Bank of India raises Rs 1000 crore via Basel III bonds

State-owned Bank of India has raised Rs 1,000 crore through issue of bonds compliant with globally accepted Basel III standards.

These tier-II bonds will bear interest rate of 8 per cent per annum, the bank said in a regulatory filing.

Brickwork and India Ratings have assigned the bonds with AA plus rating.

As per Basel III norms, banks globally have to improve and strengthen their capital base and planning by January 2019.