Canara Bank, a leading nationalized bank, has entered into a Memorandum of Understanding (MoU) with National Bulk Handling Corporation (NBHC) to extend collateral management services for enabling farmers avail credit against collateral at concessional rates. These services will not only bring farmers into the formal banking system but also allow them to avail of credit at concessional rates as loans will be offered against reliable collateral. This MoU will help NBHC expand its services across additional geographies as well as enable it to manage more commodities.
Canara Bank has registered a rise of 60.25% in its net profit at Rs 655.97 crore for third quarter ended December 31, 2014 as compared to Rs 409.35 crore for the same quarter in the previous year. Total income of the bank has increased 11.82% at Rs 12227.86 crore for Q3FY15 as compared Rs 10935.29 crore for the corresponding quarter previous year.
