Bank of Baroda signs MoU with 10 companies

23 Jul 2018

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Bank of Baroda, India's leading public sector bank, held the Micro-Entrepreneurs Conclave, 2018 to commemorate its 111th Foundation Day and in an effort to emphasise the institution's commitment to promote micro and small business entrepreneurs, the Bank entered into a Memorandum of Understanding (MoU) with 10 companies ranging from segments as diverse as e-commerce, logistics, service providers and traditional small business.

P. S. Jayakumar, MD & CEO, Bank of Baroda (Q,N,C,F)* said, ''We are committed to work jointly with various partners to support MSMEs and Start Ups. We have entered into these MOUs with a view to enhance our foot print in delivery of products and services in MSME eco-system. This is an endeavour to simplify operational processes and to improve access to finance for MSMEs from early to growth stage. Throughout FY18-19 we will continue to launch various initiatives in this direction that will support ecommerce and their derivative segment.''

Shares of the company gained Rs 0.7, or 0.58%, to trade at Rs 120.85. The total volume of shares traded was 509,786 at the BSE (3.21 p.m., Friday).

About Bank of Baroda Bank of Baroda

(“The Bank”) established on 20th July 1908 is a State-owned banking and financial services organisation, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.

Bank of Baroda is India’s leading public sector bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 8,200+ branches, 10,000+ ATMs, 1,200+ self-service e-lobbies and 20,000 Business Correspondents. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 20 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. IndiaFirst Life Insurance Company Limited and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

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