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Mumbai, May 25 () State-owned Bank of Baroda on Monday said it has completed IT integration of 132 branches of erstwhile Vijaya Bank. In a first three-way amalgamation, Vijaya Bank and Dena Bank were merged with Bank of Baroda on April 1, 2019. As part of the process, 2,135 branches of Vijaya Bank and 1,777 branches of Dena Bank merged with BoB. The bank had earlier completed IT integration or migration of 20 branches of Vijaya Bank. "We took an incremental approach for migration. As a test case, we first migrated one branch of Vijaya Bank and then 10 branches. Earlier this month, we migrated another set of 10 branches, and this weekend we migrated 132 branches," the bank's chief technology officer Sharad Saxena said. All these 152 branches of erstwhile Vijaya Bank are now running on Finacle 10, the same IT platform which BoB is using, he said. Before the migration process started, all the payment channels such as ATMs, NEFT, RTGS and IMPS, UPI, of Vijaya Bank and Dena Bank were integrated with BoB. Saxena said once payment systems were integrated, the process of migration began starting with branches of Vijaya Bank. The bank plans to complete IT integration of the balance 1,983 branches of Vijaya Bank by September-October this year. Saxena said IT integration of Dena Bank will start from next month and is likely to be completed by end-December or January 2021. HV BAL BAL

Bank of Baroda completes IT integration with 132 branches of erstwhile Vijaya Bank

New Delhi, Apr 24 () <keyword id="6358007" type="COMPANY" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword> on Friday said its board has approved raising up to Rs 13,500 crore by 2020-21. "Board of Directors of our <keyword id="6355272" type="UNKNOWN" weightage="20" keywordseo="bank">Bank</keyword> in its meeting held today i.e. 24 April 2020...considered and approved raising of additional capital fund up to Rs 13,500 crore up to March 31, 2021 and beyond if found expedient," it said in a regulatory filing. The capital raise will comprise Rs 9,000 crore by way of common equity capital by various modes including QIP, etc in suitable stages and Rs 4,500 crore by way of additional tier I and tier II capital instruments with an inter-changeability option, issued in India/overseas in suitable tranches, it added. This will be subject to applicable statutory 1 regulatory approvals, the state-owned bank said. Bank of Baroda stock closed 4.23 per cent down at Rs 46.40 on See Also - <a class="in-cell-link" href="https://www.businessinsider.in/finance/news/how-to-check-account-balance-in-bank-of-baroda/articleshow/74119351.cms" target="_blank">How to check account balance of bank of baroda</a>

