Bank of India

Last updated

Bank of India
Company type Public
BSE:  532149
NSE:  BANKINDIA
ISIN INE084A01016
Industry
Founded7 September 1906;119 years ago (1906-09-07)
Headquarters Mumbai, Maharashtra, India
Number of locations
  • 5,202 Branches
  • 8,166 ATMs
 (December 2024)
Key people
  • Rajneesh Karnatak
    (MD & CEO) [1]
Products
RevenueIncrease2.svg₹66,804 crore (US$7.9 billion) (2023) [2]
Increase2.svg₹4,828 crore (US$570 million) (2023)
Increase2.svg₹3,839 crore (US$450 million) (2023) [3]
Total assets Increase2.svg₹912,598 crore (US$110 billion) (2024) [3]
Owner Government of India (73.38%) [4]
Number of employees
50,564 [5] (2025)
Subsidiaries BOI Merchant Bankers Ltd

BOI Shareholding Ltd Bank of India Investment Managers Pvt Ltd Bank of India Trustee Service Pvt Ltd

RRBs:

Contents

Madhya Pradesh Gramin Bank
Capital ratio 16.06% (Dec 2023) [3]
Website bankofindia.bank.in

Bank of India (BoI) is an Indian public sector bank headquartered in Bandra Kurla Complex, Mumbai. Founded in 1906, it has been government-owned since nationalisation in 1969. BoI is a founding member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial processing and communication services.

As on 31 December 2024, Bank of India's total business stands at ₹1,446,295 crore (US$170 billion), [6] has 5,202 branches and 8166 ATMs & CRM around the world (including 22 overseas branches). [3] [7]

History

Bank of India was cofounded on 7 September 1906 by Ramnarain Ruia (also known as Ramnarain Hurnundrai), Sassoon Jacob Hai David, Ratanjee Dadabhoy Tata, Gordhandas Khattau, Sir Cowasjee Jehangir, Lalubhai Samaldas, Khetsey Khiasey, Jenarrayen Hindoomull Dani, Noordin Ebrahim Noordin, and Shapurji Broacha [8] from Mumbai, India. The Bank was under private ownership and control till 19 July 1969 when it was nationalised along with 13 other banks. [9]

Beginning with one office in Mumbai, with a paid-up capital of ₹5 million (US$59,000) 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 over 5,084 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. [9]

COVID-19 Moratorium

Bank of India was one of the banks to apply an automatic moratorium or automatic relief on loan accounts during the COVID-19 pandemic, without the consent of the customers. The customers would now have to approach the bank if they wished to continue paying the EMI. Ultimately, customers would end up paying more than what they were initially supposed to pay. This move could be considered to be highly unethical on part of such a reputed bank.

CMDs since nationalization

See also

References

  1. ↑ "Rajneesh Karnatak appointed MD & CEO of Bank of India". The Times of India. 29 April 2023.
  2. ↑ "Annual Report of Bank of India" (PDF). Archived from the original on 20 July 2021. Retrieved 20 July 2021.
  3. 1 2 3 4 "Annual Report of Bank of India" (PDF). Archived from the original (PDF) on 20 July 2021. Retrieved 20 July 2021.
  4. ↑ "Share Holding Pattern 2021" (PDF). Archived from the original (PDF) on 17 October 2021. Retrieved 17 October 2021.
  5. ↑ "Employee strength of Public Sector Banks" (PDF). Government of India, Ministry of Finance. Retrieved 24 July 2025.
  6. ↑ Bureau, BL Mumbai (24 January 2025). "Bank of India's Q3FY25 net profit up 35%". BusinessLine. Retrieved 24 January 2025.{{cite web}}: |last= has generic name (help)
  7. ↑ Reporter, BS (4 March 2025). "Bank of India adds 111 new branches to expand urban, semi-urban reach". Business Standard . Retrieved 4 March 2025.
  8. ↑ "Bank's Founder Members". Bank of India. Archived from the original on 28 September 2022. Retrieved 25 November 2019.
  9. 1 2 indiainfoline.com. "VR Iyer, Chairperson & Managing Director, Bank of India" . Retrieved 27 January 2018.
  10. ↑ "Stocks". Bloomberg.com. 25 May 2023.
  11. ↑ "Govt appoints heads of 7 public sector banks; managing directors of PNB, BoI shifted". Hindustan Times. 5 May 2017.
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