New Delhi: Canara Bank, India’s third largest public sector lender, has announced that it will start an online share trading portal during the month. The move is aimed at boosting fee based income.
“We will be launching an online trading platform on our own in the second half of this month,” Canara Bank chairman and managing director M B N Rao told PTI.
The bank has already started the trial run for the trading platform, which would cater to both corporate and retail traders, he said.
Besides the trading option, the portal would provide features like market-related information, research report, technical market analysis and sector watch.
With the operationalisation of the platform, Canara Bank would become the first public sector lender to launch such a platform.
A majority of state-run banks are offering this service in alliance with broking companies. For example, State Bank of India is offering the service through Motilal Oswal and Punjab National Bank has an alliance with IDBI Capital.
Canara Bank also plans to introduce new products like international debit card to increase fee based income.
The Bangalore-based bank, which is due to announce its third quarter numbers on January 21, expects the bottomline to exceed Rs1,500 crores for the current fiscal.
The bank has already made profits of about Rs642 crores in the first half ended 30 September, 2007.
For the year ended March 2007, it had posted a profit of Rs1,489.30 crores as compared to Rs1,343.20 crores in the previous year.