Bank of Baroda to raise up to Rs 13,500 cr

<keyword id="722345" type="General" weightage="80" keywordseo="nifty-bank" source="Orion">Nifty Bank</keyword>, which is comprised of the most liquid and large capitalised Indian banking stocks, is up 11.76 per cent so far this year due to robust earnings growth of banks, return of foreign investors in Indian equities since July and attractive valuations. Currently, the <keyword id="6354813" type="General" weightage="100" keywordseo="nifty" source="Orion">Nifty</keyword> Bank index is trading at 39,656.15, as compared to 35,481.70 on December 31, 2021. According to the data compiled by <keyword id="824141" type="General" weightage="50" keywordseo="geojit-financial-services" source="Orion">Geojit Financial Services</keyword> showed, the top three banks that have outperformed the index were Bank of Baroda with YTD returns of 47.90 per cent, Federal Bank with 21.20 per cent, and IndusInd Bank with 21.10 per cent. On Thursday, <keyword id="46013" type="General" weightage="50" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>, Bandhan Bank, Federal Bank, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword>, IndusInd Bank, HDFC Bank, AU Small Finance Bank, ICICI Bank, Axis Bank, PNB, <keyword id="6986952" type="General" weightage="50" keywordseo="idfc-first-bank" source="Orion">IDFC First Bank</keyword>, and Bank of Baroda were stocks in the Nifty Bank index. "The banking sector has demonstrated strong resilience so far this year, supported by multiple factors. 1. Strong quarterly earnings driven by robust credit growth, margin expansion, improved asset quality and lower provisioning; 2. FIIs return to buying mode due to favourable economic factors; 3. Attractive valuation. We believe that the rally is still in its early stages and that valuations have room to rise further, given improved fundamentals," said Vinod Nair, Head of Research at Geojit Financial Services. According to the ICICI Securities report, banks under their coverage in Q1 FY23 reported 16 per cent on-year and 2 per cent on-quarter growth in net interest income. Core operating profit grew 17 per cent on-year, while <keyword id="6374832" type="General" weightage="80" keywordseo="treasury" source="Orion">treasury</keyword> loss dragged operating profit lower by 13 per cent on-year and 18 per cent on-quarter. Subsiding credit cost and lower base supported 35 per cent on-year earnings growth. However, earnings of State Bank of India, HDFC Bank and Kotak Mahindra Bank lagged I-Sec expectations due to higher than anticipated treasury loss and elevated opex. G-sec yields surged 65 basis points since March to 7.5 per cent till June and corporate bond yields by 70 basis points. This created pressure on treasury profits for banks that dragged overall earnings growth. Having 25-60 per cent of investment portfolio in AFS/HTM with 1-2 years of modified duration led to a treasury knock. Banks with relatively higher investment in corporate bonds (credit substitute) witnessed above-expected hit. On an average, banks registered treasury loss equivalent to high single digit of revenues and 15 per cent of core operating profit. Banks' upbeat stance on growth was reflected in advance growth of 2-4 per cent on-quarter in Q1 FY23, otherwise a seasonally slow quarter. Growth was primarily led by retail and proportion of unsecured retail advances inched up. Sequential loan growth momentum was dragged by 2-wheeler segment and agri (in few banks). While, inflows of foreign investors in the Indian equities was Rs 21,252.60 so far from July 28. Foreign investors turned buyers since late July after remaining sellers in the equities for almost 9 months. Experts believe that foreign investors have returned to Indian market because India is preferred destination as country has best growth prospects among large economies of the world. FPIs have turned net buyers in autos, capital goods, FMCG, and Telecom. Due to this, the Sensex is now trading above 60,000 mark and Nifty over 17,900. Going forward, profitability of banks is expected to improve with a robust credit growth outlook and improving asset quality. Additionally, in the rising interest rate scenario, banks with a higher proportion of flexible loans will showcase margin expansion. "We expect that the mark-to-market impact of rising bond yields on treasury income will hurt banks, particularly PSUs in the short term, who have higher investments in bonds. We continue to recommend top private sector banks that are better poised to reap the benefits of economic recovery with stronger balance sheets and neat loan books. The sector is currently trading at its 5-year averages, which indicates significant room for expansion. However, the near-term trend will be dictated by the movements in FII activities," Nair added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/zomatos-quick-commerce-app-blinkit-to-deliver-printouts-at-your-doorsteps-in-11-minutes/articleshow/93651814.cms">Zomato’s quick commerce app Blinkit to deliver printouts at your doorsteps in 11 Minutes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-expected-to-trade-at-around-79/-on-fii-inflows-easing-crude-prices-bob/articleshow/93651698.cms">Rupee expected to trade at around 79/$ on FII inflows, easing crude prices: BoB</a>

