According to a regulatory filing, there was divergence of Rs 105 crore in bank's gross non-performing assets (NPAs) with the bank reporting it to be at Rs 45,605.40 crore.
A copy of the petition filed before the NCLT, under Section 7 of the Insolvency and Bankruptcy Code, has been served by the advocate on behalf of Bank of India, FLFL said in a regulatory filing on Monday.
For the April-June quarter, Bank of India’s gross NPA ratio stood at 9.3%, down from 13.51% in the year-ago period and 9.98% in the March quarter
The lender had posted a net profit of Rs 720 crore in the corresponding quarter ended June 2021. As compared to the pervious March quarter, the net profit was down 7.4 per cent.
This means that customers will now be able to open their NPS accounts on their mobile phones simply by scanning a QR code. Further, new subscribers will be able to make additional contributions through QR code too.
The banking regulator imposed a penalty of Rs 5.72 cprivate Federal Bank and Rs 70 lakh on Bank of India
Bank of India on April 14 filed insolvency proceedings against Future Retail for non-payment of dues. Future Retail owes banks Rs 5,322.32 crore as of March 31, according to Bank of India’s petition in the NCLT. Lenders to the company include Union Bank of India, State Bank of India, Bank of Baroda and IDBI Bank.
Sharekhan recommended Hold rating on Bank of India with a target price of Rs 50 in its research report dated May 24, 2022.
The government, on May 21, increased the duty on exports of iron ore to 50 percent from 30 percent and imposed 45 percent duty on pellets. It also imposed a 15 percent export duty on hot-rolled and cold-rolled steel products from nil earlier
The lender seeks to bring down government’s stake in the bank to 75 percent from 81 percent currently, and plans to raise funds through a qualified institutional placement of shares and follow-on public offer for the same in FY23, Atanu Kumar Das said
The lender had posted a net profit of Rs 250 crore in the same quarter of the previous fiscal.
This is the second time that the court delayed admission of insolvency proceedings against the debt-laden retailer. The court will now hear the case next on June 6.
The main purpose of the capital raising plan is to increase the minimum public shareholding from the present 18.59 per cent to 25 per cent or above in order to comply with the minimum public shareholding requirements as per the SEBI rules, BoI said.
Future Group is locked in a legal dispute with U.S.-retailer Amazon over its plan to sell its retail, wholesale, warehousing and logistics business to Reliance Industries in $3.4 billion deal.
The bank's shareholding in NARCL will come to nine percent as on March 21, 2022.
The lender participated in the first National Lok Adalat of 2022 organised on March 12 by the Legal Services Authorities across the country, under the aegis of National Legal Services Authority (NALSA).
The state-owned bank had logged a net profit of Rs 540.72 crore in the year-ago period.
Under the partnership, BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85 per cent, the company said in a statement.
The bank reported a sharp fall in provisions and contingencies for the quarter at Rs 894 crore, declining 46 percent from Rs 1,652 crore in Q1FY22 and falling 56.3 percent from Rs 2,045 crore in Q2FY21
With this cut, the interest rate on home loans starts at 6.50 percent against earlier 6.85 percent, and at 6.85 percent against 7.35 percent prior on vehicle loans, the bank said in a release.