Hi Moulika,
However, I think we have to pass the name of the property i.e. the first parameter of the method is ID of the property and the second parameter would be the value that we are looking to store within the control.
So you mean to say that I should define something like below:
template: new sap.ui.commons.TextView().bindProperty("text", "PRDCAT/Category")
Regards
Pavan