Bank of India - SPLessons

Bank Of India Introduction

Chapter 1

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Bank Of India Introduction

shape Introduction

Bank of India (Hindi: बैंक ऑफ़ इंडिया) (BOI) is the commercial bank with headquarters in Mumbai, Maharashtra, India. Founded in 1906, it has been government-owned since nationalization in 1969. Bank of India has 5100 branches as on 31 January 2017, 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 the provision of cost-effective financial processing and communication services.

shape History

Bank of India was founded on 7th September 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalized along with 13 other banks.

Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh 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 nationalized banks.

Currently(2019), the bank has 5100 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 54 Zonal Offices. Also, 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.

While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank has been the first among the nationalized banks to establish a fully computerized branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.

Presently Bank has the overseas presence in 22 foreign countries spread over 5 continents – with 60 offices including 5 Subsidiaries, 5 Representative Offices and 1 Joint Venture, at key banking and financial centers viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.

shape CMDs

Since nationalization, BOI had the following Chief managing Directors.

1969–1970: Tribhovandas Damodardas Kansara
1970–1975: J.N.Saxena
1975–1977: C.P.Shah
1977–1980: H C Sarkar
1981–1984: N Vaghul
1984–1986: T. Tiwari
1987–1991: R. Srinivasan
1992–1995: G. S. Dahotre
1995–1997: G. Kathuria
1997-1998: M.G.Bhide
1998–2000: S Rajagopal
2000-2003: K.V.Krishnamurthy
2003-2005: M.Venugopalan
2005-2007: M Balachandran
2007-2009: T. S. Narayanswami
2009–2012: Alok Kumar Mishra (Former chairman of Indian Bank’s Association)
2012-2015: Ms. V.R.Iyer [3]
2015-2015: B.P. Sharma [Executive Director with Additional charge as MD & CEO]
2015-2017 : Melwyn Rego [MD & CEO]
2017- : Dinabandhu Mohapatra [MD & CEO]

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