2017-08-21 :Bank of India plans to cut savings bank account rate
Taking cues from State Bank of India, Bank of India (BoI) is also planning to cut its savings bank deposit rates not immediately but with an immediate effect. Meanwhile, the bank also plans to further focus on its retail, housing and MSME loans segment.
2017-08-21 :Bank of India puts bad loans worth Rs. 3,169 crore on sale
In a bid to clean up its balance sheet, Public sector lender, Bank of India (BoI) plans to sell bad loans worth Rs. 3,169 crore to the asset reconstruction companies (ARCs). Meanwhile, the lender had also appointed some special situation advisors as their financial advisor to assist with this transaction. Following the move, the bank also targets to focus on further strengthening its loan segment including home loans.
2017-08-09 : Bank of India reports growth in net profit at Rs. 88 crore
Bank of India has reported a significant growth in its net profit at Rs. 88 crore during the first quarter of FY18 as against a loss of Rs. 742 crore during the corresponding quarter of the previous fiscal year. Strong growth in net profit is due to the improvement in its asset quality and reduction in gross non-performing assets.
2017-07-18 :Bank of India launches ‘Project Connect’ to tackle bad loans
Bank of India (BOI) has announced the launch of a new initiative, ‘Project Connect’. The newly launched initiative will enable the bank to revive its performance and huge losses due to mounting bad loans during the two consecutive years.
2017-06-10 :Bank of India to divest stake in subsidiaries to raise new capital
Bank of India (BoI) is planning to sell stake in some of its non-core subsidiaries to raise fresh capital, as a part of its effort to deal with bad loans. Simultaneously, the bank is also planning to achieve strong growth in its retail and priority sector lendings in the coming months.
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