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.

Bank of India has announced a restructuring of its senior management assignments, effective August 4, 2026. The bank reassigned Shri B. Kumar as Chief General Manager (CGM) – Chief Finance Officer and Shri Vikash Krishna as CGM – Head Office Human Resources. These changes reflect an internal realignment of responsibilities within the bank’s leadership structure, aimed at optimizing operational oversight in finance and human resource functions.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with sub-clause 7 of para A of Schedule 3 of the same regulations. The notice was issued by Usha Ramsinghani, Company Secretary, and communicated to the National Stock Exchange of India Ltd. and BSE Ltd. on August 4, 2026.

Management Changes

The reassignment involves two key senior executives:

Shri B. Kumar’s new role expands his existing responsibilities to include Customer Excellence Branch Banking, Publicity, Wealth Management, Marketing, TPP, and Government Business, in addition to his core finance duties. Shri Vikash Krishna’s assignment shifts focus specifically to Head Office Human Resources, retaining oversight of Learning & Development, Planning, BPR, and EASE.

Regulatory Compliance

The bank complied with mandatory disclosure norms under the SEBI (LODR) Regulations, 2015, ensuring timely communication of senior management changes to stock exchanges. The filing was digitally signed by Usha Ramsinghani, Company Secretary, confirming the authenticity of the disclosure.