Page 7 - Bank Of India

RBI imposes penalties on Federal Bank, BoI for non-compliance of norms

Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance. A penalty of Rs 70 lakh has also been imposed on Bank of India for non-compliance with certain provisions of Know Your Customer (KYC) norms and instructions on 'compliance function in banks' issued by RBI, it said in a statement. About Federal Bank, RBI said the bank failed to ensure that no incentive (cash or non-cash) was paid to its staff engaged in insurance broking/corporate agency services by the insurance company, according to a separate statement. RBI had carried out Statutory Inspection for Supervisory Evaluation (lSE) of the bank with reference to its financial position as on March 31, 2020. In another statement, RBI said a fine of Rs 7.6 lakh has been imposed on Dhani Loans and Services Limited, Gurugram for non-compliance with KYC norms. RBI said the penalities are based on the deficiencies in regulatory compliance and is not .

BoI to raise capital up to Rs 2,500 cr to comply with shareholding norm

Bank of India said the capital is to be raised during the period of one year from the date of passing of the resolution in one or more tranches.

6 Indian banks sue GVK Coal Developers in London for $1.5 bn loan default

The banks have sued GVK Group-owned GVK Coal Developers over a dispute on a $1-billion loan and $35-million letter of credit facility and a $160-million loan

BoI contests maintainability of Amazon's intervention plea in FRL case

NCLT to hear matter on June 10; asks bank to respond to Amazon's intervention application; lender says will file reply without prejudice

FRL: NCLT to hear Amazon's plea opposing insolvency proceedings on June 10

A plea seeking initiation of insolvency resolution proceedings against FRL was filed by Bank of India (BoI), the lead banker in the consortium of lenders to the company.

Bank of India's net profit rises 142.3% to Rs 606 crore in Q4FY22

The board recommended a dividend of Rs 2 per equity share (of face value of Rs 10) for 2021-22 subject to shareholders' nod

BOI Q4 net profit rises 142.3% to Rs 606 cr on margin improvement

The Mumbai-based BOI's net interest income (NII) expanded by 35.77 per cent to Rs 3,986 crore in Q4FY22 from Rs 2,936 crore in Q4FY21

NCLT adjourns the insolvency plea against Future Retail to May 12

Earlier this month, BoI had filed insolvency proceedings against Future Retail for non-payment of dues

BoI plans Rs 2,500 cr equity capital raise to comply with shareholding norm

The lender said it has decided to seek permission of its shareholders in the ensuing annual general meeting (AGM)/extra-ordinary general meeting (EGM) called for this purpose

Local vs foreign: How a creditor revolt scuttled RIL's Future Retail deal

FRL's offshore bondholders -- a relatively smaller part of the creditor pool -- were promised 100% payment, while local lenders were asked to take a haircut

Bank of India plans to raise up to Rs 2,500 cr equity capital in FY23

Lender could look at options such as QIP, FPO and preferential issue

Bank of India moves NCLT as lead lender to Kishore Biyani-led Future Retail

BoI's loan exposure to Future Retail is Rs 1,441.62 crore

BoI drags Future Retail to NCLT, suggests V K V Iyer's name as IRP

Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the 'process of taking legal advice'

Bank of India moves NCLT against Future Retail, files insolvency plea

Earlier this month, Future Retail had reported a default of Rs 5,322.32 cr to its lenders on account of the ongoing litigations with e-commerce major Amazon and other related issues

Bank of India invests nearly Rs 109 cr in NARCL

The bank's shareholding in NARCL will come to 9 per cent as on March 21, 2022

Bank of India says it can absorb mark-down of recapitalisation bonds

Lender makes statement as central bank expresses concern at the recapitalisation of state-owned lenders through zero-coupon bonds.

Bank of India Q3 net up 90% to Rs 1,027 cr on sharp fall in provisions

The bank's NII declined by 18.7% to Rs 3,407 crore in reporting quarter

Bank of India holds loan outreach programme, disburses Rs 12,500-cr credits

The credit outreach programme was launched on October 16 by all banks across the country on the advice of Finance Minister Nirmala Sitharaman

Tata Motors ties up with Bank of India for vehicle financing

Tata Motors on Tuesday said it has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. Under the partnership, BOI will provide loans to Tata Motors' customers at an interest rate starting from as low as 6.85 per cent, the company said in a statement. Moreover, the scheme will offer a maximum of 90 per cent financing on the total cost of the vehicle, which includes insurance and registration, it added. Customers can also opt for EMI starting with Rs 1,502 per lakh on a 7-year repayment period, the company said. "This partnership is in line with our #FinancEasy Festival, wherein we are collaborating with multiple finance partners across India to make ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season," Tata Motors Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit Rajan Amba said. BOI General Manager - Retail ...

Bank of India Q2 net doubles to Rs 1,051 cr on spike in non-interest income

However, NII fell by 14.32% in the reporting quarter to Rs 3,523 crore