The board of Canara Bank will meet next week to consider the capital injection of Rs 9,000-cr
New Delhi, September 4 () Public sector lender Canara Bank said Wednesday that its board will meet next week to consider infusion of capital of up to Rs 9,000 crore through the issuance of preferred shares to the government of India
The board will also consider the merger of Syndicate Bank with him.
... The meeting of the board of directors of the bank is scheduled for September 13, 2019, to consider the merger of Syndicate Bank in Canara Bank and consider the infusion of capital of up to 9 billion rupees by the government of India through preferential issuance of equity shares subject to the necessary approvals, Canara Bank said in a regulatory presentation.
Last week, the government unveiled a mega plan to merge 10 public sector banks into four in order to create smaller and stronger global-sized lenders with solid balances that can be used to boost credit and stimulate growth . According to the announcement, Syndicate Bank will merge with Canara Bank, while Andhra Bank and Corporation Bank will be integrated into Union Bank of India, and Allahabad Bank will merge with Indian Bank. Oriental Bank of Commerce and United Bank will merge with Punjab National Bank to create the country's second largest lender behind the State Bank of India. SVK ANS ANS