Nifty Bank index up over 11% so far this year, BoB outperforms index

(Image source- Reuters) <ul><li>The members of nine bank unions are all set to stage a <keyword id="6358138" type="PERSON" weightage="20" keywordseo="Strike">strike</keyword> on 26 December as part of a nationwide protest against the Indian government’s decision to merge <keyword id="6368859" type="COMPANY" weightage="20" keywordseo="vijaya-bank">Vijaya Bank</keyword> and <keyword id="6359442" type="COMPANY" weightage="20" keywordseo="dena-bank">Dena Bank</keyword> with the <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword>. </li><li>As a result, banking services at a number of public-sector banks will be affected, which includes ATM operations and cheque clearances. </li><li>The strike has been called by the United Forum of Bank Unions (UFBU) and will involve the participation of around 1 million bank employees. </li><li>It comes in addition to a strike coordinated by the <keyword id="723485" type="ORGANIZATION" weightage="20" keywordseo="All-India-Bank-Officers-Confederation">All India Bank Officers' Confederation</keyword> (AIBOC), which falls under the UFBU, in the last few days in pursuit of higher <keyword id="6356975" type="UNKNOWN" weightage="20" keywordseo="wages">wages</keyword> for bank employees. </li></ul>The members of nine bank unions are all set to stage a strike on 26 December as part of a nationwide protest against the Indian government’s decision to <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">merge three state-owned lenders</a> - Bank of Baroda, Vijaya Bank and Dena Bank. As a result, banking services at a number of public-sector banks will be affected including ATM operations and cheque clearances. Despite the participation of the employees of some private banks, the operations of private banks are expected to continue as normal. The strike has been called by the United Forum of Bank Unions (UFBU), an umbrella organisation for India’s nine major bank unions, and will involve the participation of around 1 million bank employees. It comes in addition to a strike coordinated by the All India Bank Officers' Confederation (AIBOC), which falls under the UFBU, in the last few days in pursuit of higher wages for bank employees. The government decided to merge the mammoth Bank of Baroda with the smaller regional players Dena Bank and Vijaya Bank in September 2018. While the reasons for the move were manifold, it was mostly aimed at creating a larger bank with a strong capital buffers and helping Dena Bank, which has a non-performing ratio of over 11%, improve its balance sheet and be taken off the central bank’s Prompt Corrective Action watchlist. The merged entity will become the third-largest bank in India and have nearly 9,500 branches. While the decision has been welcomed in some circles, it has largely been opposed by the employees of these banks. This is mostly due to the fact that the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> is expected to result in a number of job cuts, especially since overlapping departments will be trimmed down to size, and the closure of branches that are in close proximity to one another. It could also provide further room for private banks to muscle in on the market share of public-sector banks. Separately, the Indian Banks Association (IBA), an industry lobby, has been engaged in negotiations with unions since November last year over a possible wage revision. A lack of progress led to <a href="https://www.businessinsider.in/nearly-1-million-bank-employees-in-india-are-set-to-go-on-strike-this-week/articleshow/64366473.cms">a nationwide strike</a> by employees at the end of May 2018. The IBA upped its revision proposal from 2% to <a href="https://www.business-standard.com/article/economy-policy/indian-banks-association-offers-6-wage-hike-unions-reject-the-offer-118073100058_1.html">6%</a> at the end of July, but this was rejected as employees were expecting a raise along the lines of the 15% hike received in February 2015 during the last wage revision discussions. The IBA subsequently hiked its offer to 8%, which was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-unions-reject-ibas-8-wage-hike-offer/articleshow/66891829.cms">rejected by unions</a> on 1 December. The nationwide strike by the bank unions is expected to lead to a higher wage offer, although the IBA won’t have much space to maneuver since public-sector banks are burdened with a lion’s share of the country’s bad loans. A higher wage hike proposal could offset the discomfort caused by the merger of the three public-sector lenders, which is expected to be completed early next year following the approval of the <a href="https://www.thehindubusinessline.com/money-and-banking/finmins-alternative-mechanism-gives-nod-for-bob-dena-vijaya-bank-merger/article25798898.ece">scheme of amalgamation</a> last week. SEE ALSO: <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">India’s government is merging three state-owned lenders to create one of the country’s largest banks</a> <a href="https://www.businessinsider.in/nearly-1-million-bank-employees-in-india-are-set-to-go-on-strike-this-week/articleshow/64366473.cms">Nearly 1 million bank employees in India are set to go on strike this week</a>

A number of unions in India are protesting against the government’s decision to merge three state-owned banks

