Canara Bank to raise Rs 9,000 crore by way of equity and debt instruments

RB Governor Shaktikanta Das had recently said banks need to beef up their capital base to guard against the COVID impact. A lot of banks have made their plans public to raise capital.

State-run Canara Bank on May 28 said it plans to raise capital of up to Rs 9,000 crore in FY22.

The Board has approved the capital raising plan of the bank for the Financial Year 2021-22 amounting up to Rs 9,000 crore by way of equity and debt instruments, the bank said in a statement.

RB Governor Shaktikanta Das had recently said banks need to beef up their capital base to guard against the COVID impact. A lot of banks have made their plans public to raise capital.

Banks require additional capital to set aside against bad loans and to do additional lending. Also, banks need to meet the mandatory reserve ratio requirements.

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