Canara Bank plans to raise $ 300 mn through forex

Mumbai, Sept 26: Karnataka owned Canara Bank plans to raise 0 million through an issue of foreign currency bonds in November, its Chairman&Managing Director M B N Rao said here today.

Explaining, Mr Rao said,''The process is on and we should raise it in November.'' The bank is set to achieve a capital adequacy ratio of about 12 percent after the issue of forex bonds, he added.

Speaking on the sidelines of a banking conference here, Mr Rao maintained that the Bank could be able to achieve an overall growth of 20 per cent in the current fiscal year. To this end, he pointed out that the bank has maintained its margin and treasury rates are also stable.

To a query, Mr Rao said there is need to keep up the upturn in the credit demand.

UNI