Page 5 - Bank Of India

Income Tax department levies Rs 564 crore penalty on Bank of India

The Income Tax department has levied a penalty of Rs 564.44 crore on Bank of India, the public sector lender said on Thursday. The bank is in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC) against the order, it said. "The bank has received the order under Section 270A of the Income Tax Act, 1961 from the Income Tax Department, Assessment Unit pertaining to AY2018-19, wherein the penalty of Rs 564.44 crore has been imposed on various disallowances made," it said in a regulatory filing. Looking to the precedence/orders of appellate authorities, the bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter, it added. "Accordingly, the bank expects the entire demand to subside. As such, there is no impact on financial, operations or other activities of the bank," Bank of India said. Shares of Bank of India closed at Rs 137, up 3.79 per cent over previous close on the

Bank of India to raise Rs 10,000 cr through long-term infrastructure bonds

State-owned Bank of India (BoI) on Wednesday said its board has given approval to raise Rs 10,000 crore through long-term infra bonds to fund infrastructure projects. The fund would be raised in 2024-25, BoI said in a regulatory filing. Recently, many banks including SBI have issued infrastructure bonds to secure funds that are solely dedicated to advancing various infrastructure development projects. These bonds help in building roads, bridges, airports, power plants, and telecommunications networks etc and addressing the infrastructure deficit of the country.

Bank of India reduces home loan rates by 15 bps to 8.3% till March 31

Public sector lender Bank of India on Tuesday announced a reduction in new home loan rates to 8.3 per cent from 8.45 per cent and fully waived off processing fees as a limited period offer till the end of this month. The bank claimed that at 8.3 per cent, it has the lowest rate among its peers. For SBI and HDFC Bank, which are the industry leaders, the lowest rate begins at 8.4 per cent. The offer is valid up to March 31, it added. The bank also said it is offering special financing for rooftop solar panels at 7 per cent interest rate and with no processing fee. At 8.3 per cent, a 30-year tenor home loan will have a starting EMI of Rs 755 per month per lakh. The loan package is further enhanced with an overdraft facility, providing a flexible and comprehensive financial support system for homebuyers, it said. Besides covering home construction, renovation and furniture, its home loan offering broadens its scope beyond traditional financing to promote clean and renewable energy ..

RBI imposes Rs 1.4 crore penalty on Bank of India for non-compliance

The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with certain directions. The penalty on Bank of India has been imposed for non-compliance with the RBI's directions related to 'interest rate on deposits', 'customer service in banks', 'interest rate on advances', and contravention of provisions of Credit lnformation Companies Rules, 2006. The RBI said statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as on March 31, 2021 and March 31, 2022. Meanwhile, the RBI also said a penalty of Rs 13.60 lakh has been imposed on Indostar Capital Finance Ltd for non-compliance with the 'Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016' and with certain provisions of KYC directions. In all cases, the penal

Ex-LIC chief MR Kumar joins Bank of India as non-executive chairman

Bank of India on Tuesday announced the appointment of MR Kumar, former chairman of LIC, as the non-executive chairman and Rajiv Mishra as an executive director. Kumar, a science graduate from the University of Madras, also serves on the board of Ambuja Cements. He joined Life Insurance Corporation in 1983 and was its chairman from 2019 to March 2023. Kumar had also served as a director on the boards of Kenindia Assurance, Kenya, and ACC India. His other leadership roles include the chairmanship of the governing board of National Insurance Academy, president of Insurance Institute of India, and as chairman of Council of Insurance Ombudsman. The bank also announced appointment of Mishra as an executive director. An MBA, Mishra led Union Bank of India's digital transformation, highlighted by the launch of the Vyom mobile app. He had also served on the boards of Kashi Gomti Samyut Gramin Bank in Varanasi, and UBI Services.

Govt appoints non-executive chairmen in Bank of India, IOB, Uco Bank

Ex-LIC head MR Kumar appointed as non-exec chairman of Bank of India

BoI MF aims to raise Rs 500 cr from multi-asset allocation fund in NFO

Bank of India Mutual Fund is targeting to garner at least Rs 500 crore through its newly launched multi-asset allocation fund during the primary subscription period. The new fund offer (NFO) of Bank of India Multi Asset Allocation Fund, which opened for subscription on February 7, will close on February 21. The new scheme is designed for investors who are seeking low volatility in their portfolio and exposure to multiple asset classes -- equity, debt and gold -- with better returns. On the fundraising target, Mohit Bhatia, CEO of Bank of India Investment Managers Private Ltd, told PTI, "We have kept an internal target of at least Rs 500 crore collections across our distribution channels during the NFO period." He said that the new scheme is aiming to capture the positives of the three asset classes. "The structural outlook on Indian equities continues to be quite good over the long term. Further, the general outlook on global and domestic interest rates seems to point to a likelih

