BOI.BO - Bank of India Limited

. Currency in USD
Stock chart is not supported by your current browser
Previous CloseN/A
BidN/A x N/A
AskN/A x N/A
Day's RangeN/A - N/A
52 Week Rangeundefined - undefined
Avg. VolumeN/A
Market CapN/A
PE Ratio (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • The curious case of fake currency notes from the “Children Bank of India”
    Quartz17 hours ago

    The curious case of fake currency notes from the “Children Bank of India”

    On Sunday, April 22, a retired health worker named Ashok Pathak went to a United Bank of India (UBI) ATM in the Subhash Nagar neighbourhood of Bareilly, Uttar Pradesh, to withdraw some money. But among the notes totaling Rs4,500 that the counter dispensed was one very convincing fake Rs500 bill—olive green in colour and marked…

  • Reuters19 days ago

    RBI officials called on by CBI to help in PNB fraud probe

    Four senior Reserve Bank of India (RBI) officials have been called on by investigators to help explain banking processes as police probe deeper into the $2 billion fraud at India's Punjab National Bank, sources familiar with the matter said on Thursday. A Central Bureau of Investigation source said earlier on Thursday the agency was questioning four top RBI officials -- three chief general managers and a general manager -- in relation with the fraud at state-run PNB, but the source did not elaborate on the line of questioning. Two other sources, privy to the RBI officials' meetings with investigators, said the central bank officials were being called upon to explain how banking processes work and that there was no suspicion of any wrongdoing on their part.

  • RBI defers new accounting rules for banks cheering investors
    Reuters20 days ago

    RBI defers new accounting rules for banks cheering investors

    The Reserve Bank of India on Thursday deferred until next year a new accounting standard for the country's banks that would have led to higher bad-loan provisioning requirements. The regulator, which had earlier ordered the banks to move by April 1 to the Ind AS accounting standard, a variant of IFRS, said on Thursday pending rule changes it had decided to delay the implementation of the new accounting system. "Many of the banks are still not prepared ... so we thought that we should defer this by one year," said N.S. Vishwanathan, an RBI deputy governor at a news conference after the announcement of the bi-monthly monetary policy in which the central bank held key rates.

  • Reuters20 days ago

    India state-run bank shares rally after RBI eases bankruptcy provision needs

    India's state-run bank shares rallied on Thursday after the Reserve Bank of India (RBI) lowered the amount the lenders needed to set aside as of end-March for their loans to nearly 40 companies that are undergoing bankruptcy resolution proceedings. The RBI has allowed banks to have a minimum provisioning cover of 40 percent on secured loans to those companies, lower than the minimum 50 percent it had earlier wanted them to set aside for those loans, according to bankers and a letter seen by Reuters. The RBI move comes at a time when banks already battling near-record levels of soured loans are staring at an increase in stressed assets after a rule change announced in February.

  • ICICI Bank fined $9 million for breach of bonds sale rule
    Reuters27 days ago

    ICICI Bank fined $9 million for breach of bonds sale rule

    The RBI imposed the penalty on ICICI Bank for not complying with directions issued by it on direct sale of securities held under the bank's held-to-maturity (HTM) portfolio and for lack of disclosure about the sale, the central bank said in a statement on Thursday. ICICI Bank said it continued to sell bonds from its HTM category for a few weeks during the quarter ended March 2017 due to "genuine misunderstanding" on the timing of the applicability of RBI's direction in the matter.

  • Union Bank of India shares slump after lender makes fraud complaint
    Reuterslast month

    Union Bank of India shares slump after lender makes fraud complaint

    The Central Bureau of Investigation (CBI) registered the case against Hyderabad-based Totem Infrastructure and directors after a complaint from Union Bank, which the CBI said had been cheated out of about 3.14 billion rupees. The case comes after a more-than $2 billion fraud in state-run Punjab National Bank, dubbed the biggest bank fraud in India's history, triggered scrutiny of all soured bank loans for any sign of wrongdoing. Totem Infrastructure, loans to which became non-performing in June 2012, "allegedly diverted the funds by opening accounts outside the consortium (of eight banks) and through payments of wages by showing excess expenditure and huge stocks", the CBI said in a statement late on Thursday.

  • RBI Governor Urjit Patel calls for more powers over state lenders in wake of PNB fraud
    Reuterslast month

    RBI Governor Urjit Patel calls for more powers over state lenders in wake of PNB fraud

    The Reserve Bank of India chief said on Wednesday that it had "very limited authority" over state-run banks and called for reforms to give the regulator more powers to police such lenders in the wake of a $2 billion fraud. Reserve Bank of India (RBI) Governor Urjit Patel defended the central bank's role in the aftermath of the Punjab National Bank fraud case and hit back indirectly at the Indian government, which has criticized the role of the regulator and auditors for failing to spot the alleged scam. In a rare, strongly-worded speech at a law university in the Western Indian state of Gujarat, Patel said there were numerous limitations in the RBI's powers over state-run lenders, such as its inability to remove directors, replace management, force a merger or initiate liquidation.

