Mumbai: Bank of Baroda has room to raise up to Rs3,000-4,000 crore in FY11, its top official said on Tuesday.
The funds would be raised as tier-I and tier-II capital, chairman and managing director M.D. Mallya told reporters.
The state-run lender, which hiked the benchmark prime lending rate by 50 basis points to 12.50% in August, expects deposits growing in the second half of the current fiscal.
“Second half is usually better... so, we would expect to achieve target and step up deposits in the second half,” Mallya said.
In July, Bank of Baroda’s chief economist Rupa Rege Nitsure had said, the lender expected its deposits to grow by 20-22% in FY11.
Mallya said the bank has seen deposits growing by six to seven percent in the current financial year so far.
At 12:16 p.m., shares of Bank of Baroda were trading at Rs829.25, down 0.32% in a firm Mumbai market.