<ul><li>On September 17th, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> proposed the consolidation of <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword> (BoB), <keyword id="6368859" type="DOMAIN" weightage="20" keywordseo="vijaya-bank">Vijaya Bank</keyword> and <keyword id="363392" type="DOMAIN" weightage="20" keywordseo="Dena">Dena</keyword> Bank.</li><li>The merged entity will become the third-largest bank in India and have nearly 9,500 branches.</li><li>Given its status as the weakest bank, Dena Bank is expected to benefit the most of the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword>. Its NPA ratio is more than double that of the other two banks. </li></ul> The problems plaguing India’s public sector banks are well known. In addition to poor governance, their balance sheets are disproportionately burdened with bad loans when compared to their private sector counterparts. The smaller, weaker ones are unable to compete in a crowded market and require fresh infusions of capital. The Modi administration’s approach to the problem has been to merge small state-owned banks with their larger peers. In early 2017, plans for <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), India’s largest bank, to absorb five associate banks got underway. And now, 18 months hence, the Indian government is planning another merger. On September 17th, Finance Minister Arun Jaitley proposed the consolidation of two relatively well-capitalised banks - Bank of Baroda (BoB), Vijaya Bank - with Dena Bank, a struggling lender faced with credit limits as a result of being placed on the RBI’s Prompt Corrective Action (PCA) framework. The merged entity will become the third-largest bank in India and have nearly 9,500 branches. Bank of Baroda is the largest of the bunch with ₹10.3 trillion of total business, while Vijaya and Dena have ₹2.8 trillion and ₹1.8 trillion of business, respectively. Dena to benefit the most Given its status as the weakest bank, Dena Bank is expected to benefit the most of the merger. It has a <keyword id="463915" type="PERSON" weightage="20" keywordseo="non-performing-asset">non-performing asset</keyword> (NPA) ratio of a little over 11% - which means that 11% of all the entries in its loan book have gone bad - while BoB and Vijaya have a NPA ratio of 5.4% and 4.1%, respectively. Once merged, the bank will have a combined NPA ratio of 5.7%. Jaitley said that the government was making a conscious decision not to merge the operations of weak lenders. Rather, the merger of two strong banks and one weak bank seemed to be a more viable option, keeping in the mind the long-term sustainability of the merged entity and the potential for expansion. Bank of Baroda has a considerable national footprint, while both Dena and Vijaya have a strong presence in their respective regions of Maharashtra and Karnataka, especially in the small-and-medium enterprises (SME) segment. While bankers have lauded the move, the success of the consolidation strategy isn’t guaranteed yet. SBI has seen its performance decline following the merger with the associate banks. However, while the adjustment and integration process may prove a drag in the short term, the three banks mentioned above all have strengths that can be capitalised upon and overlapping cost centres that can be excised. Now what? The respective boards of each bank will now vote on the merger and if approved, will commence preparations on a plan for the amalgamation of the three entities and decide on a share-swap ratio. The merger plan will then need to be approved by the Indian Parliament. Since the government is a majority owner in all three banks, it seems more likely than not that the merger will be approved. The entire process is expected to take six months. Once the merger is completed, there will be only nine public-sector banks left on the PCA watchlist.

India’s government is merging three state-owned lenders to create one of the country’s largest banks

