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Canara Bank rose 1.09% today to trade at Rs 101.7. The BSE BANKEX index is up 0.84% to quote at 58685.84. The index is down 1.26 % over last one month. Among the other constituents of the index, State Bank of India increased 1.05% and ICICI Bank Ltd added 0.97% on the day. The BSE BANKEX index went up 7.8 % over last one year compared to the 9.3% surge in benchmark SENSEX.
Canara Bank has lost 0.1% over last one month compared to 1.26% fall in BSE BANKEX index and 1.58% drop in the SENSEX. On the BSE, 47528 shares were traded in the counter so far compared with average daily volumes of 10.73 lakh shares in the past one month. The stock hit a record high of Rs 129.35 on 04 Jun 2024. The stock hit a 52-week low of Rs 84.93 on 26 Dec 2023.
The said collaboration aims to simplify access to solar energy solutions for households by providing attractive financing options, empowering citizens to transition to a more sustainable energy future.
As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme, designed to make rooftop solar installations more accessible and affordable.
For systems with a capacity of up to 3 kW, the scheme offers loans of up to Rs 2 lakh with a 10% margin money requirement, collateral-free financing, a competitive interest rate of 7% per annum, and tenure of up to 10 years. For systems between 3 kW and 10 kW, the scheme provides loans of up to Rs 6 lakh with a 20% margin money requirement, collateral-free financing, and interest rates at 10% per annum, with a maximum tenure of 10 years. These options ensure financial flexibility and support households in their transition to clean energy solutions, it added.
Deepesh Nanda, CEO & MD, TPREL, said, “This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India. Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide. By offering affordable financing options under the PM Surya Ghar Scheme, we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India’s renewable energy objectives.”
R. Anuradha, GM, Retail Assets, Canara Bank, said, “Canara Bank is happy to collaborate with Tata Power Renewable Energy Limited to drive the implementation of the PM Surya Ghar Scheme. Through this partnership, we are providing households with the financial tools to embrace solar energy, reducing their energy costs while contributing to India’s sustainability goals. This initiative reflects our shared commitment to environmental stewardship and a cleaner, greener future.
TPREL, recognized as India’s No. 1 solar rooftop company, leads the market with over 100,000 satisfied customers. The company offers comprehensive solutions across various sectors, including residential, commercial, and industrial, MSMEs, large enterprises, and group captives, demonstrating a strong commitment to meeting diverse energy needs.'
Tata Power Company is one of India's largest integrated power companies, and together with its subsidiaries and jointly controlled entities, it has an installed/managed capacity of 14,453 MW. The company has a presence across the entire power value chain—generation of renewable as well as conventional power, including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.
Canara Bank is an Indian public sector bank. As on 30 September 2024, the bank has 9,658 branches, out of which 3,115 are rural, 2,778 semiurban, 1,918 urban & 1,847 metro along with 9,881 ATMs. The bank is also having 4 overseas branches in London, New York, Dubai and Gift City.
Shares of Tata Power Company fell 0.32% to Rs 411.30 on the BSE.
This collaboration aims to simplify access to solar energy solutions for households by providing attractive financing options, empowering citizens to transition to a more sustainable energy future. As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme, designed to make rooftop solar installations more accessible and affordable.
For systems with a capacity of up to 3 kW, the scheme offers loans of up to ₹ 2 lakh with a 10% margin money requirement, collateral-free financing, a competitive interest rate of 7% per annum, and a tenure of up to 10 years. For systems between 3 kW and 10 kW, the scheme provides loans of up to ₹ 6 lakh with a 20% margin money requirement, collateral-free financing, and interest rates at 10% per annum, with a maximum tenure of 10 years. These options ensure financial flexibility and support households in their transition to clean energy solutions.
Under the agreement, Vakrangee will act as a Corporate Business Correspondent (CBC) for Canara Bank. The company's extensive network of Kendras will now offer a wide range of banking services, including account opening, deposits, withdrawals, loan repayments, and more. This initiative is expected to significantly enhance rural banking infrastructure and bridge the financial inclusion gap.
Additionally, Vakrangee Kendras will facilitate the enrollment of citizens in various social security schemes and provide Aadhaar-related services.
Vakrangee Kendras are branded outlets providing banking, insurance, ATM, e-commerce, e-governance, and healthcare services. With a strong presence in Tier-4 to 6 locations, Vakrangee empowers customers in remote areas to access essential banking services.
Vakrangee is a leading Last Mile Distribution Platform with a strong physical and digital presence across India. It provides a range of essential services, including banking, insurance, ATM, e-governance, e-commerce, healthcare, and logistics, to underserved markets. Its 'Vakrangee Kendra' outlets and 'BharatEasy' mobile app offer convenient access to these services.
The company’s consolidated net profit jumped 64% to Rs 0.69 crore while net sales increased 27% to Rs 65.25 crore in Q2 FY25 over Q2FY24.
The company's board will meet on Saturday, 21 December 2024 to consider raising funds through various modes.
Canara Bank fell 0.51% today to trade at Rs 108.35. The BSE BANKEX index is down 0.23% to quote at 60627.23. The index is up 3.94 % over last one month. Among the other constituents of the index, Yes Bank Ltd decreased 0.32% and HDFC Bank Ltd lost 0.23% on the day. The BSE BANKEX index went up 13.87 % over last one year compared to the 17.09% surge in benchmark SENSEX.
Canara Bank has added 6.8% over last one month compared to 3.94% gain in BSE BANKEX index and 3.56% rise in the SENSEX. On the BSE, 29702 shares were traded in the counter so far compared with average daily volumes of 11.75 lakh shares in the past one month. The stock hit a record high of Rs 129.35 on 04 Jun 2024. The stock hit a 52-week low of Rs 82.66 on 21 Dec 2023.
Canara Bank announced revision in the Marginal Cost of Funds Based Lending Rate (MCLR) of the bank with effect from 12 December 2024 as under:
8.35%
One month MCLR
8.45%
8.55%
Six month MCLR
8.90%
9.10%
9.35%
9.45%