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Bank of Baroda increases retail deposit interest rates
Posted on 10th March 2018
Bank of Baroda (BoB) on Friday became the second large public-sector bank (PSB) to raise interest rates on retail deposits. Term deposits of under Rs 1 crore will now earn 10-35 basis points (bps) more than earlier. The rate on deposits with a maturity of one year has been raised by 15 bps to 6.6%. The corresponding rate at State Bank of India (SBI), HDFC Bank and ICICI Bank are 6.4%, 6.75% and 6.6%, respectively.

Bank of Baroda objects to freezing of funds in South Africa
Posted on 2nd March 2018
Bank of Baroda objected to the freezing of some of its funds in South Africa after it was alleged to have helped transfer money meant for the development of a government-backed dairy farm to the politically connected Gupta family and their associates.

The 30 million-rand ($2.5 million) preservation order is wrong because the money due to clients had already been withdrawn and the attachment of an equal amount of the lender’s own funds is “unsustainable,” Luke Spiller, a legal representative for the Bank of Baroda, said in the Free State province’s High Court in Bloemfontein on Thursday.

Bank of Baroda, the Guptas, Jacob Zuma and a web of suspicious transactions
Posted on 27th February 2018
The Bank of Baroda (BoB) played a crucial role in allowing South Africa’s politically influential Gupta family to move hundreds of millions of dollars linked to alleged dirty deals into offshore accounts, an investigation by the Organized Crime and Corruption Reporting Project (OCCRP) and The Hindu has found.

BoB sat on Rotomac case for 2 years, ran to CBI after Nirav Modi scam broke
Posted on 21st February 2018
NEW DELHI: Bank of Baroda had classified the Rs 435 crore loan given to Vikram Kothari-run Rotomac Global a "non-performing asset" in October 2015 and a "fraud" in December 2017 but it came running to investigating agencies on Sunday after the Nirav Modi swindle came to light, fearing that Kothari too might leave the country.

Bank of Baroda rallies 7% on improved operating performance
Posted on 12th February 2018
Bank of Baroda has rallied 7% to Rs 166 on BSE in intra-day trade after an improved operating performance in December quarter (Q3FY18).

The state-owned bank said its operating profit was Rs 36.50 billion during quarter ended Dec’17, thereby registering year-on-year (YoY) growth of 40.66%, driven by growth both in interest and fee income. The bank’s domestic credit registered YoY growth of 16.38% driven by retail loans growth of 33.37% and within retail loans, home loan growth of 44.33%.

Bank of Baroda cuts six-month MCLR To 8.15%, keeps one-year MCLR unchanged
Posted on 6th February 2018
In a strategy running contrary to trend of hardening of rates, Bank of Baroda (BoB) has slashed benchmark lending rate — Marginal Cost of funds-based Lending Rates [MCLR] by 10-25 basis points for tenors less than one year.

The lender has also decided to discontinue the computation and declaration of MCLR for tenors above one year.

BoB repositions card arm as non-banking finance co
Posted on 25th January 2018
Mumbai: Bank of Baroda (BoB) has drawn a road map to be among the top three credit card issuers in the country. The state-owned lender — which last year hired Manoj Piplani, head of Barclay's UK card business — has now repositioned its cards division as a non-banking finance company (NBFC) that will also extend retail loans.

On Wednesday, the bank launched its three cards — Easy, Select and Premier — for different segments with five times rewards.

BoB looks to sell NSE stake, sets floor price at Rs 900 per share
Posted on 24th January 2018
Bank of Baroda (BoB) said it is planning to sell its 0.89% stake in the National Stock Exchange (NSE). It has set a floor price of Rs 900 per share for the sale to prospective buyers through a bidding process. At this price, the bank could garner at least Rs 395 crore from the sale. Bank of Baroda (BoB) intends to sell its part or full stake in NSE up to the extent of 43,94,500 equity shares, of face value Rs 1 each by way of sale through competitive bidding process to bidders to be submitted by Sebi-approved Category I Merchant Banker on net price basis or quoted share price less fee of bidder, the lender said in an advertisement.

Bank of Baroda seeks to sell unit Nainital Bank to bolster capital
Posted on 11th January 2018
Bank of Baroda (BoB), India's third-largest state-run lender, is seeking to sell unit Nainital Bank as it sheds non-core assets to bolster its balance sheet, people familiar with the matter said.

A decision on the size of the stake to be sold will depend on approvals from the Reserve Bank of India (RBI), the people said, asking not to be named as the information is not public. BoB holds 98.6 per cent stake in the 96-year-old Nainital Bank, which had assets of about Rs 77 billion ($1.2 billion) as of March end, information available on the lender's website shows.

Bank of Baroda to shut Hong Kong branch, Thailand office
Posted on 30th November 2017
Bank of Baroda (BoB) is scaling down its overseas presence as part of a rationalisation process. It is planning to shut down a branch in Hong Kong and a representative office in Thailand.

A senior bank executive said as Hong Kong was the financial hub of Asia it remained a key business centre for the bank and it would continue to strengthen its presence with the remaining branch.

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