Bangalore-headquartered public sector lender Canara Bank has launched four products to provide cashless services to the customers. The four products are Canara Bank debit card-platinum, Canara campus card, cash withdrawal at point of sale and bill payment facility.
Canara Bank debit card — platinum will provide facility with a purchase limit of Rs 200,000 per day with a complementary insurance cover. Similarly, the bank has introduced Canara campus card in association with educational institutions. This card will facilitate students to avoid the hassle of handling cash or cheque or any other similar instrument.
As per the specifics of cash withdrawal at the point of sale, another product launched by the bank, debit card holders will be able to withdraw up to Rs 1,000 per day at select member establishments identified by the bank. This will help hassle-free cash withdrawal facility where ATM penetration is low, a bank release said.
The bank has provided bill payment facility to customers through which they can settle over 80 utility bills. Canara Bank has posted a marginal 5 per cent rise in net profit to Rs 1,105.73 crore in the third quarter of this financial year compared to Rs 1,052.58 crore reported last year.
The marginal rise is attributed to the high base effect in the corresponding quarter last year as the bank earned around Rs 550 crore one time profit on sale of investment and write back of investment provisions.
The total income of the bank rose 17.83 per cent to Rs 6,444.55 crore during this period.
Operating profit of the public lender grew 9.6 per cent to Rs 1,513 crore in the third quarter of the current fiscal.
More From This Section
While the cost of deposit for the bank decreased to 5.66 per cent in the third quarter from 5.69 per cent in the second quarter, yield on advances has gone up to 9.67 per cent from 9.61 per cent in the second quarter.
On the NPA front, gross NPA reduced to 1.44 per cent from 1.77 per cent and net NPA has seen a decline to 1.05 per cent from 1.34 per cent an year earlier.
Provisioning coverage ratio stood at 75.91 per cent against 70 per cent mandated by the central bank.