The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) can argue its case strongly with the Central government as to why the <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> was not controlled at 4 per cent, said experts. The RBI's Monetary Policy Committee (MPC) will meet on November 3 to discuss what it would tell the Centre as to why it was not able to restrain the inflation. The RBI may also sound out the Central government as to the course of inflation as well as the reasons as to why it may be at the elevated levels. In <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, the retail inflation rose to 7.41 per cent in September. Experts were of the view that a combination of global and local (glocal) factors -- geopolitical developments, crop production, reduction in crude oil production and the resulting price increase and depreciating rupee -- are expected to heat up the prices. The RBI on its part is trying to contain the inflation by increasing the repo rate -- the rate at which it lends to the banks. The central bank has increased the repo rate by 190 basis points in recent times and the last one was by 50 basis points last month. "There is a strong case for the RBI arguing that (a) inflation has primarily been caused by supply side shocks with global commodity prices having an impact (b) rupee depreciation has added to imported inflation (c) the RBI on its part was proactive in raising rates even between two policies as it did in May when it saw things were going out of hand post Ukraine war and (d) there have been some measures like increase in goods and services tax (GST) which has added to inflation that was happening in parallel," Madan Sabnavis, Chief Economist, Bank of Baroda, told IANS. "Therefore, there is an explanation as to why inflation was high. But the central bank has been acting to bring it down through the instruments it has like repo and CRR (cash reserve ratio). It has succeeded in lowering surplus liquidity too which can be proved," Sabnavis added. "The RBI can say that inflation is due to supply side constraints a nd excess liquidity," says K. Ramasubramanian, retired General Manager, RBI, and a forex advisor. "In addition, there was a huge sale of forex almost Rs 3 lakh crore to maintain the exchange rate. Inflation which was more than the target continuously for three quarters is estimated to come around 6 per cent by three more quarters. Interest rates (repo rate) have been increased almost 1.9 per cent. As such the MPC may only be constrained to say that the present steps taken need some more time for having a positive impact to reduce inflation. This is subject to the time inconsistency impact," he added. The RBI has scheduled the November 3 meeting of MPC under Section 45ZN of the RBI Act. As per the said Section, when the RBI fails to meet the inflation target, it shall send a report to the central government listing: (a) the reasons for failure to achieve the inflation target; (b) remedial actions proposed to be taken by it; and (c) an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions. As per the RBI Act the MPC shall determine the Policy Rate required to achieve the inflation target. Further as per the RBI Act, the central bank shall organise at least four meetings of the MPC in a year. Announcing the credit policy RBI Governor Shaktikanta Das said: "There are also upside risks to food prices. Cereal price pressure is spreading from wheat to rice due to the likely lower kharif paddy production. "The lower sowing for kharif pulses could also cause some pressures. The delayed withdrawal of monsoon and intense rain spells in various regions have already started to impact vegetable prices, especially tomatoes. These risks to food inflation could have an adverse impact on inflation expectations." According to the RBI Governor, the Indian basket crude oil price was around $104 per barrel in H1:2022-23 and expected to be around $100 per barrel in H2: 2022-23. "Taking into account these factors, the inflation projection is retained at 6.7 per cent in 2022-23, with Q2 at 7.1 per cent; Q3 at 6.5 per cent; and Q4 at 5.8 per cent, with risks evenly balanced. CPI (consumer price index) inflation is projected to further reduce to 5.0 per cent in Q1:2023-24," Das said. However, one has to see the RBI's prediction as to crude oil prices ($100 per barrel) as the oil producing countries have announced a cut in their production and the international prices going up. Economists and common man have a different take on the RBI's expectations on inflation. "Presently inflation does appear unlikely that it will move downwards for two sets of factors. The increase in oil price and rupee depreciation has potential to increase imported inflation," Sabnavis had told IANS earlier. "Second, there have been some shortfalls in kharif production which will mean an increase in prices. Also the late withdrawal of rain has affected vegetable crops and also adversely affected the harvest of rice and oilseeds in some regions." The reduction in sown area for rice and pulses during Kharif season is expected to feed inflation in the coming months. The overall sown acreage for the Kharif season has declined by 0.8 per cent at the end of September 30, 2022 as compared to last year, the Bank of Baroda said in a recent report. "The inflation rate will be 6.5-7 per cent in FY23 and 5.5-6 per cent in FY24," Sabnavis had remarked. The RBI Governor had said the communication with the central government is a privileged one and it will not made public by the Bank. Das also said there no legal stipulation on the frequency of the communication between RBI and the government. He had earlier said the inflation rate is expected to come down to four per cent in two years time. There are many uncertainties. The RBI has pegged the inflation rate at 6.7 per cent for FY23. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/apple-surges-to-add-178-billion-in-market-value-as-4th-quarter-earnings-help-drive-a-turnaround-in-the-stock-market/articleshow/95153518.cms">Apple surges to add $178 billion in market value as 4th-quarter earnings help drive a turnaround in the stock market</a> <a href="https://www.businessinsider.in/stock-market/news/the-fed-will-hike-rates-too-far-and-tip-the-global-economy-into-a-recession-survey-of-economists-says/articleshow/95151308.cms">The Fed will hike rates too far and tip the global economy into a recession, survey of economists says</a> <a href="https://www.businessinsider.in/thelife/news/see-inside-an-almost-1-million-prefab-tiny-home-village-near-seattle-trying-to-solve-the-ongoing-homelessness-crisis/slidelist/95153993.cms">See inside an almost $1 million prefab tiny home village near Seattle trying to solve the ongoing homelessness crisis</a>

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Bank of Baroda completes IT integration with 132 branches of erstwhile Vijaya Bank

PTI

Bank of Baroda to raise up to Rs 13,500 cr

PTI

Nifty Bank index up over 11% so far this year, BoB outperforms index

IANS

A number of unions in India are protesting against the government’s decision to merge three state-owned banks

Dilsher Dhillon

India’s government is merging three state-owned lenders to create one of the country’s largest banks

Dilsher Dhillon

RBI can argue its case on inflation control say experts

IANS

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