Divergence of Rs, 930 crore at BoI

Bank of India provides a wide range of banking products and financial services to corporate and retail customers. Recently, the cost of its shares fell 0.49 per cent to Rs 50.90 after it said that its total provisions under divergence stood at Rs 930 crore.

While informing about the divergence in the asset classification and provisioning for NPAs, the Bank said that total provisions under divergence is Rs 930 crore which include divergence in provision for NPA of Rs 394 crore, provision for investments of Rs 23 crore and shortfall in standard asset provisioning of Rs 513 crore.

It further said that out of Rs 930 crore (provisions under divergence), the bank has already made provision of Rs 572 crore during the current financial year. Hence, the remaining impact is Rs 358 crore, the bank added.