Bank Of Baroda > Company History > Banks - Public Sector > Company History of Bank Of Baroda - BSE: 532134, NSE: BANKBARODA
Bank Of Baroda
BSE: 532134|NSE: BANKBARODA|ISIN: INE028A01039|SECTOR: Banks - Public Sector
Feb 12, 16:00
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VOLUME 1,613,199
Feb 12, 15:58
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Company History - Bank Of Baroda
 - The Bank was brought into existence by a Ordinance issue on 19th
 July, by the Central Government.  The Bank is a Government of India
 Undertaking and carries on all types of banking business including
 foreign exchange.  The Ordinance was replaced by the Banking
 Companies (Acquisition and Trasfer of Undertaking) Act, 1969. 
 - Besides managing public issues and giving underwriting support, the
 Bank established a `Non-resident Portfolio Management Consultancy
 Cell'.  Due to closure of 2 branches in U.K. and 1 branch in UAE,
 non-operative branch in Bangladesh was not taken into account.
 - Income-Tax consultancy services was set-up in September to assist
 its constituents in the filing of income returns.
 - Bank of Baroda (U.K.) Nominees Ltd., London is a subsidiary of the
 Bank.  Bob Fiscal Services Ltd., is also a subsidiary of the Bank
 which handles functions such as merchant banking, equipment leasing,
 investment banking, inter-corporate deposit, etc.  Bank of Baroda
 (Kenya) Ltd., Kenya is subsidiary of the Bank.
 - The bank sponsored and set-up five RRBs taking the total number of
 RRBs to 19.
 - Rs 16 crores capital subscribed for by Government.
 - The erstwhile `Trades Bank Ltd.' was amalgamated with the Bank.
 - Rs 14 crores capital subscribed for by Govt. Rs 5.5 crore
 reimbursement received from World Bank.
 - Rs 891,47,850 capital subscribed for by Govt.
 - Rs 2704,41,129 capital subscribed for by Govt.
 - Rs. 11,491.97 lakhs capital subscribed for by Govt.
 - Rs. 9158.43 lakhs capital subscribed for by Govt.
 - Rs. 409,34,000 capital subscribed for by Govt.
 - The bank received `in principle' approval from RBI to set up a
 separate subsidiary for its credit card business.
 - The bank had established a new department to act as custodian of
 local shares issued by Indian companies who came out with Euro Issues
 (GDRs/ADRs) to raise funds from abroad.  With this in view, the bank
 entered into an agreement with Bank of New York, who act as
 for issue of GDRs by companies.
 - The bank was associated as lead manager/co-manager in respect of
 142 issues involving a sum of Rs 3411 crores.  The bank was activity
 considering setting up of a separate subsidiary to undertake all
 types of merchant banking activities.
 - Rs. 1,63,30,000 capital subscribed for by Govt.
 - Rs 163,93,59,000 capital from reserve fund.
 - The Bank devised new products, two new deposit schemes `BOB
 the savings requirements of individuals, HUF, Association of
 persuing, firms and companies.
 - The bank initiated several measures to bring qualitative
 improvement in the area of credit.  A fast track systems for
 processing credit proposals of A+ & A rated corporate client was
 introduced.  In addition, schemes to increase credit fluid sectors
 like leasing, hire  purchase, advances against shares, Can Loan
 Schemes etc. were formulated and guidelines were issued for increased
 lending to infrastructure projects.
 - The Company lead managed 1 public and 5 rights issues aggregating
 Rs 40.541 lakhs through BOB Capital Markets Ltd.  BOB Housing Finance
 Ltd. made a fresh disbursements of Rs 21 crores.  Total cumulative
 loans sanctioned reached Rs 127 crores.
 - 3810,00,000 No. of Equity shares returned to Govt. of India.
 1000,00,000 No. of Equity shares issued through prospectus to the
 public at a prem. of Rs 75 per share.
 - Bank of Baroda (BoB) has received permission from the Reserve Bank
 of India to open a branch at Durban in South Africa.  BoB proposes to
 start operations in the country soon after it receives a banking
 licence from the South African Reserve Bank (SARB).
 - Bank of Baroda (BoB) proposes to undertake a survey of West Bengal,
 Sikkim and North-Eastern States to explore business opportunities and
 also for setting up new branches.
 - Bank of Baroda (BoB) proposes to wholly own the 120 million HK
 dollars IOB Bank in Hong Kong by increasing its stake from 33 per
 cent to 100 per cent to make its presence felt in the Far East.
