BoB to benefit from govt thrust on infra spending: Chairman Hasmukh Adhia

Bank of Baroda (BoB) is set to benefit from the government's thrust on increased infrastructure spending and other investments to revive the economy, its Chairman Hasmukh Adhia said.

Addressing the state-run lender's shareholders in its latest annual report, he further said the bank has a positive outlook for 2022-23.

"The Government of India has come up with many initiatives for increasing spending on infrastructure projects and other investments to revive the economy. The banking industry of course would be benefited due to increase in the demand for bank credit and Bank of Baroda would be a key beneficiary of these developments," he said.

The bank has shown that it is adaptable to change and has been able to respond quickly to the evolving macroeconomic conditions, he said, adding it has fine-tuned its operational capabilities and increased its delivery capacity.

BoB has adopted a 'phygital' model by offering the latest products and services using its strong digital platform along with conventional branch banking, Adhia noted.

The major business goals and objectives of the bank are focused on creating a sustainable and profitable business model with a greater customer-friendly approach, adopting latest technological innovations to increase its brand name, he added.

The bank is now on a firm footing in terms of both operational and financial performance. It is well positioned to support the growth aspirations of the Indian economy and fulfil the expectations of all stakeholders, the annual report said.