The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 crore on Bank of Baroda (BoB) after it found irregularities in the Rs 6,100-crore scam that was unearthed last year.

"The Reserve Bank of India has imposed a penalty of Rs 50 million (Rs 5 crore) on Bank of Baroda... Pursuant to the internal audit of the Bank of Baroda, the Reserve Bank of India and investigative agencies in October 2015 were advised by the Bank of certain irregularities observed," Bank of Baroda said in a BSE filing.

MUMBAI: A consortium of 11 lenders led by Bank of Baroda has filed a complaint with the Economic Offences Wing against C Mahendra Exports for defrauding them by selling assets mortgaged with the banks. Collectively, the banks have an exposure of Rs 1,300 crore, including principle and penal interest, with the firm that manufactures and exports large diamonds.

Shares of PSU banks gained up to 5% after the RBI came out with a scheme for resolution of bad loans of large projects wherein a portion of the debt will be converted into equity or other instruments.

The scrip of Punjab National Bank surged 5.18%, Bank of India rose by 3.14%, Bank of Baroda climbed 2.43% on BSE.

Mumbai: Bank of Baroda shares slumped the most since November after the Indian lender reported a surprise quarterly loss and its chief executive officer flagged an increase in bad loans over the coming months.

Shares of the nation’s second-largest state bank sank as much as 9.7% to Rs.139.80 apiece, before closing 8.36% lower at Rs.142 apiece.

Mumbai: Bank of Baroda on Friday reported a net loss of Rs.3,230.14 crore for the March quarter due to higher provisions for bad loans. The loss was restricted due to a tax write-back of Rs.1,055.06 crore in the quarter.

This was the second consecutive quarter that the bank has reported a net loss. In the third quarter, the bank had reported a loss of Rs.3,342.04 crore.

MUMBAI: State Bank of India and Bank of Baroda have taken the lead in setting lower lending rates based on the Marginal Cost Lending Rate system that will benefit millions of borrowers. However, those who have home loans may not get the benefits every quarter as rates may be reset once a year. But the flip side of it is that they wouldn't be hurt immediately whenever the rates go up either.

Banking shares mainly public sector undertakings (PSUs) have rallied by up to 13% on the National Stock Exchange (NSE) in early morning trade after the Reserve Bank of India (RBI) has allowed banks to beef up its capital adequacy by including certain items such as property value, foreign exchange for calculation of its Tier-I capital.

State Bank of India (SBI), Bank of Baroda (BOB), Bank of India (BOI), Indian Bank, Union Bank of India, Canara Bank and Punjab National Bank are among few rallied more than 6% on the NSE.

Bank of Baroda (BoB) has soared 17% to Rs 134 on the BSE, its biggest intra-day gain since May 2015, after the bank has recognised all assets arising out of the Reserve Bank of India’s (RBI) asset quality review (AQR) in the December 2015 quarter (Q3FY16) itself, unlike most public sector banks who have spread it over Q3 and Q4.

The management view that no further issuance of equity capital is required in the foreseeable future and has also advised the Government of India that no further support by way of infusion of equity capital is required.

MUMBAI: Public sector lender Bank of Baroda on Saturday announced a net loss of Rs 3,342 crore fo the December quarter against a Rs 332 crore profit last year on account of an almost 5 times increase in provisions.

The provisions against bad loans or loans where repayment has not happened on time have jumped to Rs 6,164 crore against Rs 1,262 last year.

State Bank of India (SBI) ICICI Bank, Idea Cellular, Suzlon Energy, Unitech, Bharat Heavy Electricals Limited (BHEL), Crompton Greaves and United Spirits are among 44 stocks from the BSE500 index hitting their respective 52-week lows till 10:46 AM on the BSE.

The S&P BSE Sensex was down 252 points or 1% at 24,287. The index hit an intra-day low of 24,247 so far.

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