Mumbai: Canara Bank has signed a Memorandum of Understanding (MoU) with Bharat Heavy Electricals Limited (BHEL) to offer its Premium Payroll Package – Salary Account to BHEL employees across India. The collaboration aims to provide enhanced banking benefits and tailored financial services to employees of the public sector engineering company.
The agreement strengthens the institutional relationship between Canara Bank and BHEL while expanding access to specialised banking solutions for salaried employees nationwide.
Canara Bank and BHEL Sign Premium Payroll Package Agreement
The MoU covers Canara Bank’s Premium Payroll Package – Salary Account, designed to extend enhanced banking benefits to BHEL employees across the country.
Through this collaboration, the two organisations aim to provide banking solutions tailored to the needs of BHEL’s workforce. The initiative also reflects Canara Bank’s efforts to strengthen partnerships with public sector enterprises and expand its salary account services.
Read also: Canara Bank Q2 FY27 Results: Net Profit Rises 8.4% to ₹5,175 Crore, Gross NPA Falls to 1.33%
Senior Officials Attend MoU Signing
The MoU was signed in the presence of senior officials from both organisations.
The representatives present at the occasion included:
- Vikram Duggal, Chief General Manager (CGM) and Circle Head, Delhi Circle Office, Canara Bank.
- Deepak Saxena, General Manager, Canara Bank.
- M. Sridhar, Executive Director, BHEL.
The participation of senior officials from both organisations highlighted the importance of the partnership in expanding employee-focused banking services and strengthening institutional cooperation.
About Canara Bank
Canara Bank is a public sector bank headquartered in Bengaluru, India. It provides a wide range of banking and financial services, including savings accounts, loans, digital banking and specialised salary account packages.
About BHEL
Bharat Heavy Electricals Limited (BHEL) is a central public sector enterprise under the Ministry of Heavy Industries. Established in 1964, the company is one of India’s leading engineering and manufacturing organisations, supplying equipment and providing services to sectors such as power generation, transmission, transportation, defence and industrial infrastructure.