 - Bank of Baroda (BoB) plans to have an alliance with a foreign bank
 for merchant banking.  The proposed venture would manage external
 commercial borrowings (ECBs) by Indian corporates and handle
 disinvestment programmes of public sector undertakings.
 - Bobcards Ltd, a wholly owned subsidiary of Bank of Baroda, has
 achieved a 40 per cent growth in profit before tax in the first half
 year ended September, 1997.
 - Bank of Baroda's New York branch has received the highest 1 rating
 from the US Federal Reserve.  This is for the first time that the US
 Fed has given the highest rating to any Indian bank branch operating
 in New York.
 - Bank of Baroda has become the first public sector bank to implement
 the autonomy package announced by the ministry of finance in November,
 - BoBGLOBAL, the first Indian credit card introduced for
 international use, with VISA tie-up, is already being accepted by
 over ten million establishments in over 60 countries.
 - The Bank of Baroda (BoB) plans to restructure its international
 operations, particularly in Europe and the United States (US) ahead
 of the launch of the euro, the European Union's single currency unit.
 - Bobcards Ltd, the wholly owned subsidiary of Bank of Baroda is
 looking for partners to enter into a joint venture.
 - Bank of Baroda is weighting the option of setting up a separate
 subsidiary dedicated exclusively to its highly profitable
 international business.
 - Bank of Baroda has the second largest resource base in the country
 after State Bank of India.
 - Bank of Baroda (BoB) has revised the rate of interest on foreign
 currency non-resident (banks) deposits for various maturities for
 different currencies effective October 26.
 - Bank of Baroda has revised the rate of interest on FNCR (b)
 deposits for various maturities for different currencies with effect
 from November 30.
 - Bank of Baroda (BoB) will co-ordinate with the finance ministry to
 set up a debt recovery tribunal (DRT) in Mumbai. 
 - Bank of Baroda (BoB) has revised the rate of interest on its FCNR
 (B) deposits for various maturities and different currencies with
 effect from February 1.
 - Rating agency Icra has assigned the highest rating, LAAA (LAAA), to
 Rs.600 crore long-term unsecured subordinated bonds of Bank of Baroda
 (BoB).  The public sector bank is coming out with the bond issue to
 increase its tier II capital.
 - Public sector Bank of Baroda has been designated as a clearing bank
 for castor oil trading in the future, which will be launched by the
 Bombay Oilseeds and Oils Exchange (BOOE) on May 10.
 - Bank of Baroda has bought out the 49 per cent shareholding of
 Government of Uganda in Bank of Baroda (Uganda) Ltd, thus making it a
 fully-owned subsidiary of Bank of Baroda.
 - Bank of Baroda (BOB) is keen to diversify into the insurance
 sector, where the focus of its activities will be the rural
 population.  BOB has proposed to enter health and general insurance
 where it plans to mainly target the rural areas.
 - Bank of Baroda (BoB) has made a proposal to the Union ministry of
 finance (MoF) to tap foreign markets for enhancing the bank's equity
 - International rating agency Standard & Poor's (S&P) has revised its
 rating outlook on Bank of Baroda (BoB) to stable from negative. 
 - The BoB as launched services such as OmniBoB and BoBCash to help
 the customer practice anywhere-banking at 18 branches with the `Smart
 - Bank of Baroda launched its e-banking products in Chennai.
 - Bank of Baroda has joined hands with financial institutions such as
 IDBI and ICICI for a speedy recovery of dues from common problem
 - Bank of Baroda has set up a core support group consisting 500
 knowledge workers from across its branches to help catalyse change
 - Bank of Baroda has opened its 104th branch in Kalyan and will also
 offer safe deposit lockers and a housing cell.
 - Bank of Baroda has decided that it will hold more than 50 per cent
 in the life insurance subsidiary it proposes to set-up.
 - Bank of Baroda will launch seven day banking in two branches of
 Chennai and Mylapore and K K Nagar, on 17th August.
 - The Bank is exploring strategic tie-ups with local and foreign
 partners in the area of insurance, retail lending and Web banking.
 - Bank of Baroda and Punjab National Bank will tie up to form a
 subsidiary for a foray into life insurance business.
 - Bank of Baroda is in an advance stage of talks with a foreign
 insurance company for a life insurance joint venture and is expected
 to finalise the tie-up within a fortnight.
 - The Bank will introduce 7-day banking at 10 branches in Mumbai from
 October 8th.
