Mumbai (Headquarters at the Bandra Kurla Complex) is home to Bank of India, a largest commercial bank controlled by the Indian government. Before it’s nationalization in 1969 along with 13 other banks, the Bank was privately owned and operated. From its humble beginnings as a single office in Mumbai with a paid-up capital of Rs.50 lakh and 50 staff, the Bank has grown rapidly over the years into a formidable organization with widespread national influence and significant international reach. The Bank is the leader among nationalized banks when it comes to the amount of its activity.
Facts about Bank of India:
- The bank of India caters to companies by offering foreign exchange, merchant banking, banking for non-resident aliens, and other specialized services. They also have departments that focus on things like asset recovery, high-tech agriculture financing, leasing arrangements, the Treasury, and small business finance. The Bank provides goods such as mutual funds, venture capital depository services, bullion trading and credit cards. The Bank works in three major sectors namely Treasury Operations, Wholesale Banking Operations and Retail Banking Operations.
- The Bank offers a comprehensive variety of banking products and financial services to business and individual clients. Deposits, loans, NRI banking, cards, and electronic services like Internet banking are just few of the many that Bank of India offers.
- The BOI’S newly released few services and offerings are as follows:
- NRI customers who want to establish NRE/NRO accounts in overseas locations may now make use of convenient kit options.
- The Savings Bank interest calculation method shifted from a monthly product basis to a daily product basis.
- The corporate website for banks in English has been made accessible to people with disabilities in accordance with standards and suggestions from the Ministry of Finance.
- The bank has begun issuing instant PINs for its Debit/ATM cards. Customer complaints about not receiving their Re-pin will be alleviated, and the time and money normally spent creating and sending out the Re-pins will be saved.
- All clients whose cell numbers are on file with the bank get SMS alerts – Star Sandesh in the event of suspicious activity about their Debit transactions via delivery channels.
- By providing access to banking services via a customer’s mobile phone, the Mobile Banking facility introduces a cutting-edge alternative delivery channel that boosts customer satisfaction and loyalty. All retail banking online users have access to this service.
4. The Bank has about 5800 branches in India spread throughout all states/ union territories including specialty branches. These outposts are managed by 10 National Business Group Offices and 59 Zonal Offices. The bank of India has a robust network of 5083 domestic branches, 5690 ATMs and 23 international branches. As many as 56 branches of the bank may be found in countries including Botswana, France, Hong Kong, Japan, Kenya, New Zealand, Singapore, the United States, Tanzania, the United Kingdom, Uganda, South Africa, and Vietnam. To know the IFSC Codes of various Bank of India branches, visit the respective Bank’s website.
5. The Bank’s initial public offering occurred in 1997, and its Qualified Institutions Placement took place in 2008. The Bank has been on the cutting edge of providing new services and technology while steadfastly maintaining a philosophy of caution and moderation.
6. The Bank Of India has operated with a balanced approach, including both time-honored principles and cutting-edge technology. When it opened its Mahalaxmi Branch in Mumbai in 1989, it was the first nationalized bank to have a fully computerized branch and ATM service.
7. In terms of market capitalization, the Bank of India (BoI) is among the world’s 10 largest banks. It was one of the first Indian banks to join SWIFT back in 1973. It was an early adopter of the Health Code System in 1982, which it uses to evaluate and rate its credit portfolio.
8. The primary vision of Bank of India is to be the premier financial institution for corporations, middle-sized businesses, and affluent retail clients, as well as a leader in Developmental Banking for small businesses, the mass market, and underserved rural areas.
9. BOI”s mission is to fulfill the needs of their stakeholders by offering first-rate, preventative banking services to certain niches across the world, as well as competitively priced, timely responses to the needs of everyone else.
10. The bank’s efforts in banking technology were recognized with the IBA’s Best Business Enablement Initiative Winners Award at the 2010 International Banking Technology Awards. And the Highest Achievement in KVIC’s Rural Employment Generation Program, for the Western Zone also achieved by Bank of India.
Final Words
The Bank of India has always been in the forefront of the industry when it comes to introducing new and exciting services and technologies, despite its conservative stance. In the wake of the epidemic’s two years of hardship and lasting harm, Bank of India’s market capitalisation has seen substantial shifts. Additionally, there have been some tremendous changes, some of which are quite revolutionary.
