The problem of coronal heating remains one of the greatest unresolved problems in space science. Magnetic reconnection plays a significant role in heating the solar corona. When two oppositely directed magnetic fields come closer to form a current sheet, the current density of the plasma increases due to which magnetic reconnection and conversion of magnetic energy into thermal energy takes place. The present paper deals with a model for reconnection occurring in the solar corona under steady state in collisionless regime. The model predicts that reconnection time in the solar corona varies inversely with the cube of magnetic field and varies directly with the Lindquist number. Our analysis shows that reconnections are occurring within a time interval of600 s in the solar corona, producing nanoflares in the energy range $10^{21}–10^{23}$ erg/s which matches with Yohkoh X-ray observations.