Bank of India raises Rs.3,000 crore by Basel-III compliant bonds

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New Delhi, Jan 1 (IANS) Bank of India said on Friday that it has raised Rs.3,000 crore by issuing Basel-III compliant tier-II bonds.

“Bank of India has informed BSE that it has raised Rs.3,000 crore by issue of Basel-III compliant tier-II bonds. The coupon rate is 8.52 percent and tenor is 10 years,” the state-run lender said in a stock exchange filing.

The Basel-III capital norms, put in place to safeguard banks following the 2008 US financial crisis, is being implemented in phases from April 1, 2013, and is to be fully implemented by March 31, 2019.

Finance Minister Arun Jaitley has allocated Rs.7,940 crore in the budget in this fiscal for the recapitalisation of public sector banks.

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