Bank of India has successfully completed its Basel III compliant Tier II Bonds issue worth Rs 2,500.00 crore, receiving an overwhelming response from investors. The issue was oversubscribed by 4.98 times against the base issue size, with total bids amounting to Rs 4,982.00 crore. The bank has officially informed stock exchanges about the completion of this private placement issue.

Bond Issue Details

Investor Response and Allotment

The bond issue witnessed exceptional investor interest, reflecting strong confidence in Bank of India's creditworthiness. The bank received 68 bids totaling Rs 4,982.00 crore, significantly exceeding the base issue size of Rs 1,000.00 crore. Out of these, the bank accepted 29 bids worth Rs 2,500.00 crore at a coupon rate of 7.28%. The bonds were allotted to 14 institutional investors on a private placement basis, with the bidding process conducted through the NSE Electronic Bidding Platform.

Regulatory Compliance and Rating

The [ICRA]AA+ rating indicates very low credit risk and validates Bank of India's strong capacity to meet its financial commitments. This high credit-quality rating applies specifically to the Basel III compliant Tier II Bonds, which serve as regulatory capital instruments to enhance the bank's capital adequacy under international banking norms.

Strategic Implications

This successful bond issuance strengthens Bank of India's regulatory capital base and demonstrates the market's confidence in the bank's financial health. The Basel III compliant nature of these Tier II bonds ensures adherence to international banking regulations designed to improve the banking sector's resilience to financial stress. The overwhelming subscription response and competitive coupon rate of 7.28% reflect the bank's strong market standing and investor trust in its long-term stability. The bank has duly informed both NSE and BSE about the completion of this capital-raising exercise through official regulatory filings.

Punjab National Bank has announced the reappointment of five audit firms as Statutory Central Auditors (SCAs) for the financial year 2025-26, following approval from the Reserve Bank of India. The announcement was made on December 12, 2025, in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

Reappointed Statutory Central Auditors

The bank has reappointed five established audit firms to continue their roles as SCAs. All firms are designated as "Continuing SCAs" with varying tenure periods.

Audit Firm Profiles and Leadership

Each of the reappointed firms demonstrates significant experience in the auditing sector, with establishment dates ranging from 1977 to 1988. The firms collectively represent a substantial pool of professional expertise with partner counts ranging from 14 to 22.

Key Firm Details

Ummed Jain & Co, Mumbai: Established in 1981, this firm operates with 14 partners and is led by senior partners including Ummed Mal Jain, Pushkar Raj Solanki, and Godika Dinesh. The firm is located at 51, Snehdhara Jeevan Vikas Kendra Marg, Andheri East, Mumbai-400069, Maharashtra.

N.K Bhargava & Co, Delhi: Founded in 1978, the firm has 15 partners with key leadership including Narendra Kumar Bhargava, Rajendra Kumar Gupta, and Salil Gupta. The firm operates from C-31, 1st Floor, Acharya Niketan, Phase I, Mayur Vihar, New Delhi-110091, Delhi.

PSD Associates, Jaipur: Established in 1988, this firm maintains 22 partners with senior leadership comprising Prakash Sharma, Durga Dutt Dadhich, and Som Prakash Mittal. The firm is based at 324, 3rd Floor, Ganpati Plaza, MI Road, Jaipur-302001, Rajasthan.

Prem Gupta & Co, Delhi: Founded in 1977, the firm operates with 16 partners. The senior partners include Prem Behari Gupta, Anil Kumar Gupta, and Naresh Kumar Garg. The firm is located at Plot No-2342, Ashok Nagar, Faiz Road, Karol Bagh, New Delhi-110005, Delhi.

P.A Associates, Odisha: Established in 1980, this firm operates with 15 partners with senior leadership including Prashant Shekhar Panda, Shyam Sunder Poddar, and Kailash Chandra Agarwal. The firm is based at 12 Govind Vihar, Bamikhal, Bhubaneshwar-751010, Odisha.

Regulatory Compliance and Communication

The reappointment notification was formally communicated to both the National Stock Exchange of India Ltd. and BSE Ltd. through official correspondence dated December 12, 2025. The communication was signed by Bikramjit Shom, Company Secretary of Punjab National Bank, ensuring proper regulatory compliance and transparency.

The bank has provided comprehensive profiles of all reappointed auditors, including contact details and partner information, demonstrating commitment to transparency in its corporate governance practices. This reappointment ensures continuity in the bank's statutory auditing processes for the upcoming financial year.