Canara Bank sees credit growth at 14% this fiscal; plans to raise Rs 70 bn

In a bid to fund a credit growth of around 14 per cent in the current financial year, public sector lender Canara Bank is planning to raise Rs 70 billion in the current financial year. The fund raising plan has already got the board approval.

N Sivasankaran, Chief Financial Officer of Canara Bank told Business Standard that the capital raising plan is primarily aimed at funding the credit growth. Credit growth for the current fiscal is estimated to be in the range of 13 to 14 per cent.

"Bank is planning to raise funds through QIP (qualified institutional placement) or rights issue