Karnataka Bank has received an approval for the proposal for augmenting the capital funds of the Bank through issue of Non Convertible lower Tier 11 subordinated Bonds in accordance with the RBI's New Capital Adequacy Framework Guidelines to the tune of Rs 800 crore in one or more tranches under private placement basis.
The Board of Directors of the company at their meeting held on September 5, 2018, approved the same.
Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.
