To mark its centenary celebrations, Canara Bank is launching innovative products for senior citizens, artisans and farmers.

During the centenary year beginning Friday, the bank will introduce Canrelax, the annuity scheme for senior citizens that will guarantee a monthly income on a deposit of Rs.100,000 and more with the principal and cumulative interest calculated at bank rates.

"With about 50 percent of the population below 25 years, the number of senior citizens has been growing across the country," Canara Bank chairman & managing director M.B.N. Rao told reporters here Thursday.

"In the absence of an organised pension scheme for the aged population, Canrelax will provide assured income on a five or 10-year period."

The products will be launched officially Friday by Finance Minister P. Chidambaram at a function.

The bank is also launching Cantools, a scheme for artisans, and Canproduce for improving the income levels of farmers.

The bank will adopt a village each in 23 districts across the country during the 2005-06 fiscal to improve infrastructure at an estimated Rs.50 million.

"We are also instituting awards for outstanding people in social activities, conducting symposiums and seminars on social banking, infrastructure development in government schools and building a centenary block at Sevakshetra hospital in Bangalore," Rao said.

Starting with a share capital of Rs.10,000 in Mangalore in 1905 as Canara Hindu Permanent Fund, the bank has grown into a behemoth with a market capitalisation of $2 billion.