Some important news is happening right now about Bank of Baroda.
Bank of Baroda (BoB) announced on Wednesday, October 11, that its board has agreed to a plan to collect up to Rs 10,000 crore to support projects related to building infrastructure and affordable housing.
With this approval, Bank of Baroda will use this money to support projects for building infrastructure and affordable housing.
Affordable Housing Funding
On Wednesday, October 11, Bank of Baroda (BoB) announced that their board has given the green light to raise up to Rs 10,000 crore to fund infrastructure and affordable housing projects.
According to a formal announcement from Bank of Baroda, this approval is for collecting long-term bonds of up to Rs 10,000 crore, which will be due in 2023-24.
This money will be used to support projects related to infrastructure and affordable housing, and it can be collected in one or more installments.
New Customers Not Allowed in BoB App
On Tuesday, the Reserve Bank of India (RBI) prohibited the government-owned Bank of Baroda (BoB) from adding new customers to its mobile app ‘BoB World’ due to concerns about monitoring.
The RBI, using its authority granted by Section 35A of the Banking Regulation Act, 1949, has ordered Bank of Baroda to immediately stop bringing in new customers on the ‘BoB World’ mobile application.
The RBI mentioned that any involvement of the bank’s customers on the ‘BoB World’ app will depend on the bank fixing observed issues and improving related procedures to meet the RBI’s requirements.
Bank of Baroda has been told to make sure that existing ‘BoB World’ customers don’t experience any disruptions.
