Bank of Baroda to raise `10,000 cr

New Delhi: Bank of Baroda (BoB) on Wednesday said its board has approved a proposal to raise up to Rs 10,000 crore to fund infrastructure and affordable housing projects. The approval is for raising Long Term Bonds for Financing of Infrastructure and Affordable Housing aggregating to a total size of up to Rs 10,000 crore, in single or multiple tranches during 2023-24 and beyond, if found expedient, BoB said in a regulatory filing. The Reserve Bank of India on Tuesday barred State-owned BoB from onboarding new customers on its mobile app ‘bob World’ following material supervisory concerns. “The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application,” the central bank had said in a statement.

The action, the RBI had said was based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. “Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI,” it added. BoB has been further directed to ensure that the already onboarded ‘bob World’ customers do not face any disruption on account of this suspension.