A Review on Bank of India

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Bank of India

Introduction:

Bank of India (BOI) is a commercial bank with headquarters in the Bandra Kurla Complex, Mumbai and Founded in 1906, it has been government-owned since nationalization in 1969. Bank of India has 5316 branches as of 31 March 2019, 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.

History:

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 19 July 1969 when it was nationalized along with 13 other banks.

Beginning with one office in Mumbai, with a paid-up capital of ₹5 million (US$70,000) 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 nationalized banks.
The bank has over 5,100 branches in India spread over all states and union territories including specialized branches. These branches are controlled through 54 zonal offices. There are 60 branches, 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.