By Our Staff Reporter
Nainital, 4 Apr: Nainital Bank Limited (NBL), a Scheduled Commercial Private Sector Bank being managed by Bank of Baroda since 1973 with Bank of Baroda holding a 98.57% stake, has raised around Rs 100 Crore through a Rights Issue on 29 March, 2023.
Nikhil Mohan, MD & CEO, Nainital Bank said, “To meet Nainital Bank’s future capital requirements, which are expected to rise as the Bank continues on its growth trajectory and to ensure compliance with regulatory requirements on capital adequacy prescribed by the Reserve Bank of India from time to time, the Bank has raised around Rs 100 Crore through a Rights Issue.”
Nainital Bank has a presence in five states (Uttarakhand, Uttar Pradesh, Delhi & NCR, Rajasthan and Haryana) with 168 branches. NBL’s business has touched the Rs 12,305 Crore mark as on 31 March, 2023. The Bank’s Net NPA stood at 2.50%, Provision Coverage Ratio at 80.00% and CRAR at 16.00% as per latest figures (unaudited).
Nainital Bank was promoted by the veteran freedom fighters the late Bharat Ratna awardee Pandit Govind Ballabh Pant, the late Mathura Dutt Pande, the late Parma Sah and others in 1922. In 1973, RBI directed that Bank of Baroda, a premier public sector bank to manage the affairs of NBL.