,525 crore.

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