The board of Canara Bank at its meeting held on 03 September 2026 has approved raising of foreign currency funds through issuance of Senior Unsecured Foreign Currency Bonds (Fixed Rated / Floating Rated). According to reports from Business Standard, the bank plans to raise funds up to USD 2,000 million in the international market under the existing USD 3 billion Medium Term Note (MTN) Programme. The board meeting commenced at 10:00 AM Indian Standard Time and concluded at 12:25 PM, as reported in the regulatory filing submitted to the National Stock Exchange of India.
The proposed issuance will be conducted through IBU Gift City Branch, Gandhinagar, or any other Overseas Branch. As reported by Business Standard, the bank has structured the fundraising under its existing USD 3 billion Medium Term Note (MTN) Programme, providing flexibility in execution through multiple overseas branches. The bonds may be either fixed rated or floating rated, offering the bank flexibility in pricing and market timing.
This approval represents Canara Bank's strategic move to access international capital markets for foreign currency funding requirements. According to the regulatory filing, the bank is leveraging its existing MTN programme framework to raise funds in the international market, demonstrating its commitment to diversified funding sources and international market accessibility. The issuance under the MTN Programme will allow the bank to tap into international markets, potentially increasing its financial flexibility and reach to meet strategic objectives and enhance capacity for various banking operations.
