Bank of India
| Public (: ) | |
| Industry | Financial services |
| Founded | 7 September 1906 |
| Headquarters | Mumbai, Maharashtra, India |
|
Key people
|
Shri Melwyn Rego (MD & CEO) |
| Products |
Commercial Banking Retail Banking Private Banking Asset Management Mortgages Credit Cards |
| Revenue | ₹243,935.0 million (US$3.6 billion) |
| ₹53,842.3 million (US$800 million) | |
| ₹24,887.1 million (US$370 million) | |
| Total assets | ₹6,469 billion (US$96 billion) (2015) |
| Website | www |
Bank of India (Hindi: बैंक ऑफ़ इंडिया) (BoI) is commercial bank with headquarters in Mumbai, Maharashtra, India. Founded in 1906, it has been government-owned since nationalisation in 1969. However, some branches are individually owned, such as Kandia, Indonesia, etc. Bank of India has 4828 branches as on 31 December 2013, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture. BoI is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial processing and communication services.
Bank of India was founded on 7 September 1906 by a group of eminent businessmen from Mumbai, Maharashtra, India. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.
Beginning with one office in Mumbai, with a paid-up capital of ₹5 million (US$74,000) and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.
The bank has 4,963 branches in India spread over all states/ union territories including specialised branches. These branches are controlled through 54 Zonal Offices. There are 60 branches/ offices and 5 Subsidiaries and 1 joint venture abroad.
The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008.
The earlier holders of the Bank of India name had failed and were no longer in existence by the time a diverse group of Hindus, Muslims, Parsees, and Jews helped establish the present Bank of India in 1906 in Bombay. It was the first bank in India whose promoters aimed to serve all the communities of India. At the time, banks in India were either owned by Europeans and served mainly the interests of the European merchant houses, or by different communities and served the banking needs of their own community.
The promoters incorporated the Bank of India on 7 September 1906 under Act VI of 1882, with an authorised capital of ₹10 million (US$150,000) divided into 100,000 shares each of ₹100 (US$1.50). The promoters placed 55,000 shares privately, and issued 45,000 to the public by way of IPO on 3 October 1906; the bank commenced operations on 1 November 1906.
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Wikipedia