  • Reuterslast month

    EMERGING MARKETS-Emerging stocks hold at 2-wk high, Turkish lira at 3-mth low

    Emerging stocks held at two-week highs on Tuesday but gains were limited as investors awaited U.S. inflation data for hints on the pace of Fed rate rises, while the Turkish lira hit a near three-month low after a controversial voting law was passed. Inan Demir, senior emerging economist at Nomura International, said Friday's U.S. payrolls data had been strongly supportive of risk sentiment, thanks to its "Goldilocks" nature, showing rising employment but muted wage growth. The Turkish lira fell 0.7 percent against the dollar to its lowest since mid-December after parliament passed a controversial law revamping electoral regulations.

  • Reuters2 months ago

    India's Union Bank says has $45 million direct exposure to Nirav Modi, Gitanjali firms

    Union Bank of India (UNBK.NS) has direct credit exposure of about 1.2 billion rupees (13.33 million pounds)to companies controlled by jeweller Nirav Modi, and another 1.75 billion rupees ($26.9 million) to Gitanjali group of companies, its chief executive told Reuters on Friday. Companies belonging to Modi and his uncle Mehul Choksi, who heads the Gitanjali group, have been accused by Punjab National Bank (PNBK.NS) of defrauding the bank of over $2 billion. The bank alleges firms controlled by the duo colluded with rogue PNB staff to secure fraudulent guarantees that were used to raise credit from overseas branches of Indian banks.

  • RBI announces new bad-loan-resolution framework
    Reuters2 months ago

    RBI announces new bad-loan-resolution framework

    The Reserve Bank of India (RBI) late on Monday tightened its rules around bank loan defaults, seeking to push more large loan defaulters toward bankruptcy courts and abolishing half a dozen existing loan-restructuring mechanisms, in its latest bid to accelerate resolution of the bad loans problem at Indian banks. The new set of rules are aimed at creating a "harmonised and simplified generic framework" for resolution of stressed assets in view of new bankruptcy regulations, the RBI said late on Monday. Last year, the RBI ordered banks to force roughly 40 of the biggest corporate loan defaulters into bankruptcy proceedings.

  • Reuters2 months ago

    Bank of India reports third-quarter loss as bad loan provisions spike

    India's banking sector has seen bad loans surge in the last four years, with the 21 state lenders accounting for the bulk of 9.46 trillion rupees ($147 billion) in non-performing loans at the end of September. Reserve Bank of India and the government have been pushing for banks to clean up their bad debts, saying the overhang was choking new lending in Asia's third-largest economy. The central bank has pushed about 40 of the biggest corporate loan defaulters into India's new bankruptcy proceedings and said creditor banks must ensure at least 50 percent of bad loans with those firms were provisioned by March.

  • Reuters3 months ago

    RBI, in careful balancing act, keeps repo rate unchanged

    The Reserve Bank of India (RBI) on Wednesday kept its main repo rate on hold and retained its "neutral" stance, warning that it will closely monitor accelerating inflation but also saying economic growth needs to be "carefully nurtured". Surging oil and food prices pushed India's annual consumer inflation to a 17-month high of 5.21 percent in December - well above the RBI's 4 percent medium-target. Bonds surged, sending the benchmark 10-year yield down as much as 11 basis points from levels before the decision, amid relief the RBI statement wasn't as hawkish as some feared.

  • Reuters3 months ago

    Preview: RBI seen holding rates, talking tough on inflation

    The Reserve Bank of India (RBI) is likely to keep its policy rate on hold this week, but could toughen its warnings against inflation, economists say, laying the ground for a hike in 2018 after prices accelerated at the fastest pace in 17 months. The central bank has already been warning that inflation would return, ending a period of historically low levels that let it cut the repo rate by 2 percentage points to the current 6.0 percent over the past two years. Meanwhile, Prime Minister Narendra Modi's government, facing elections by 2019, last week unveiled an annual budget that will boost investment in the rural sector and introduce a major health insurance programme.

  • Reuters3 months ago

    Shares in large Indian state-run banks fall as recapitalisation plan disappoints

    Shares in State Bank of India and other big state-run banks fell on Thursday as they stood to receive less money than investors had expected from the government's much-awaited recapitalisation plan. By contrast, smaller state-run lenders such as UCO Bank gained, as analysts said they would receive more funds than expected. India's government pledged on Wednesday to inject nearly $14 billion combined into all but one state-run lender by March in return for them implementing reforms, in a bid to boost lending and tackle a record bad debt problem.

  • Reuters4 months ago

    RBI puts Allahabad Bank under prompt corrective action

    High net non-performing assets (NPA) and a negative Return On Assets (ROA) for two years in a row has prompted the action, the bank said in a statement late on Wednesday, although it added the action would help improve its risk management, asset quality and profits. The central bank has so far ordered corrective action for about 10 lenders, mostly due to their high bad loan ratios. Depending on the risk thresholds set in the Reserve Bank of India corrective action rules, lenders can be asked by the regulator to restrict branch expansion and make higher provisions on sour loans, among other curbs.

