Canara Bank, a leading nationalized bank, has entered into partnership with Small Farmers’ Agribusiness Consortium (SFAC) to provide collateral free lending to farmer producer organisations (FPOs). SFAC is a society that works for the development of the farmers. Along with this society the bank will work for the development of farmers and will extend the loan facility to FPOs
The bank’s net profit for first quarter ended June 30, 2014 rose by 1.86% at Rs 806.86 crore as compared to Rs 792.07 crore for the quarter ended June 30, 2013. Its total income increased by 11.61% to Rs 11728.01 crore for the quarter under review from Rs 10507.88 crore for the corresponding quarter of the previous year.
