Bank of India
“Market Cap $2.41 B As of May 2014
- Industry: Regional Banks
- Founded: 1906
- Country: India
- CEO: V R Iyer
- Website: www.bankofindia.com
- Employees: 42,146
- Sales: $6.59 B
- Headquarters: Mumbai
- #1340 in Sales
- #1116 in Profit
- #297 in Assets
Bank of India is engaged in providing commercial and retail banking services. It offers a range of deposit schemes, including saving bank accounts, current deposits, term deposits, and tax saving deposits; and deposit schemes for non resident Indians (NRIs). The company also provides personal loans, agricultural and priority sector loans. It also offers credit and debit cards and online services. The company operates in three segments: Treasury Operations, Wholesale Banking and Retail Banking Operations. The Treasury Operations segment includes the entire investment portfolio which deals with the government and other securities, money market and forex operations. The Wholesale Banking segment includes advances which are not included under Retail Banking. The Retail Banking includes exposures which fulfill following two criteria’s: Exposure-the maximum aggregate exposure up to 5 Crores and the total annual turnover is less than 50 Crores. Bank of India was founded on September 7, 1906 and is headquartered in Mumbai, India.“
“Bank of India 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 nationalised 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 nationalised banks.
The Bank has 4545 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 50 Zonal Offices. There are 54 branches/ offices and 5 Subsidaries 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 nationalised banks to establish a fully computerised 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 overseas presence in 22 foreign countries spread over 5 continents – with 56 offices including 5 Subsidiaries, 5 Representative Offices and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.”
*Information from Forbes.com and Bankofindia.com
**Video published on YouTube by “Glint Entertainment“