  • Reuters4 months ago

    State-run Bank of India says gets $354 million capital from government

    State-run Bank of India, the country's sixth biggest lender by assets, said on Saturday it received 22.57 billion rupees ($353.6 million) from the government, joining other lenders in which the government is injecting funds to shore up their capital base. Bank of India, which is three-quarters owned by the Indian government, was earlier this month placed under the central bank's prompt corrective action (PCA) framework due to high non-performing loans and insufficient core capital. Two other state-run lenders - Central Bank of India and Dena Bank - also said on Saturday the Indian government would be injecting 3.23 billion rupees and 2.43 billion rupees into them, respectively.

  • Reuters4 months ago

    RBI policy panel urges vigilance against inflation - minutes

    Minutes from the Reserve Bank of India's most recent policy meeting released on Wednesday showed members of the policy panel growing increasingly concerned about inflation, with some issuing sharp warnings against being complacent. The central bank's monetary policy committee (MPC) voted 5-1 on Dec. 6 to keep the policy rate on hold at 6 percent after inflation accelerated to a seven-month high. The minutes of their meeting showed members were growing concerned that inflation would accelerate above the RBI's 4 percent target, having identified global crude and food prices as areas of particular concern - predictions that have been validated by inflation data after the meeting.

  • Reuters4 months ago

    RBI prescribes additional corrective measures against United Bank of India

    The RBI, based on the assessment of the bank's position as on March 31, has ordered UBI to undertake a slew of actions focused on "profit retention" as well as raising capital, adding more provisioning against bad loans and controlling costs, the lender said in a filing. The actions come after the RBI had last issued a "prompt corrective action", a regulatory mechanism that allows the central bank to issue directions on reducing bad debt at lenders, against UBI in 2014. UBI said the latest actions were "not likely to have any material impact" on its performance, and were "well complimenting the steps already taken" by its management.

  • Reuters4 months ago

    RBI puts Bank of India under prompt corrective action

    High net non-performing assets (NPA), insufficient common equity tier 1 (CET1) capital and negative return on assets (ROA) for two consecutive years has prompted the action, the bank said in a statement. The bank had a net non-performing assets ratio of 6.47 percent as of end-September.

  • RBI reiterates warnings about trading in Bitcoins
    Reuters5 months ago

    RBI reiterates warnings about trading in Bitcoins

    The Reserve Bank of India (RBI) on Tuesday reiterated its concerns about Bitcoins, just days after the cryptocurrency hit a record high of just under $11,800, stoking fears that a rapidly swelling bubble could burst in a spectacular fashion. The statement was issued after the cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange on Sunday. The RBI had previously said those trading in virtual currencies were doing so at their own risk, given that the central bank has not given a licence or authorisation for any company to deal in such cryptocurrencies.

  • Preview: RBI, wary on inflation, set to keep rates on hold
    Reuters5 months ago

    Preview: RBI, wary on inflation, set to keep rates on hold

    The Reserve Bank of India (RBI) looks set to keep its policy rate on hold on Wednesday, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus. All but two of 54 analysts in a Reuters Poll said the repo rate would be left at 6.00 percent, the lowest since November 2010. Another source of RBI discomfort is that core inflation, which excludes food and energy prices, has remained stubbornly high at around 4.5 percent.

  • Reuters5 months ago

    Bank of India second-quarter profit rises, beats estimates

    REUTERS - Bank of India (BOI.NS), the country's sixth biggest lender by assets, reported a 41 percent jump in second-quarter profit, handily beating analyst estimates, with its bad loan ratio easing. Net ...

  • Moody's6 months ago

    Union Bank of India, Hong Kong Branch -- Moody's revises outlook for three Indian public sector banks to stable from negative

    Rating Action: Moody's revises outlook for three Indian public sector banks to stable from negative. Global Credit Research- 06 Nov 2017. Singapore, November 06, 2017-- Moody's Investors Service has affirmed ...

  • Reuters6 months ago

    State Bank of India to lend $357 million to solar projects

    State Bank of India, the nation's biggest lender by assets, said it will lend 23.17 billion rupees ($357 million) to six companies for 575 megawatts of grid-connected rooftop solar projects under a World Bank programme. SBI, which accounts for more than a fifth of India's banking assets, has a total loan exposure of about 120 billion rupees to the solar sector, excluding the latest loans, Chairman Rajnish Kumar told reporters on Monday. Renewable energy is being seen as a growth sector for India, a signatory of the Paris climate accord, with an ambitious plan to raise renewable energy capacity to 175 gigawatts (GW) by 2022, from 57 GW currently.

  • Reuters7 months ago

    RBI panel pushes new rules so lenders pass on rate cuts more quickly

    A panel created by the Reserve Bank of India (RBI) said lenders are not sticking to rules that determine how much they can charge for loans, and proposed new requirements that could force banks to pass on interest rate moves to customers more quickly. The panel, set up to look into why commercial banks were not passing on the central bank's rate cuts, said in a report that banks "deviated in an ad hoc manner from the specified methodologies" for calculating their lending rates to avoid fully following the RBI's rate moves. The RBI has cut its policy rate by a total of 200 basis points from January 2015 to August 2017 to support economic growth, but to its frustration banks have lowered their lending rates by only about 120 bps.