Page 6 - Bank Of India

Bank of India launches three dedicated centres for startups under DPIIT

Bank of India on Monday launched three dedicated centres for startups and plans to have 12 such centres with a Rs 500 crore loan book by the first year of operations. The three centres are located in Mumbai, Bengaluru and Delhi. They are intended to facilitate the government's goal of promoting innovation and entrepreneurship, and comes under the initiative of the Department for Promotion of Industry and Internal Trade (DPIIT). Under DPIIT's initiative, more than 93,000 startups have been registered and are technically eligible for loans of Rs 1-10 crore. The bank has already sanctioned almost Rs 12 crore to seven startups which are in the tech, restaurant and manufacturing space, its Managing Director Rajneesh Karnatak told PTI. Further, Karnatak said the bank has already identified nine more cities with large pool of startup clusters and over the next 12 months, it will have 12 such dedicated centres. The bank hopes to fund at least 200 such companies and have around Rs 500 cror

Bank of India opens GIFT City branch, aims $1 bn biz by March 2024

State-owned Bank of India on Wednesday opened its branch in the GIFT City Special Economic Zone in Gandhinagar and expects to achieve a USD 1-billion business through it by March 2024, a senior official said. Bank of India also aims to touch a business of USD 4 billion with equal distributions of advances and deposits in the subsequent three years by March 2027 through its IFSC banking unit at GIFT City, its Managing Director and CEO Rajneesh Karnatak said. Bank of India already has its presence in 15 foreign countries through 21 branches and four subsidiaries, a joint venture and a representative office. Through its GIFT City branch it will provide a range of global banking solutions to the clients, he said. "We are expecting a USD 1 billion (Rs 8,227.35 crore) business by March 2024, out of which USD 500 million will be on deposit side and USD 500 million on advances side. In the subsequent three years, we plan to touch a figure of USD 4 billion with equal distributions of advance

Bank of India plans share sale to meet Sebi's minimum public holding norms

State-owned Bank of India is exploring the possibility of share sale to investors over the next one year to meet the minimum public holding requirement of 25 per cent. Currently, Government of India holds 81.41 per cent stake in the Mumbai-based bank. "We are exploring options to meet Sebi's minimum public holding requirement. However, the decision to sell shares would depend on market conditions," Bank of India Managing Director Rajneesh Karnatak told PTI. Public sector banks have time till August 2024 for meeting the Securities and Exchange Board of India (Sebi) requirement, he said. Post share-sale, depending on the quantum, the holding of Government of India would come down below 75 per cent. With regard to the bank's growth, he said, credit growth is expected to be 11-12 per cent during current financial year helped by retail, MSME and agriculture loans. As far as the deposit is concerned, he said, "we hope to grow the liability side by 10 per cent during current financial

Bank of India pays dividend of Rs 668 crore to government for FY23

On May 30, BOI declared a dividend of Rs 2 per equity share

Bank of India becomes first bank to offer Mahila Samman Savings Certificate

The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech this year

Nearly 80% Indians depositing Rs 2,000 notes instead of exchanging: Report

Back in May 2023, the central bank said that it would withdraw Rs 2,000 notes from circulation and allowed people to exchange or deposit these notes latest by September 30, 2023

Bank of India lowers peak interest rate, offers 7% for one-year deposits

The deposit rate for senior citizens for 1-year is 7.5% and 7.65% for super-senior citizens

Paytm, ABFRL, Coal India, BoI, Adani Power among top stocks to watch today

Stocks to Watch on May 8:Paytm's loss narrowed to Rs 168 crore from Rs 763 crore in the year-ago period.

Bank of India Q4 net more than doubles to Rs 1,350 cr on improvement in NII

BOI's capital adequacy ratio stood at 16.28 per cent with the Common Equity Tier of 13.6 per cent at the end of March

India tribunal allows bankruptcy proceedings against Future Lifestyle

A company court on Thursday admitted Bank of India Ltd's petition to begin insolvency proceedings against Future Lifestyle Fashions Ltd on an alleged loan default

Govt appoints Rajneesh Karnatak as BoI MD, Debadatta Chand to head BoB

The government on Saturday appointed Rajneesh Karnatak as managing director of Bank of India (BoI) while Debadatta Chand as head of Bank of Baroda (BoB). The central government appoints Karnatak, Executive Director, Union Bank of India, as managing director and CEO of Bank of India for three year with effect from date of assumption of office, Department of Financial Services said in a notification. Karnatak replaces Atanu Kumar Das who completed his three-year term in January this year. In a separate notification, DFS said Chand, currently ED of BoB, has been appointed as managing director of the same bank for a period of three years. However, Chand would assume charge on July 1 after incumbent Sanjiv Chadha superannuates on June 30. The notifications for the two appointments came after the approval of the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi. The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned ba

Stocks to Watch: SBI, ICICI Lombard, ONGC, Reliance, Oil India, Zydus Life

Stocks to Watch: ICICI Lombard General Insurance reported a 39.6 per cent surge in net profit in the January-March quarter (Q4) of FY23

Bank of India looking to raise Rs 4,500 cr via equity issue in Q1FY24

Bank's board of directors has given it the go-ahead to raise up to Rs 6,500 crore in FY24

Bank of India board approves up to Rs 6,500 crore fundraising plan

Strap: The bank will raise Rs 4,500 crore as equity capital and Rs 2,000 crore via bonds

Bank of India plans to raise Rs 6,500 crore in FY24 to fund its growth

BoI had raised Rs 1,500 crore capital through additional tier-1 bonds in the third quarter of the previous financial year

Bank of India plans to raise Rs 6,500 crore through various means in FY24

State-owned Bank of India plans to raise Rs 6,500 crore from various means including share sale to fund business growth in 2023-24. The proposal in this regard would come before the board in its meeting scheduled on April 18, Bank of India said in a regulatory filing. The board would be considering, at their meeting proposed on April 18, the proposal of raising capital for the FY 2023-24 aggregating up to Rs 6,500 crore, it said. The board would decide on the proposal of raising fund by issue of fresh equity capital in the form of qualified institutional placement or rights issue or preferential issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds (domestic and foreign currency) up to an amount of Rs 4,500 crore, it said. Remaining Rs 2,000 crore is planned to be raised by issue of Basel III compliant Tier-2 bonds, it said.

FRL fails to get revival plan, lenders to decide further course of action

The date of submission of the resolution plans for the company was February 20 after subsequent extensions were granted by the lenders, the company said

BoI's Q3 net profit rises 12% YoY to Rs 1,151 cr on improvement in NIM

In a filing with BSE, BoI said its net interest income (NII) was up 64 per cent YoY in Q3 to Rs 5,596 crore

Ind-Ra upgrades issuer rating for Bank of India, cites capital position

State-owned lender has since FY21 reported consistent profitability, says agency

Bank of India raises Rs 1,500 crore through additional Tier 1 bonds

The Mumbai based lender is likely to come up with another offering of AT1 bonds before the close of the current financial year (FY23)