Govt. to infuse Rs 947 crore in Canara Bank

Public lender Canara said the government will infuse an equity capital of Rs 947 crore in the bank.

• It said the board of the bank at a meeting held today approved the proposal of issuing equity shares on preferential basis to the government in lieu of the capital infusion.
• SBI also spoke of issuance of equity shares on a preferential basis to the government for a capital infusion of Rs 5,393 crore.
• Earlier this month, the government decided to infuse a total of Rs 20,088 crore in 13 public sector banks, including SBI, PNB, IDBI, Bank of Baroda, Canara Bank, Indian Overseas Bank and Union Bank of India .