The Bank of India has appointed Raj Kumar Sharma as a Part-time Non-Official Director on its Board, effective August 13, 2026. The appointment follows a notification from the Central Government dated August 12, 2026, exercising powers under clause (h) of sub-section (3) of section 9 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.

Sharma’s tenure is set for a period of three years or until further orders, whichever is earlier. The bank disclosed the appointment in compliance with Regulation 30 read with Schedule II of the SEBI (LODR) Regulations, 2015.

Director Profile

Sharma, aged 59, brings extensive professional experience in Company Law and related matters. He holds a Law degree and a B.Com (Management) from Guwahati Commerce College. He is a Fellow Member of the Institute of Company Secretaries of India (FCS) and has been a Practising Company Secretary since 1997.

His professional background includes:

• Serving two terms as Chairman of the North-East Chapter of the Institute of Company Secretaries of India during 2011–2012.
• Currently serving as a member of the Institute’s Management Committee.
• Serving as Secretary of the Tax Bar Association, Assam, in 2006.

Beyond his corporate governance roles, Sharma is actively involved in community organizations. He served as a National Executive Member of Marwari Yuva Manch for two terms and currently serves as a State Executive Member. He is also a regular speaker on Income Tax and Company Law at various professional platforms.

Bank of India is preparing to raise foreign currency funding through a significant debt issuance, with its Board of Directors scheduled to meet on August 14, 2026, to approve the establishment of a Medium-Term Note (MTN) programme. The proposed programme aims to raise up to USD 1 billion in multiple tranches, marking a strategic move to access international capital markets through the Gujarat International Finance Tec-City (GIFT City) framework.

The bank notified the National Stock Exchange of India Ltd and BSE Ltd on August 10, 2026, under Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that the Board will consider the issuance of bonds with tenors of 3 years and 5 years. All issuances under this programme are scheduled to take place through the Bank of India’s GIFT City Branch, leveraging the offshore financial centre’s regulatory advantages for external commercial borrowings.

Key Details of the MTN Programme

The structure of the proposed fundraising is designed to provide flexibility in timing and volume while adhering to specific tenor constraints. The key parameters of the programme are outlined below:

Strategic Implications

The decision to utilize the GIFT City branch for issuance aligns with broader regulatory efforts to deepen India’s international financial hub. By issuing USD-denominated bonds, Bank of India can tap into global investor appetite for sovereign-linked or quasi-sovereign instruments, potentially securing competitive pricing compared to domestic rupee-denominated debt. The cap on the programme at USD 1 billion provides the management with the flexibility to issue bonds in tranches based on market conditions and liquidity requirements over the next few months.

What the Numbers Show

The scale of the proposed USD 1 billion programme indicates Bank of India’s intent to strengthen its foreign currency balance sheet or fund specific overseas obligations without immediate recourse to the domestic money market. The restriction of the issuance window to December 31, 2026, suggests a time-bound strategy to capitalize on current market volatility or interest rate environments before potential shifts in global monetary policy later in the year. This approach allows the bank to manage refinancing risks while diversifying its funding sources beyond traditional domestic deposits and government borrowings.