Bank of Baroda Ltd shares rallied 15.15% on Monday after the government said it will appoint two prominent private sector professionals to lead the bank, apart from announcing Indradhanush, a seven-step revamp plan for state-owned banks.

The seven-step strategy is mostly a repackaging of various announcements on capitalization, bank board bureau and other pronouncements made by the government earlier.

Shares of public sector undertaking (PSU) banks have rallied by up to 13% each on the bourses in early morning trades in an otherwise weak market after the government proposed to infuse capital in public sector banks and has roped in private sector professionals to run two of its largest banks — Bank of Baroda and Canara Bank.

Bank of Baroda, Bank of India (BoI), Punjab National Bank (PNB), Canara Bank, Indian Overseas Bank, IDBI Bank, Union Bank of India, Andhra Bank and State Bank of India (SBI) were up more than 3% each on the National Stock Exchange (NSE).

Banking stocks gained on Thursday as record low retail inflation stoked rate cut hopes in the upcoming monetary policy review in late September.

Share price of public sector banks such as State Bank of India (SBI), Bank of Baroda and Punjab National Bank were up over 2 per cent in the early trade. Private lenders ICICI Bank, Federal Bank, Axis Bank and HDFC Bank also gained over 1 per cent.

State-run Bank of Baroda today reported 22.74% decline in net profit at Rs 1,052.15 crore during the first quarter ended June 30, on higher provision for bad loans and wage revision.

The bank had reported a net profit of Rs 1,361.88 crore in the corresponding first quarter of the previous fiscal.

MUMBAI: Public sector lender Bank of BarodaBSE 1.55 % today cut base rate by 10 basis points to 9.9 per cent effective from July 13, 2015.

In a filing to the Bombay Stock Exchange, Bank of Baroda said that is reduced Base Rate by 10 basis points from 10.00 per cent to 9.90 per cent and also to reduce Bench-mark Prime Lending Rate (BPLR) by 10 basis points from 14.25 per cent to 14.15 per cent. The reduction in both rates will be effective from July 13, 2015.

Public sector lender Bank of Baroda (BoB) is making a course correction in its strategy for overseas business. While it prides itself as “India’s international bank”, its branch presence in India’s neighbourhood has been weak.

This plan seems to be in tune with the government’s strategy to scale up economic, trade and commercial relations with all nations with which India shares its borders.

Shares of Bank of Baroda declined over 2% to Rs 158 on the Bombay Stock Exchange (BSE) after the bank revised its rate of interest payable on term deposits.

The bank has decided to revise its rate of interest payable on term deposits below Rs 1 crore and Rs 1-10 crores respectively, effective from 8 June, 2015. The revised rates will be applicable to fresh deposits as well as renewal of existing deposits. The bank announced this decision on Friday 5 June, post market hours in a filing to the BSE.

Shares of Bank of Baroda has moved higher by 12% to Rs 163 on the NSE after the state-owned bank said that the bank's assets quality improved during the quarter ended March 2015 on a sequential basis.

The percentage of gross and net non-performing assets ratios stood at 3.72% and 1.89% during the March 2015 quarter from 3.85% and 2.11% respectively in the December 2014 quarter, Bank of Baroda said in a statement.

Bank of Baroda, a leading Indian public sector bank, has tied up with UAE Exchange to offer an instant cash transfer facility to NRI customers.

UAE Exchange, a global remittance and foreign exchange company, serves over 7.9 million customers worldwide and currently has over 750 branches across 32 countries.

Banking shares have extended losses for the second straight session on National Stock Exchange (NSE) after the Reserve Bank of India (RBI) Governor Raghuram Rajan decided to leave repo rate unchanged at its credit policy meet yesterday.

Bank Nifty, the banking share index is down 1.2% or 235 points at 19,148 at 10.15 hours. Meanwhile, the benchmark CNX Nifty is down 22 points at 8,734.75.

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