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PSU Banks extend gain; Andhra Bank, Indian Overseas Bank up over 5%
Posted on 1st April 2019
Shares of public sector banks (PSB) continued to trade higher with the Nifty PSU Bank index up nearly 3 per cent on hopes of margin expansion.

Andhra Bank, United Bank of India, Corporation Bank, Indian Overseas Bank, Uco Bank, Bank of Maharashtra and Syndicate Bank were up more than 5 per cent each while Punjab National Bank (PNB), Bank of Baroda (BOB), Union Bank of India, Bank of India and Indian Bank were up in the range of 2 to 3 per cent on the National Stock Exchange (NSE).

After SBI, Bank of Baroda is now India’s second largest PSU bank
Posted on 1st April 2019
Bank of Baroda (BoB) Monday became the second largest state-owned lender after merging Dena Bank and Vijaya Bank into itself as part of the first three-way amalgamation.

The consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively.

BoB-led consortium puts Rs 2,311 crore Garden Mills loan up for sale
Posted on 15th March 2019
A consortium of lenders led by Bank of Baroda (BoB) has put on sale their exposure to Garden Silk Mills on a 100% cash basis, according to a bid document. As on February 21, the company owed Rs 2,311 crore to banks. All bank facilities of the textile manufacturer are in the default category.

“The highest bid may be further negotiated with the bidder. The lenders will have right for inter-se bidding/ Swiss challenge/ e-auction between the bidders,” the document said.

Bank of Baroda rate cut less than RBI signal
Posted on 6th March 2019
State-owned Bank of Baroda (BoB) on Tuesday cut its benchmark lending rate by 10 basis points, making home, auto and other loans cheaper for its customers, though the reduction is much less than the policy rate cut by the RBI.

The BoB thus joins other banks such as Punjab National Bank, Union Bank of India, Allahabad Bank and Kotak Mahindra Bank, who have brought down their marginal cost of funds-based lending rate (MCLR) by 5-10 basis points.

Bank of Baroda cuts lending rate by 10 basis points; loans to be cheaper
Posted on 5th March 2019
State-owned Bank of Baroda (BoB) Tuesday cut benchmark lending rate by 0.1 percentage points, a move that would make home, auto and other loans cheaper.

The bank has reduced the lending rate by 10 basis points across all tenors up to one year.

Centre appoints Hasmukh Adhia as chairman of Bank of Baroda
Posted on 2nd March 2019
The government Friday appointed former Finance Secretary Hasmukh Adhia as chairman of state-owned Bank of Baroda (BoB).

Bank of Baroda is set to become the third largest lender of the country after amalgamation with Vijaya Bank and Dena Bank effective April 1.

RCom debt among Rs 6,000 crore NPAs put on the block by Bank of Baroda
Posted on 28th February 2019
Bank of Baroda (BoB) has put on sale non-performing assets (NPAs) worth nearly Rs 6,000 crore, including its Rs 1,838-crore exposure to Reliance Communications (RCom). The accounts are being offered on an all-cash basis.

A notification inviting expressions of interest (EoIs) from asset reconstruction companies (ARCs) for 49 bad-loan accounts worth Rs 5,928 crore said the EoIs, with indicative prices, must be filed by March 7.

Bank of Baroda to sell NPAs worth Rs 6,000 cr, including RCom debt
Posted on 27th February 2019
State-owned Bank of Baroda (BoB) has floated an expression (EoI) of interest to sell its non performing assets worth over Rs 5,928 crore, including its Rs 1,838 crore loan to cash-strapped Reliance Communications.

The bank has identified loans to 49 companies, including two power firms run by GVK (totalling Rs 357 crore), GMR Chhattisgarh Energy Ltd (Rs 218 crore), and Monnet Power Company (Rs 199 crore), for sale.

Mumbai: CBI files case against private firm for Rs 274 crore fraud
Posted on 6th February 2019
Central Bureau of Investigation (CBI) has registered a case of cheating against a Mumbai-based private company for allegedly duping Bank of Baroda (BoB) to the tune of Rs 274 crore.

According to the CBI officials, a written complaint was received last month from SK Sharma, deputy general manager from BoB, alleging that M/s PSL Ltd, its directors and other accused persons, during the period of 2011 to 2016 were party to a criminal conspiracy to cheat BoB.

Bank of Baroda doubles minimum balance limit for savings account
Posted on 10th January 2019
New Delhi: Bank of Baroda (BoB) will be increasing the minimum quarterly average balance that has to be maintained in its advantage savings account. “With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated,” BoB said in a tweet. For metro, urban and semi-urban branches, the bank has doubled the minimum quarterly average balance. However, there is no change for such accounts in its rural branches.

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