New Delhi: State-run Canara Bank has signed a Memorandum of Understanding (MoU) with Multi Commodity Exchange Clearing Corporation Limited (MCXCCL) to facilitate Electronic Fixed Deposit Receipts (e-FDRs) as part of its technology-led banking initiatives.
The collaboration is aimed at strengthening digital innovation and operational efficiency while providing customers with more technology-enabled banking services.
Canara Bank and MCXCCL Sign MoU for e-FDRs
The MoU between Canara Bank and MCXCCL is focused on facilitating Electronic Fixed Deposit Receipts (e-FDRs).
The initiative is expected to support:
- Greater digital innovation in banking services.
- Improved operational efficiency.
- Technology-led banking processes.
- More customer-centric banking services.
- Facilitation of electronic fixed deposit receipts.
The partnership marks another step towards expanding digital solutions in banking and streamlining processes through technology.
Read also: Canara Bank Q1 FY27 Results: Net Profit Rises to ₹4,856 Crore, Plans $1.3 Billion NRI Deposit Drive
Officials Who Executed the MoU
The MoU was executed by senior officials from Canara Bank and MCXCCL.
From Canara Bank, the agreement was signed by:
- Alok Kumar Agarwal, Chief General Manager & Wing Head, Strategy, Resources & Government Services Wing.
- Ravish Kumar Sinha, General Manager & Vertical Head, Resources Vertical.
From MCXCCL, the MoU was executed by:
- Arnav Kumar Datta, Head, Collateral & Delivery & Warehousing Operations.
- Praveen Kotian, Head, Legal.
Senior Officials Present at the Signing
The signing ceremony was held in the presence of senior Canara Bank officials from its Mumbai Circle Office.
Those present included:
- Ranjeev Kumar, Chief General Manager & Circle Head, Circle Office, Mumbai.
- Dhanunjay Singh, General Manager, Circle Office, Mumbai.
The presence of senior officials from both sides highlighted the importance of the collaboration in advancing digital and technology-enabled banking services.
Focus on Technology-Led Banking
The partnership reflects Canara Bank’s focus on strengthening its technology-led banking journey. By facilitating e-FDRs, the collaboration is expected to contribute to greater digitalisation and efficiency in relevant banking processes.
The initiative also aligns with the broader objective of providing customers with convenient and technology-driven banking solutions.
About Canara Bank
Canara Bank is a state-owned public sector bank in India headquartered in Bengaluru. Established in 1906, the bank provides a wide range of banking and financial services through its extensive network across India and overseas. It has been focusing on digital transformation and technology-driven solutions to improve customer experience and operational efficiency.
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