Bank Of Baroda

Bank of Baroda stops clearing payment for above-cap Russian oil: Report

The state-run lender told refiners last month that it would not settle payment from Russian barrels bought above the price cap, the three sources said

Nainital Bank raises Rs 100 cr via rights issue to meet future requirements

Nainital Bank, a subsidiary of public sector lender Bank of Baroda (BoB), on Monday said it has raised around Rs 100 crore through a rights issue to meet future capital requirements. BoB holds 98.57 per cent stake in Nainital Bank. The amount was raised on March 29, 2023, Nainital Bank said in a statement. Nainital Bank has a presence in Uttarakhand, Uttar Pradesh, Delhi & NCR, Rajasthan and Haryana with 168 branches, it said. The bank's business touched the Rs 12,305-crore mark as on March 31, 2023. Net NPA stood at 2.50 per cent, Provision Coverage Ratio at 80 per cent and Capital to Risk Assets Ratio (CRAR) at 16 per cent as per latest figures (unaudited), it said. The board of BoB in December approved a proposal to sell its majority stake in Nainital Bank. Mumbai-based BoB had taken over Nainital Bank in 1973 on the directions of the Reserve Bank of India.

Air India secures Rs 14,000 crore from State Bank of India, Bank of Baroda

The loans are benchmarked to SBI's six-month marginal cost of funds-based lending rate (MCLR) and are priced 50 basis points (bps) above it

BoB-backed IndiaFirst Life Insurance gets regulator approval for IPO

Company seeks to raise about Rs 500 cr from fresh issue of shares, draft papers say

BoB-backed IndiaFirst Life Insurance gets Sebi approval to launch IPO

Bank of Baroda promoted IndiaFirst Life Insurance Company (IndiaFirst Life) has received capital markets regulator Sebi's approval to float Initial Public Offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14,12,99,422 equity shares by the promoters and existing shareholders of the company. Bank of Baroda will sell 8,90,15,734 equity shares, whereas Union Bank of India will sell 1,30,56,415 equity shares in the OFS. Carmel Point Investments India would offload 3,92,27,273 equity shares during the primary stake sale. Bank of Baroda, India's third largest public sector lender, holds a 65 per cent stake in the company, followed by Warburg Pincus affiliate Carmel Point Investments India which holds 26 per cent and Union Bank of India with 9 per cent stake. The firm may consider a private placement on a preferential basis or a rights issue aggregating up to Rs 100 crore. If such a placement is completed, the fresh issue size

Bank of Baroda raises interest rates on retail term deposits by 25 bps

Bank of Baroda has increased interest rates on domestic retail term deposits, including NRO and NRE term deposits, by 25 basis points on select tenors. These rates are applicable on deposits below Rs 2 crore, with effect from March 17, 2023, the pubic sector lender said in a statement. Interest rates have also been hiked on the Baroda Tax Savings Term Deposit as well as Baroda Advantage Fixed Deposit, a non-callable retail term deposit scheme. The new rate on deposits of above 3 years to 5 years is 6.5 per cent and for resident Indian senior citizens, it is 7.15 per cent. For term deposits of above 5 years to 10 years, the new rate is 6.5 per cent and for senior citizens it is 7.5 per cent. Bank of Baroda had earlier increased retail term deposit interest rates in December 2022 by up to 65 basis points and in November 2022 by up to 100 basis points.

BoB unveils co-branded debit card under TN govt scheme for girl students

Public sector Bank of Baroda has partnered with the Tamil Nadu government to offer co-branded RuPay Platinum Debit Card in the state offering customised solutions, the bank said on Friday. Bank of Baroda has launched the debit card that would be offered to beneficiaries of the state government's 'Pudhumai Penn' scheme. Accordingly, the card offers personal accident insurance coverage upto Rs 2 lakh per annum and the joining and annual fees for the first year has been waived, Bank of Baroda said in a statement. The 'Pudhumai Penn' scheme of the government aims to enhance the enrolment ratio of girls from government schools to higher educational institutions. Through this scheme, financial assistance of Rs 1,000 per month would be provided to ever girl till the completion of their degree course. The Tamil Nadu government's special implementation department principal secretary T Udhayachandran, along with Bank of Baroda general manager and zonal head A Saravanakumar launched the card

Bank stocks can slide more; stay away for now: Analysts

Analysts expect the underperformance in bank stocks to continue ahead as the current fears around the banking sector globally are likely to persist for some time

Stocks to watch: Sona BLW, M&M, Tech M, DLF, BoB, Vedanta, Godrej Prop

Stocks to watch today: From Sona BLW to Bank of Baroda, here are few stocks to watch out in Monday's trade

No SVB-like scenario in India; banks are on a strong footing, say analysts

The sell-off in the banking pack, analysts said, was a knee-jerk reaction to the developments with US-based Silicon Valley Bank (SVB) that announced a share sale to shore up its finances

Bank of Baroda plans to divest 49% stake in credit card subsidiary

At present, BoB holds 100 per cent in the entity

Govt may miss FY23 revised divestment target, says Bank of Baroda

"Of this, Rs 1.7 trillion can come from public sector enterprises and Rs 1.8 trillion from public sector financial institutions," the report stated

BoB cuts interest rates on home and MSME loans taken till month end

Reduces home loan rates by 40 bps, available to those with credit score of 751 and above

Interest rates to be at higher levels in FY24 as long as inflation is up

Credit rating agency Acuite Ratings and Research said the RBI will continue with monetary tightening and will hike the policy rate by 25 basis points

Nifty PSU Bank index surges 4% amid rebound in Adani group stocks

SBI, Bank of Baroda, Punjab & Sind Bank, Union Bank of India, UCO Bank, Bank of India, Bank of Maharashtra and Indian Overseas Bank were up 4 - 7 per cent each.

Bank of Baroda CEO Chadha says willing to continue lending to Adani group

Bank of Baroda will extend loans to the conglomerate if it meets the lender's underwriting standards, said Sanjiv Chadha

Bank of Baroda to consider all borrower requests, including Adani, on merit

"Irrespective of borrower, you have underwriting standards and you stick to them in good times as well as bad times," Sanjiv Chadha, CEO and MD, at Bank of Baroda

Hindenburg fallout: Adani Group decreasing exposure to Indian banks

Of all the debt the Adani Group has, over half is foreign debt in the form of overseas bonds and loans taken from foreign banks, and a fourth is from domestic banks

BoB, IOB hike lending rates; SBI marginally increases deposit rates

Bank of Baroda and Indian Overseas Bank have increased their marginal cost of fund-based lending rates (MCLR), following a hike in the interest rates on loans and deposits by their largest public sector peer SBI. The latest hikes in the interest rates come days after the Reserve Bank of India (RBI) on February 8 increased the borrowing costs by 25 basis points (bps). The RBI's six-member Monetary Policy Committee had raised the benchmark repurchase or repo rate to 6.50 per cent in its latest bi-monthly policy review. This was the sixth straight increase in interest rates since May last year, and the cumulative hike now totals 250 bps. State-owned Bank of Baroda (BoB) has increased its MCLR by 5 bps across all tenors from February 12. The bank has revised one-year MCLR to 8.55 per cent from 8.5 per cent. The overnight, one-month and three-month MCLRs stand at 7.9, 8.2 and 8.3 per cent, respectively, according to its website. Another state-run lender Indian Overseas Bank (IOB) has .

MSCI revision: CG Power, Bank Baroda look bullish on charts; avoid Biocon

Biocon share may slip up to 21 per cent if breaks 52-week low