 - Bank of Boarda will introduce `any branch banking' facility to make
 customer transactions at the nearest branch countrywide in the next 18
 - The Bank of Baroda has signed up to be a depository participant
 with Central Depository Services (India) Ltd.
 - Bank of Baroda proposes to go in for a major drive to expand its
 ATM network across the country.
 - Bank of Baroda is tying up with a US-based IT company to set up the
 basic IT infrastructure of the bank at a cost of Rs 300 crore. 
 - Crisil has assigned an `AAA' rating to the Rs 600-crore
 sub-ordinated bond issue of Bank of Baroda.
 - BANK of Baroda Housing Finance, a subsidiary of the Bank of Baroda,
 has disbursed a sum of Rs 50.0 crore to 2578 beneficiaries in rural
 and semi-urban areas under the golden rural housing schemes of the
 National Housing Bank.
 - BoB has signed a redeployment policy with its Federation Union,
 affiliated to the National Confederation of Bank Employees (NCBE)
 regarding the transfer of clerical staff.
 - Bank (BoB) has lowered interest rates by 25-40 basis points, for
 FCNR (B) deposits in force from September 5, for different
 currencies, effective from September 17.
 - Bank of Baroda’s (BoB) net profit during the second quarter has
 dipped by 22.27 per cent to Rs 98.44 crore, down from Rs 126.64 crore
 in the corresponding period last fiscal.
 - GOI nominates N S Mhatre as Director on the Board of Bank of
 -GOI nominates Anand Sinha on the Board of Bank of Baroda.
 -Govt sanctions merger of Benares State Bank with Bank of Baroda.
 -Bank of Baroda has informed BSE that the Benares State Bank Ltd now
 stands amalgamated with the bank wef June 20, 2002 and branches of
 erstwhile Benares State Bank Ltd have started functioning as Bank of
 Baroda's branches with effect from July 19, 2002.
 -Bank of Baroda has informed BSE that the Bank of Baroda (Uganda)
 Ltd., - Subsidiary of the Bank in Uganda has proposed to make Public
 Offer of 8 million equity shares of face value of Ushs.100/- each at
 an offer price of Ushs.600/- per share. The offer also involves
 concessional offer of 200 equity shares per staff member at a price
 of Ushs.350/-. The offer shall open on August 26, 2002. The said
 offer has been approved by RBI.
 -Bank of Baroda has informed BSE that the Government of India,
 Ministry of Finance, Department of Economic Affairs, Banking
 Division, New Delhi has nominated Mr Vinod Rai, Joint Secretary,
 Ministry of Finance & Company Affairs, Deptt of Economic Affairs
 (Banking Division), New Delhi as Director on the Board of the Bank
 with effect from October 25, 2002.
 -Bank of Baroda elects 4 Directorsthe Director so elected will assume
 office w.e.f. today (November 16, 2002) and will hold office till
 November 15, 2005.
 1. Shri Amritlal Sanghvi
 2. Dr M J Manohar Rao
 3. Shri Pradip N Khandwalla
 4. Shri Prem P Pareek
 -RBI grants BoB Capital Markets Ltd. to operate as a primary dealer
 in Govt. securities market
 -Comes out with two special policies for the victims of the communal
 riots in Gujarat
 -Decreases its deposit rates by 25 basis points
 -IFCI gets Rs 100 cr credit from Bank of Baroda
 -BOBCARDS Ltd, a wholly-owned subsidiary of Bank of Baroda, in
 collaboration with Mastercard International, unveils PARAS credit
 -Tops Non Performing Assets (NPA) list
 -Shifts Central Office from Ballard Peir to Bandra
 -Unveils flexi-deposit scheme for corporates
 -Contributes Rs 1 lakh for repair of Akshardham temple for repairs of
 damages caused by terrorist attacks
 -Slashes down deposit rates by 25 basis points
 -Reduces its deposit rates by 50 basis points at the longer end
 -Brings down floating rate on home loans by 0.75%
 -Launches international debit card in alliance with Visa
 -BOB CARDS, a subsidiary of Bank of Baroda, and Cholamandalam
 Investment and Finance Company declare a tie-up to issue co-branded
 credit cards to Cholamandalam's vehicle finance customers
 -Decreases interest on domestic term deposits by 25-75 basis points
 across different maturities effective January 10,2003
 -Gets govt. approval to raise Rs 600 crore through bonds
 -Unveils Super Savings Account, savings account with value added
 -Appoints IBM, H-P, Accenture for Business Process Reengineering
 -Paves the way for single-window banking across its 2,200 branches in
 the country
 -Cuts lending rates by 25 bp
 -Extends super savings scheme to Coimbatore account holders
 -Ties up with Bharat Overseas Bank Ltd. (BOBL) to expand credit cards
 business in South India
 -Amends interest rates for FCNR(B) deposits
 -Picks up 10 pc stake in IFCI's Asset Care Enterprise (ACE)
 -Sign MOU with Small Industries Development Bank of India (SIDBI) to
 co-finance the small scale industries sector
 -Mobilizes Rs 300 Cr through Tier II bonds
 -Ministry of Finance, Department of Economic Affairs, Banking
 Division, New Delhi vide their Notification dated January 09, 2004
 has nominated Shri G K Sharma, Chief General Manager in-charge
 Reserve Bank of India, Dept. of Administration & Personnel
 Management, Central Office, Mumbai as Director on the Board of the
 bank w.e.f. January 09, 2004 in place of Shri Ramesh Chander,
 Regional Director, RBI, New Delhi.
