India Flash Bulletin

Bank of Baroda intends to issue bonds to raise Rs 10,000 crore

<p>The plan to generate up to Rs 10,000 crore via long-term bonds for funding infrastructure and affordable housing was accepted by the Bank of Baroda board of directors on Wednesday.<img decoding=”async” class=”alignnone wp-image-228568″ src=”” alt=” bank of baroda intends to issue bonds to raise rs 10000 crore download 2023 10 11t” width=”1241″ height=”695″ srcset=” 300w,×84.jpg 150w” sizes=”(max-width: 1241px) 100vw, 1241px” title=”Bank of Baroda intends to issue bonds to raise Rs 10,000 crore 9″></p>
<p>“The board of directors in its meeting held today has approved the proposal for raising Long Term Bonds for financing of infrastructure and affordable housing aggregating to a total size up to Rs 10,000 crores, in single or multiple tranches during 2023-24 and beyond, if found expedient,” the bank stated in a filing with the stock exchange.</p>
<p>Due to “certain material supervisory concerns observed in the manner of onboarding their customers,” the RBI has on Tuesday prohibited the Bank of Baroda from onboarding any further of its customers onto the mobile application “bob World.”</p>
<p>The central bank has indicated that any further onboarding of bank clients onto the “bob World” application would be contingent upon the bank correcting any shortcomings found and improving the relevant procedures to RBI’s satisfaction.</p>
<p>The bank’s stock price dropped by 3% as a result of this.</p>
<p>Even though it has already taken remedial action to address the RBI’s concerns, Bank of Baroda said that it has “initiated further steps to plug any remaining gaps identified and we will work closely with the RBI to address their concerns as soon as possible to their satisfaction.”</p>
<p>It said that it did not anticipate the RBI move to materially affect its long-term business and expansion ambitions.</p>
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