Bank of India

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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 Template:INRConvert,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> has 5,202 branches and 8166 ATMs & CRM around the world (including 22 overseas branches).<ref name="Annual Report 2020-21" /><ref>Template:Cite news</ref>

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 nationalised along with 13 other banks.<ref name=":0">Template:Cite news</ref>

Beginning with one office in Mumbai, with a paid-up capital of Template:INRConvert 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.<ref name=":0" />

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

• 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 Misra
• 2012–2015 : Ms. V.R.Iyer <ref>{{#invoke:citation/CS1|citation

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• 2015–2015 : B.P. Sharma [Executive Director with Additional charge as MD & CEO]
• 2015–2017 : Melwyn Rego [MD & CEO]
• 2017–2019 : Dinabandhu Mohapatra [MD & CEO] <ref>Template:Cite news</ref>
• 2019–2023: Atanu Kumar Das
• 2023–Present: Rajneesh Karnatak

See also

• Banking in India
• List of banks in India
• Reserve Bank of India
• Indian Financial System Code
• List of largest banks
• List of companies of India

External links

• Template:Official website
• Business data for Bank of India: Reuters Google Finance BloombergQuint