New Delhi: State-owned Bank of India has raised Rs1,000 crore through issue of bonds compliant with globally accepted Basel III standards. These tier-II bonds will bear an interest rate of 8% per annum, the bank said in a regulatory filing.
Brickwork and India Ratings have assigned the bonds with AA plus rating. As per Basel III norms, banks globally have to improve and strengthen their capital base and planning by January 2019.
Indian banking system has been complying with these standards in phases since April 2013 and fully implement these norms two months after globally agreed date by March 2019.