BoB and BoI Target Forex Deposits

Bank of Baroda and Bank of India are two major banks in India.

Bank of Baroda is aiming to collect $4-5 billion in special foreign deposits called FCNR(B) under a scheme by the Reserve Bank of India.

They also expect to grow their loans by 12-14% and deposits by 10-12%.

However, their profit dropped a lot this quarter because they had to pay a large amount to settle a legal dispute.

Bank of India, on the other hand, saw their profit increase by 36% compared to last year.

Both banks are focusing on improving their financial performance and managing their bad loans.