Bank of India Q3 results: Net profit surges 62% to Rs 1,870 crore

State-owned Bank of India (BoI) on Friday posted a 62 per cent jump in net profit to Rs 1,870 crore in the December quarter on account of decline in bad loans. The Mumbai-headquartered bank had earned a net profit of Rs 1,151 crore in the year-ago period. The lenders' total income increased to Rs 16,411 crore during the third quarter of the ongoing fiscal against Rs 14,160 crore a year ago, BoI said in a regulatory filing. The interest income of the bank rose to Rs 15,218 crore as against Rs 12,728 crore in the third quarter of the previous year. Gross Non-Performing Assets (NPAs) of the bank declined to 5.35 per cent of the gross loans by the end of December 2023 from 7.66 per cent a year ago. Similarly, net NPAs, or bad loans, came down to 1.41 per cent from 1.61 per cent at the end of the third quarter. Capital Adequacy Ratio of the bank improved to 16.06 per cent as against 15.60 per cent at the end of December 2022. During the quarter ended December 31, 2023, the bank issue

Mutual funds lapped up bank shares in December on valuation comfort

Amid high valuations across most of the market segments, most fund managers are seeing opportunity in the banking sector, especially large private banks

Stocks to Watch today, Dec 6: Canara Bk, Somany, Zee Learn, Patanjali Foods

Stocks to Watch on Wednesday, December 6, 2023: Axis Bank has initiated Corporate Insolvency Resolution Process against Digital Ventures Private Limited, wholly-owned subsidiary of Zee Lear

Adani group, banks, RIL help Sensex end above 69,000, Nifty 20,850

Closing Bell on December 5, 2023: The S&P BSE Sensex crossed the 69,000-mark decisively and hit a record high of 69,381 during the day

Chart view: Bank of India, HDFC Bank offer cheapest home loan rates

As part of a festive promotion, HDFC Bank is currently providing mortgages at a discounted rate, starting at 8.35 per cent across various tenures

Bank of India Q2 PAT jumps 52% to Rs 1,458 cr as asset quality improves

The state-owned bank experienced a 6 per cent decline in net profit on a sequential basis

Will your EMI go up? ICICI Bank and Bank of India raise lending rates

ICICI Bank has increased its MCLR by 5 basis points for all tenures. According to ICICI Bank's official website, the overnight and one-month MCLR rates are now at 8.50 per cent

REC along with BOI to cofinance projects worth Rs 30,000 cr in next 5 yrs

REC Ltd on Wednesday signed an agreement with Bank of India to co-finance Rs 30,000 crore worth of projects in the power, infrastructure and logistics sectors over the next five years under a consortium arrangement. REC, a Maharatna company, provides long-term loans and other finance to the power sector. The firm, which has also diversified into areas like roads, metro rails, airports and IT, had a loan book of Rs 4.54 lakh crore as of the June 2023. Under the agreement, REC and BoI will partner to co-finance loans amounting to Rs 30,000 crore for infra projects implementable over the next five years, REC said in a statement.

BOI raises Rs 2,000 cr in capital via Tier II bonds to fuel business growth

Next on radar - equity offering to reduce Govt stake in H2Fy24

Bank of India raises Rs 2,000 cr via tier II bonds at coupon rate of 7.88%

State-owned Bank of India on Wednesday said it has raised Rs 2,000 crore through tier II bonds at a coupon rate of 7.88 per cent. The amount was mopped up on the electronic bidding platform of the NSE, the bank said in a statement. The bank said it received 83 bids worth Rs 3,770 crore against the Rs 2,000 crore offer. The money will be used to augment the overall capital of the lender and enhance the long-term resources in accordance with the Reserve Bank of India guidelines, it said. The amount will not be used to finance any particular project, the lender added.

Bank of India up 3% on heavy volumes; nears 52-week high on healthy outlook

Going ahead, bank targets advance growth of 11- 12 per cent in FY24-25E with continued focus on retail/ MSME segment.

Bank of India Q1 results: Net profit jumps 176% to Rs 1,551 crore

The non-interest income of the bank increased by 27 per cent YoY to Rs 1,462 crore in Q1FY24 against Rs 1,152 crore for Q1FY23

BOI Q1FY24 results: Net profit jumps 176% YoY to Rs 1,551 cr; GNPA down 22%

The net NPA for Q1FY24 came in at Rs 8,119 crore, as compared to Rs 9,775 crore YoY