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The agency has also reaffirmed its rating on the bank?s existing debt instruments at ?CRISIL AAA/CRISIL AA+/Stable?.
CRISIL said that the ratings on the debt instruments of BoB continue to factor in the expectation of strong support from majority owner, Government of India (GoI), established franchise and strong market position in the Indian banking sector, adequate capitalization and resource profile.
The ratings also factor in BoB?s improving asset quality metrics which however continue to be elevated in the MSME & Agriculture portfolio; as well as the bank?s moderate profitability metrics.
CRISIL Ratings has taken note of the Reserve Bank of India (RBI)?s Press Release dated October 10, 2023, directing the bank to suspend further onboarding of customers onto its ?BoB World? mobile application, based on certain supervisory concerns observed by it, until further strengthening of related processes by the bank to the satisfaction of RBI.
CRISIL Ratings understands from the management that while the bank has been carrying out corrective measures to address RBI?s concerns, there is no disruption on the app?s services to its existing customers and there is no impact on all other digital banking channels for servicing its existing customers as well as onboarding new customers.
The bank?s management does not foresee any significant impact of the above direction on the bank's ability to mobilize new deposits; however, the same remains a monitorable.
Bank of Baroda is amongst the five largest banks in India with a domestic branch network of 8209 branches, of which 60% are located in rural and semi urban areas. BoB also has a large international presence amongst Indian banks with 93 overseas offices across 17 countries. GoI shareholding in BoB stood at 63.97% as on 30 September 2023.
The scrip declined 0.89% to currently trade at Rs 195.95 on the BSE.
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Valued Customer,
BOB Capital Markets Limited (BOBCaps) is firmly committed to the safety of your wealth. We would like to bring to your notice certain precautions that you certainly must take against potential tele-fraudsters/ unscrupulous and unregistered portfolio managers:
ALWAYS AVOID
Certain tele-fraudsters / unscrupulous and unregistered portfolio managers call customers or SMS them on the pretext of providing investment tips and lure them to invest through their bogus firms by promising huge profits. Such deceitful callers ask the customer to share his/her login credentials with passwords to allow trading in their accounts, assuring huge returns. Often trades done in the customer’s accounts are far from the best interest of the customers. Holdings of customers are often sold and with the funds, trades are then placed in illiquid securities at unrealistic prices. At times, the holdings of customers are sold at prices detrimental to the customer.
The so-called “portfolio manager” assures profits, which naturally does not materialize. Customers are deceived into providing access to their trading accounts, thereby allowing such fraudsters access to funds and securities available to execute trades, injurious to the customer’s interest.
We would like to caution you against such fraudulent calls and SMSes and urge you to be alert. Follow the golden rule:
Do not share your Login Credentials or Passwords with anybody
BOBCaps employees / representatives never ask for your password.
The following illicit activities by the persons named herein have come to the notice of Stock Exchanges: