Canara Bank will be the first public sector bank in the country to launch online share trading platform. Through its wholly owned subsidiary, Gilt Securities Trading Corporation, Canara Bank will be launching its online trading platform ‘canmoney.in’ in the second half of this month.

“As a part of re-branding exercise, we will be offering a range of new products including the online trading facility to our customers. We have already started testing the platform,” M B N Rao, Chairman and Managing Director of Canara Bank said while speaking to Deccan Herald on Wednesday.

Through canmoney.in, customers will be able to integrate their trading accounts with their Depository Accounts and Bank Accounts for hassle free trading.

Through this portal one will be able access live stock quotes, monitor & order status online, access reports & data and have multiple market watch, message window and trading window to track individual stocks. Customers can get a bouquet of products through canmoney.in, which include Cash & Carry, where you can buy/sell a stock against available cash/stocks in your account; Intra Day Trading, where customers can buy or sell against the available margin.

Another facility, Buy in Today Sell out Tomorrow, is a product that allows customers to sell shares which they have purchased, even before receiving the delivery of the shares from the exchange.

Using Stop Loss Trading,  one can set the exposures and margin. Futures and Options, is another service canmoney.in will provide.

To help investors with market related information, the trading portal also offers a host of value-added services such as research reports, technical market analysis, sector watch, newsroom, portfolio tracker, online query posting, online bills and accounts.

New offerings
Meanwhile, as a follow up to rebranding, Canara Bank has hired consulting firm Boston Consulting Group (BCG) to suggest launch of new products and change processes, structure and marketing exercises of the Bank.
“We will soon be launching several pilot projects based on BCG’s recommendations. Centralised processing of all housing loans is one such project” added Mr Rao.

Mr Rao also pointed out that as a result of a re-alignment of high cost deposits and low-yielding advances of the bank in recent months, the interest spread and profitability of Canara Bank is likely to improve in the coming quarters.