Canara Bank to issue 3-month CD - traders

A man walks past a Canara Bank office in Mumbai

MUMBAI (Reuters) - India's Canara Bank plans to raise funds through the sale of certificates of deposit maturing in three months, three merchant bankers said on Monday.

The state-run lender will offer a yield of 6.92% on the issue, for which it has received commitments worth 10 billion rupees ($121.03 million) so far, the bankers said.

The notes are rated A1+ by CRISIL.

($1 = 82.6250 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)