Canara Bank, a leading nationalized bank has raised Rs 1000 crore of the permitted amount of Rs 2500 crore by issuing Basel-III complaint tier-I bonds with a coupon rate of 8.60 percent per annum. The capital is being raised to maintain healthy CRAR during the current financial year. Indian banks are expected to fully comply with Basel-III standards by March 2019 to improve and strengthen their capital planning processes.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.