State-owned Bank of India (BoI) on Friday said it will raise up to Rs 1,995 crore from bonds to meet capital requirements. In a communique to the Bombay Stock Exchange it said, the Board has approved to raise Tier-I and Tier-II capital through issuance of innovative perpetual debt instruments (IPDI) and upper Tier-II Bonds on private placement basis.
The timing of the issue would be decided later, it said. Earlier addressing the shareholders, TS Narayanansami, CMD, BoI, had said that the global business mix of the bank reached Rs 2.07 lakh crore. The bank was the first to put into practice the concept of credit counselling and has set up the trust ?Abhay? for extending credit counselling centres for people in distress over debt burden.
The bank recorded an NPA of below 1% for the first time. Over 80% of the bank?s business in now done on the core banking platform. The bank has launched several innovative products such as pensioner?s credit card, pension at the doorstep, co-branded insurance products, Star Share Trade.