 -S P Garg is new managing director of Bobcards Ltd, a wholly-owned
 subsidiary of Bank of Baroda.
 -Bank of Baroda has informed that the Government of India, Ministry
 of Finance, Department of Economic Affairs (Banking Division), New
 Delhi vide their notification dated February 4, 2004 has appointed
 Dr. A K Khandelwal, Executive Director (ED) of Bank of Baroda as
 Chairman & Managing Director (CMD) of Dena Bank.
 -The government has chosen Bank of Baroda for channelising government
 credit to other countries which runs into billions of dollar
 -Ties up with Punjab Tractors for offering finance to farmers for
 buying tractors from Punjab Tractors
 -Bank of Baroda signed a memorandum of understanding with L&T John
 Deere Pvt Ltd to prop up farm sector lending.
 -Bank of Baroda inks pact with Escorts Ltd, Indo Farm Tractors &
 Motors Ltd to boost farm lending
 -BOB join hands with NIC for non-life insurance products
 -Bank of Baroda enters China
 -Ties up with Chennai-based Tractor & Farm Equipments Ltd (TAFE) for
 financing their tractors
 -Mr T.V. Lakshminarayanan has taken over as the Head of the South
 Zone, Bank of Baroda
 -Bank of Baroda (BoB) has tied up with Mahindra and Mahindra Ltd
 (M&M) for tractor financing
 - BoB has appointed Dr A K Khandelwal, as the Chairman & Managing
 Director (CMD) of the Bank for a period of three years with effect
 from March 01, 2005 upto March 31, 2008
 - Bank of Baroda signs contract with HP India Sales Pvt Ltd for
 implementation of Bank's IT enabled Business Transformation Process
 -BoB unveils new logo, ropes in Dravid as brand ambassador
 -Bank of Baroda inks co-financing agreement with SIDBI
 -Bank of Baroda has amalgamated its three sponsored regional rural
 banks (RRBs) into single RRB, called Baroda Gujarat Gramin Bank
 -BOB signs Memorandum of Cooperation with EXIM Bank
 -BoB unveils campaign on tractor, irrigation advances.
 -Bank of Baroda (BOB) has informed that the Bank and Infrastructure
 Development Finance Company Ltd (IDFC) have on February 16, 2006,
 entered into a Memorandum of Understanding (MOU) to enhance the
 provision of financing and other banking products and services to
 entities involved in infrastructure development.
 -The Bank of Baroda unveiled its first SME loan factory in Pune on
 Oct 13.
 - Bank of Baroda (BOB) has informed that pursuant to powers conferred
 by clause (b) of sub-section (3) of section 9 of Banking Companies
 (Acquisition and Transfer of Undertakings) Act, 1970, read with sub
 clause (1) of clause 3 of the Nationalised Banks (Management and
 Miscellaneous Provisions) Scheme, 1970, the Government of India,
 Ministry of Finance, Department of Economic Affairs (Banking
 Division) vide their Notification Dated October 31, 2006 have
 nominated Shri G C Chaturvedi, Joint Secretary (B&I) MOF, GOI as
 Director of the Bank vice Shri Vinod Rai with immediate effect.
 -Bank of Baroda and India Infrastructure Finance Company Ltd (IIFC)
 on January 10, 2007, have entered into an Memorandum of Understanding
 (MOU) to enhance the provision of financing and other banking products
 and services to entities involved in infrastructure development.
