State-owned Bank of Baroda (BoB) has floated an expression (EoI) of interest to sell its non performing assets worth over Rs 5,928 crore, including its Rs 1,838 crore loan to cash-strapped Reliance Communications.

The bank has identified loans to 49 companies, including two power firms run by GVK (totalling Rs 357 crore), GMR Chhattisgarh Energy Ltd (Rs 218 crore), and Monnet Power Company (Rs 199 crore), for sale.

Central Bureau of Investigation (CBI) has registered a case of cheating against a Mumbai-based private company for allegedly duping Bank of Baroda (BoB) to the tune of Rs 274 crore.

According to the CBI officials, a written complaint was received last month from SK Sharma, deputy general manager from BoB, alleging that M/s PSL Ltd, its directors and other accused persons, during the period of 2011 to 2016 were party to a criminal conspiracy to cheat BoB.

New Delhi: Bank of Baroda (BoB) will be increasing the minimum quarterly average balance that has to be maintained in its advantage savings account. “With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated,” BoB said in a tweet. For metro, urban and semi-urban branches, the bank has doubled the minimum quarterly average balance. However, there is no change for such accounts in its rural branches.

After the mega PSU bank merger between Bank of Baroda, Vijaya Bank and Dena Bank received Union Cabinet approval yesterday, shares of BoB rallied while the other two lenders tanked in the morning trade on Thursday, as investors reacted to the merger swap ratio. Shares of Bank of Baroda rallied more than 3% to Rs 123.40 on NSE while, Vijaya Bank shares plunged by nearly 7.5% to hit the day’s low at Rs 51.05. Dena Bank shares tanked by 20% to Rs 14.40 in the morning trade.

New Delhi: Bank of Baroda (BoB) on Wednesday finalised the share swap ratio for merger of Vijaya Bank and Dena Bank with itself. As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.

New Delhi: The second big merger of state lenders by the Narendra Modi government will be completed this financial year and the merged bank will start operations from the new fiscal.

Sources said the share swap ratio for the merger of Dena Bank and Vijaya Bank with the larger bank Bank of Baroda will be decided next month and the merged entity will kick off operations from April 1, 2019.

Bank of Baroda has proposed to put 35 non-performing assets (NPAs) up for sale, including several ailing power assets, to recover dues worth Rs 4,237 crore and has invited expressions of interest from asset reconstruction companies (ARCs) and financial institutions (FIs). In a notification on its website, the bank said, “Besides the amount outstanding under any disbursed loans

Mumbai: State-owned Vijaya Bank, Dena Bank and Bank of Baroda have set 15 December as the deadline to agree a preliminary share swap ratio for the combined entity, said Sankara Narayanan, managing director and chief executive officer, Vijaya Bank.

On 10 September, the government proposed to merge the three state-owned banks.

If you often use mobile banking and are customers of any of the following banks then you are at risk of cyber fraud. An IT security firm in its report has claimed that the fake apps of State Bank of India, ICICI Bank, Axis Bank, Bank of Baroda (BoB), Yes Bank, Indian Overseas Bank (IOB) and Citi Bank are available on Google Play. The report further claimed that the fake apps have stolen data of many bank customers.

The government on Thursday extended the term of P S Jayakumar as the managing director and chief executive officer of Bank of Baroda by another year till October 12, 2019. His three-year term was to end on Friday.

The extension is being seen as an important move aimed at steering the proposed merger of Bank of Baroda (BoB), Vijaya Bank and Dena Bank. The boards of the three public sector banks have already given the nod for the merger proposal.

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