Canara Bank increases authorised capital

Canara Bank has informed the Bombay Stock Exchange that it has increased its authorised capital from one thousand five hundred crores rupees to three thousand crores rupees. This is in exercise of the powers conferred by sub-section (2A) of Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The Government of India, in consultation with the Reserve Bank of India, has increased the authorized capital of nationalised banks from "One thousand five hundred crores of rupees" to "Three thousand crores of rupees", vide Notification dated November 10, 2009 and published it in the Official Gazette on November 21, 2009.

Canara Bank has said that it placed the increase in authorised capital before its board of directors at a meeting on January 15 placing it on record.