 -Bank of Baroda , Andhra Bank and M/s. Legal & General Group plc, UK
 have signed an MoU on November 16, 2007 to form a Joint Venture (JV)
 for Life Insurance Business.
 -Bank of Baroda has appointed Shri. Atul Agarwal as a part time non
 official Director on the Board of Directors of the Bank for a period
 of three years with effect from November 23, 2007 or until further
 orders, whichever is earlier.
 -Bank of Baroda has appointed Smt. Shahid as Director on the Board of
 the Bank under section 9(3)(h) of The Banking Companies (Acquisition
 and Transfer of Undertakings) Act, 1970 vide Government Notification
 dated September 15, 2005 for a period of 3 years.
 - Bank of Baroda has announced the deposit rate cuts by 50 basis
 points across all maturities.
 - Bank of Baroda has appointed Dr. Masarrat Shahid as part time, non
 official director on the Board of Bank of Baroda, for a second term
 of three years w.e.f. October 29, 2009 or until further orders,
 whichever is earlier.
 - Bank of Baroda has appointed Shri N. S. Srinath as an Executive
 Director of the bank.
 - Bank of Baroda (BoB) has launched a Mobile Micro Loan Factory
 (MMLF) in Sultanpur district of Uttar Pradesh.
 - Bank of Baroda (BoB) has signed a Memorandum of Understanding (MoU)
 with the Unique Identification Authority of India (UIDAI).The
 memorandum which has been signed between the two organizations would
 make the bank to act as a registrar for the enrolment of UID for its
 existing and future customers.
 - A memorandum of cooperation (MoC) has been signed by Bank of Baroda
 (BoB) with the Dubai Multi Commodities Centre Authority (DMCC) in
 order to provide value added services to DMCC-registered companies as
 well as to enhance the proposition of operating in Jumairah Lake
 Towers (JLT) Free Zone.
 - Bank of Baroda has informed BSE that in exercise of the powers
 conferred by of sub-section 3 (h) and (3-A) of Section 9 of The
 Banking Companies (Acquisition and Transfer of Undertakings) Act,
 1970 read with sub clause (1) of clause 3 of The Nationalised Banks
 (Management & Miscellaneous Provisions) Scheme 1970, the Central
 Government vide its notification dated August 31, 2010, has nominated
 Shri. Satya Dev Tripathi as part-time non-official Director of the
 Bank, for a period of three years w.e.f. August 31, 2010 or until
 further orders, whichever is earlier.
 -BoB hikes FD interest rates of diff maturities
 -Bank of Baroda hikes Benchmark Prime Lending Rate (BPLR) & Base
 -Bank of Baroda hikes interest rates on domestic term deposits by up
 to 2.5%
 -Bank of Baroda  announced the reduction in home loan rates by 25
 basis points across all the categories for both new and existing
 - Reduction in BPLR & Base Rate and Realignment of Deposit Rates by
 25 bps and the Cash Reserve Ratio by 25 bps and as realigned its
 Deposit Rates in the band of 15 to 20 bps. With this, the Banks Base
 rate will be at 10.25% and BPLR at 14.50% with effect from February
 09, 2013.
 - Revision of Interest Rates on Deposits
 - Bank has raised its fixed deposit rates on select maturities by
 0.50 per cent, reflecting the tightening of liquidity conditions.
 - The bank has launched its National Pilot Agri Loan Factory at
 Himatnagar in Gujarat in order to boost agriculture sector in the
 - The bank sought capital infusion of Rs 1,800 crore from the
 government in the form of preferential allotment.
 - The Bank has decided to revise interest rates payable on Domestic
 and NRE term deposits below Rs. 1 crore & above.
 - The bank is  acting through its London Branch has issued Fixed Rate
 Senior Unsecured 144A/Reg S Notes for an issue size of USD 750 Mn for
 a tenor of 5.5 years. Due to this. the Notes will meet the present /
 future long term funds requirement at the overseas centers of the
 - Shares of state-owned lender Bank of Baroda rose nearly 3 per cent
 in early trade on Bombay Stock Exchange (BSE) after the Reserve Bank
 restricted foreign institutional investors (FIIs) from buying
 additional shares in bank.4
 - The Bank has decided to raise funds by way of private placement of
 AT-1 Bonds (Basel lll Compliant- Tier l).
Source : Dion Global Solutions Limited
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