Revised FD Rates

Here are the revised interest rates on domestic and NRO fixed deposits below Rs 2 crore effective from 31 August 2019.

Bank of Baroda to issue fresh equity to its staff

On Tuesday, Bank of Baroda said in a regulatory filing that it will issue up to 15 crore fresh equity shares to its staff under the Employee Share Purchase Scheme (ESPS) at a 20 percent discount. The decision was taken by the compensation committee of the public sector bank's board at its meeting held on the same day.

"The compensation committee considered and approved Bank of Baroda ESPS-2019 for issue of up to 15 crore new equity shares to all eligible employees of the bank at a discount of 20%," the bank said.

The proposed issue price to Bank of Baroda employees is Rs 75.47 per share. The bank's stock closed at Rs 91.45 apiece on Tuesday on NSE.

The 20 percent discount was on the average of the weekly high and low of the volume weighted average prices of the shares on NSE during the two weeks preceding the cut-off date of 4 September 2019, the bank said.

BoB to share merger experience with newly proposed PSU banks

A Business Standard report said that officials of the ten public sector banks scheduled to be merged into 4, will meet in Mumbai on Wednesday to gain insights from Bank of Baroda (BoB) on how it managed its merger with Dena Bank and Vijaya Bank.

On 1 April 2019, Bank of Baroda's merged with Dena and Vijaya Bank was officiated.

Last week, the Finance Ministry announced its decision to merge 10 public sector banks into 4, depending on their similarities in technology used and other functional aspects. These banks were chosen to strengthen the banking sector that has bad debts piling up.