Page 4 - Bank Of Baroda

Bank of Baroda hikes lending rates by 5 basis points across three tenures

The one-year MCLR has risen to 8.85%, while the six-month and three-month MCLR rates have been increased to 8.65% and 8.45%, respectively

PNB reports 11.5% loan growth in quarter ending March, BoB's up by 12.4%

State-owned Punjab National Bank (PNB) on Friday said it has posted a credit growth of 11.5 per cent at Rs 9.85 lakh crore for the March quarter. Total advances were Rs 8.84 lakh crore at the end of March 31, 2023, PNB said in a regulatory filing. The lender reported a 7 per cent increase in total deposits to Rs 13.70 lakh crore as against Rs 12.81 lakh crore at the end of the fourth quarter of the previous financial year. Total business of the bank rose 8.8 per cent to Rs 23.56 lakh crore as compared to Rs 21.65 lakh crore at the end of March 31, 2023. The Credit Deposit (CD) ratio increased to 72 per cent at the end of March 31, 2024 as against 69.1 per cent in the year-ago period. Another public sector lender Bank of India reported a credit growth of 13.56 per cent at Rs 5.86 lakh crore for the March quarter. The outstanding credit was Rs 5.15 lakh crore at the end of March 31, 2023, Bank of India said in a separate regulatory filing. The total deposit of the bank rose 10.20

India's Apr-Feb fiscal deficit at Rs 15.01 trn, hits 86.5% of FY24 target

The Centre's fiscal deficit is estimated at Rs 17.34 trillion for FY24

Bank of Baroda wins co-branding rights for three Delhi Metro stations

State-owned Bank of Baroda (BoB) on Tuesday announced that it has acquired the co-branding rights for three stations of Delhi Metro. These stations are Inderlok, South Extension and Rajouri Garden. Delhi Metro Rail Corporation (DMRC) awarded the naming rights to the bank for a period of 10 years, beginning from 2024, BoB said in a statement. In addition to the exclusive co-branding rights, the bank will get a dedicated space for branding, display of products and installation of an ATM/Digital Banking Unit (DBU)/ kiosk to serve customers, it said. Meanwhile, the bank's executive director Ajay K Khurana inaugurated the new station branding at Inderlok Metro station. The Delhi Metro is India's largest and busiest metro rail system with daily ridership of more than 60 lakh, it claimed.

Bank of Baroda launches green term deposit scheme with 7.15% interest

The scheme offers annual interest rates, ranging from 6.75% for a tenure of 12 to 18 months to 7.15% for 777 days

BoB announces special offers for female account holders on Women's Day

State-owned Bank of Baroda on Thursday announced special offers for its women account holders on the occasion of International Women's Day. International Women's Day is celebrated on March 8. This offer is applicable for accounts, either a BoB Mahila Shakti Savings Account or a BoB Women Power Current Account, opened till June 30, 2024, and loan facilities availed till December 31, 2024, Bank of Baroda (BoB) said in a statement. These women-centric accounts come with a bundle of offers exclusively for women, including up to 25 basis points interest rate concession on retail loans (concession of 0.25 per cent on two-wheeler loans, 0.15 per cent on education loans, 0.10 per cent on auto loans, home loans and mortgage loan). Besides, there would be a complete waiver of processing charges on retail loans (including personal loans) and a 50 per cent discount on annual safe deposit locker charges, it said. "On this International Women's Day, we are pleased to extend our support to women

Axis Bank set to tap infrastructure bond market after 2 years: Report

Infrastructure bonds are issued to finance long-term development projects

Bank of Baroda reduces floating rate car loan by 65 basis points to 8.75%

The Mumbai-based public sector lender also offers a fixed rate of interest option on Baroda Car Loans, starting at 8.85 per cent per annum

CBI court convicts Bank of Baroda manager after 27 years of chargesheet

A special CBI court in Mumbai has convicted a manager of the Bank of Baroda in two separate cases after 27 years of charge sheet for causing a total loss of over Rs 15 crore to the bank, officials said on Monday. The CBI had charge-sheeted Ramchandra Shridhar Joshi, then Chief Manager posted in Walkeshwar Road Branch, Mumbai, in 1996 in two cases -- for causing loss of Rs 10.50 crore and Rs five crore -- by fraudulently diverting bank's money to accused conspirators, the agency said in a statement. The central probe agency had taken over the probe in 1994 and had filed a charge sheet in both cases in 1996, it said. After the completion of the trial, the special CBI court sentenced him to under two years rigorous imprisonment with a fine of Rs three lakh in the first case and one year imprisonment with a fine of Rs 1.37 lakh in the second case. "The case against two charge sheeted accused was abated due to their death during trial while another accused was discharged," a CBI ...

