Bank of Baroda marks centenary |23 July 2007

The Government of India has 53.81% shares in the bank.

To mark the anniversary, the Indian High Commissioner to Seychelles, H.E. Arun Kumar Goel, cut a cake at the Albert Street branch of the bank in the presence of Dr M.S. Phogat, who is the local branch’s chief executive officer.

Dr Phogat said that with a capital fund of US $2.16 billion worldwide, the bank is the largest in the world, although it seems like the smallest here.

The local branch, he said, has introduced a number of new products, which add to the previous ones which he said the bank’s customers find very attractive and competitive.

They include up to R5 million loans against property or future rent accrual, housing loans of up to R500,000, car loans not exceeding R200,000, salary advances and personal loans.

He said that the interest rates charged by the bank are lower than for competing organizations, and that the bank hopes to set up automated teller machines as its customer base grows.

“We will soon extend our banking hours to span from 8.30 a.m. to 4.30 p.m.,” he said.