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Business News/ News / India/  BoB okays divestment of up to 49 % of shareholding in its 100% owned subsidiary
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BoB okays divestment of up to 49 % of shareholding in its 100% owned subsidiary

The Board of Directors of Bank of Baroda (BOB) authorised the divestment of up to 49% of the bank's shareholding in BOB Financial Solutions Ltd. (BFSL).

Bank of Baroda on Monday announced its coordination with DoPPW for transformational reforms in Pensioners’ Welfare and the bank also declared that its BoB Pension Portal to be integrated with the Integrated Pensioners’ Portal of DoPPW for ‘Ease of Living’ of pensioners.Premium
Bank of Baroda on Monday announced its coordination with DoPPW for transformational reforms in Pensioners’ Welfare and the bank also declared that its BoB Pension Portal to be integrated with the Integrated Pensioners’ Portal of DoPPW for ‘Ease of Living’ of pensioners.

The Board of Directors of Bank of Baroda (BOB) authorised the divestment of up to 49% of the bank's shareholding in BOB Financial Solutions Ltd. ("BFSL"), a subsidiary that is 100% owned by the public sector lender.

“Board of Directors of Bank of Baroda (“BOB") have approved for divestment up to 49 % of Bank’s shareholding in its 100% owned subsidiary i.e. BOB Financial Solutions Ltd. (“BFSL"), and issuance of an advertisement inviting Expressions of Interest (“EOI"), from Suitable Investors / Strategic Partners to acquire shareholding of BOB in BFSL. BOB currently holds 100% of the total equity share capital of BFSL. The details about the process of transaction and other relevant details will be published on March 10, 2023 for inviting EOI from the Suitable Investors / Strategic Partners," said Bank of Baroda in a regulatory filing today.

Bank of Baroda on Monday announced its coordination with DoPPW for transformational reforms in Pensioners’ Welfare and the bank also declared that its BoB Pension Portal to be integrated with the Integrated Pensioners’ Portal of DoPPW for ‘Ease of Living’ of pensioners. On March 6, 2023, the Department of Pension and Pensioners' Welfare (DoPPW) in Bhopal hosted a Bankers' Awareness Workshop under the patronage of Honorable Dr. Jitendra Singh, MoS (PP), for personnel of Bank of Baroda conducting pension-related tasks. The event was attended by Shri V Srinivas, Secretary, DoPPW, Shri Sanjiv Narain Mathur, Additional Secretary, DoPPW, Shri Ajay K Khurana, Executive Director, Bank of Baroda, and Shri Purshottam, Chief General Manager, Bank of Baroda.

Shri. Ajay K Khurana, Executive Director, Bank of Baroda said “Pensioners are our most valuable customers and Bank of Baroda is committed to provide the best customer service to them and recognize the valuable contribution made by pensioners in building our nation. Currently we have a dedicated team at the Bank’s Centralised Pension Payment Centre (CPPC), which is monitored by a nodal officer. Bank of Baroda’s CPPC handles over two lakh pensioners."

Bank of Baroda has taken a number of initiatives for the benefit of the Bank’s senior citizen customers/pensioners which include pension saarthi, video-based life certificate, face authentication for life certificate submission, doorstep banking services, senior citizen lounge - PRERNA and bob World Gold app in 13 languages.

On 5th March, Bank of Baroda slashes home loan interest rates by 40bps to 8.50% and also reduces MSME loan interest rates to 8.40%. The bank also announced a 100% waiver on processing charges on home loans; a 50% waiver on processing charges on MSME loans and stated in a statement that this year-end limited period offer is available up to 31st March 2023. The bank provides over 46,000 touchpoints distributed across 17 countries and five continents to its 150 million+ worldwide customers.

The shares of Bank of Baroda (BoB) closed today on the NSE at 171.50 apiece, down by 1.44% from the previous close of 174.00. The stock recorded a total average volume of 1,10,38,443 shares.

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Published: 09 Mar 2023, 10:45 PM IST
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