India's GDP to grow at around 6.75-6.8% in FY25, says Bank of Baroda

The International Monetary Fund has projected the Indian economy to grow at 6.7%

BoB raises Rs 2500 cr via Tier-II bonds at 7.57%, surpasses mkt estimates

Robust demand from investors for long tenure paper due to softer rate expectation

SBI, BoB, PSB: Track these levels while riding the rally in PSU Banks

The Nifty PSU Bank index was the top performing sector post Interim Budget on Thursday; the index was up almost 12 per cent in the last four days.

BoB Q3 results: PAT up 19% at Rs 4,579 cr; to raise upto Rs 2,500 cr in Q4

Its Capital Adequacy Ratio stood at 14.72 per cent with Common Tier I Capital of 11.11 per cent at the end of December 2023

BoB Q3 results: Profit up 19% at Rs 4,579 cr, total income at Rs 31,416 cr

State-owned Bank of Baroda (BoB) on Wednesday posted a 19 per cent increase in profit at Rs 4,579 crore for third quarter ended December 2023. The bank had earned a net profit of Rs 3,853 crore in the same quarter a year ago. Total income increased to Rs 31,416 crore during the quarter under review from Rs 27,092 crore in the same period last year, BoB said in a regulatory filing. Interest income of the bank rose to Rs 28,605 crore from Rs 23,540 crore in the third quarter of previous fiscal. Gross Non-Performing Assets (NPAs) of the bank declined to 3.08 per cent of gross loans by the end of December 2023 from 4.53 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.70 per cent from 0.99 per cent at the end of third quarter of the previous fiscal. However, Capital Adequacy Ratio of the bank moderated to 14.72 per cent as against 14.93 per cent at the end of December 2022. During December quarter FY24, the bank made a contingent provision of Rs 50.49 crore in re

Bank of Baroda to report Q3FY24 results on Jan 31; Here's what to expect

Bank of Baroda news: Higher cost of deposits could put pressure on net interest margins, brokerages pointed out in their result preview report.

Stocks to Watch today: Bajaj Auto, Tata Steel, Tech M, TVS Motor, IOC, BoB

Stocks to watch on Thursday, January 25, 2024: Among companies announcing Q3 results yesterday, Tata Steel reported a turnaround while IOC and Ceat postged a 10-fold and 5-fold jump in net profit.

BoB raises Rs 5,000 cr via infra bonds; completes Rs 10,000 cr target

The coupon was fixed at 7.57 per cent for the 10-year paper. Bond market sources said the initial guidance for the coupon was 7.63-7.64 per cent

Bank of Baroda to raise up to Rs 5,000 cr via infra bonds in Jan: Bankers

The state-run bank is likely to invite bids from bankers and investors for the proposed issue this month, they said

BoB's new deposit scheme offers 7.1-7.6% interest on short-term deposits

Public sector lender Bank of Baroda on Monday announced a new deposit scheme offering interest payments in the range of 7.1-7.6 per cent per annum. Bank of Baroda in a statement said its special short-term retail deposit scheme offers an interest rate of 7.60 per cent annually for senior citizens and 7.10 per cent for others. The scheme opened on Monday and is applicable on retail deposits below Rs 2 crore. The bank had been offering 6.25 per cent for 271 days bulk deposits earlier. Existing and new customers of the bank can open this bulk deposit scheme, called the BoB360, at any branch, online or through the mobile app. Banks are offering higher interest on deposits as more and more people are investing in mutual funds and stock markets which are offering better returns than bank deposits. The flight of money out of the banking system can lead to asset-liability mismatches in banks' books. This had the Reserve Bank recently warning banks about a likely crisis as when the policy

Indian Bank to float operations support subsidiary, aims to optimise cost

Two large public sector banks - State Bank of India and Bank of Baroda -- have already formed such units for servicing customers in rural and semi-urban areas