Bank of India’s accounting change saves over Rs 1,000 crore

At a time when most public sector banks (PSBs) have taken a huge hit on their books, mainly because of provisioning for bad loans, Bank of India (BoI) appears to have escaped with a lesser knock in the December quarter. A close look at the bank's financials shows that a small change in the accounting practice — which is within the rules — helped it save over Rs 1,100 crore in the third quarter.The government-owned bank posted a loss of Rs 1,505 crore in the third quarter of this fiscal as its provisions to cover bad loans more than doubled...

Read more »

SBI gets shareholders nod to raise Rs 15,000 cr

Country’s largest lender SBI on Friday said it has got shareholders’ approval to raise up to Rs 15,000 crore by public issue or overseas issuance of shares.The bank had convened a general meeting today to obtain shareholders’ approval to raise the said amount.Earlier in January, SBI had informed about its plans to raise this sum of Rs 15,000 crore by March 2017.“The General Meeting was convened to obtain the shareholders’ approval, to create, offer, issue and allot such number of equity shares of Re 1 each, not exceeding Rs 15,000 crore or...

Read more »

Bharatiya Mahila Bank opens branch in Vizag

The Bharatiya Mahila Bank (BMB) is making all efforts for the economic empowerment of women, especially those from the economically disadvantaged sections of the society, and that is the specific mandate given to the bank, according to Executive Director S MSwathi.She was speaking here on Thursday morning after inaugurating a BMB branch, the first in the city and the fourth in Andhra Pradesh. She said the bank was in expansion mode and it would aim to cross the hundred-mark soon in the country.Swathi said the bank, established in 2013 with...

Read more »