Bank of India’ board has approved raising up to Rs 10,286 crore through Tier-I and Tier-II capital. The capital would be raised "through issuance of equity shares, innovative perpetual debt instruments, preference shares, Tier II bonds and upper Tier II Capital Bonds".
Meanwhile, the state-owned bank has also raised interest rates on certain maturities.
It raised interest rates to 7 per cent from 6.5 per cent for deposits less than Rs 1 crore and maturity period of one year to less than 2 year. For deposits above Rs 1 crore, the interest rate is raised to 7 per cent from 6 per cent.
The maximum increase in interest rate to 5.5 per cent from 3.5 per cent has been for deposits above Rs 1 crore with maturity between 91 days and 179 days.
However, for deposits less than Rs 15 lakh and maturity of 8 years and above, the rate has been lowered to 7 per cent from 7.5 per cent earlier.
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