ICRA has reaffirmed the [ICRA]AA+ (Stable) rating on Canara Bank’s Basel III Tier I bonds and assigned a new [ICRA]AA+ (Stable) rating to an additional Rs. 4,500 Cr.

Furthermore, ICRA reaffirmed the [ICRA]AAA (Stable) rating on its Basel III Tier II bonds, reaffirmed and withdrew the rating on Rs. 3,000 Cr of redeemed Tier II bonds, and reaffirmed the [ICRA]A1+ rating on its certificates of deposit.

These ratings are supported by the bank's strong sovereign ownership, robust deposit franchise, healthy capitalization, and improving asset quality.