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Our Bureau

New Delhi, Sept. 15

Bank of Baroda (BoB) has raised fresh capital of Rs 950 crore (Tier-II bonds) to fund its expected business growth this fiscal, its Chairman and Managing Director, Dr Anil Khandelwal, has said.

"This was raised in September (this month). Our capital adequacy is now over 13 per cent," he told newspersons.

Asked about the coupon rate for the Tier-II bonds, Dr Khandelwal said that it was 8.95 per cent (payable annually). The bonds would have tenure of 116 months. He added that there was room for the bank to raise more Tier-II capital.

Meanwhile, on the concept of urban retail loan factory (RLF), Dr Khandelwal said that nine RLFs have already been established and six more would soon be set up. BoB also plans to have a centralised processing cell (CPC) for small and medium enterprises. "We are trying to move towards convenient banking. We are trying to remove hassles for customers," Dr Khandelwal said.

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