BOI, 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 nationalized along with 13 other banks. it has been government-owned since nationalization in 1969. However, some branches are individually owned, such as Kandia, Indonesia, etc. Bank of India has 5100 branches as on 31 January 2017, 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.
|Industry||Banking, financial services|
|Founded||7 September 1906|
|Headquarters||BANK OF INDIA, STAR HOUSE, C – 5, “G” Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051.|
|Shri Melwyn Rego (MD & CEO)|
|Products||Consumer banking, corporate banking, finance, and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards,|
|Contact||1800 220 229 ,1800 103 1906, 022 40919191|
|Customer care||(022) – 40919191 / 1800 220 229 (all days)|
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About Bank of India (BOI): 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 nationalized along with 13 other banks. it has been government-owned since nationalization in 1969. However, some branches are individually owned, such as Kandia, Indonesia, etc. Bank of India has 5100 branches as on 31 January 2017, 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.
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 nationalized banks.
The Bank has 4963 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 54 Zonal Offices. There are 60 branches/ offices and 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.
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 nationalized banks to establish a fully computerized 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 60 offices including 5 Subsidiaries, 5 Representative Offices and 1 Joint Venture, at key banking and financial centers viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.
History: The earlier holders of the Bank of India name had failed and were no longer in existence by the time a diverse group of Hindus, Muslims, Parsees, and Jews helped establish the present Bank of India in 1906 in Bombay. It was the first bank in India whose promoters aimed to serve all the communities of India. At the time, banks in India were either owned by Europeans and served mainly the interests of the European merchant houses, or by different communities and served the banking needs of their own community.
The promoters incorporated the Bank of India on 7 September 1906 under Act VI of 1882, with an authorized capital of ₹10 million (US$150,000) divided into 100,000 shares each of ₹100 (US$1.50). The promoters placed 55,000 shares privately, and issued 45,000 to the public by way of IPO on 3 October 1906; the bank commenced operations on 1 November 1906.The lead promoter of the Bank of India was Sir Sassoon J. David (1849–1926). He was a member of the Sassoon family, who in turn were part of a Bombay community of Baghdadi Jews that was notable for its history of social service. Sir David was a prudent banker and remained the bank’s chief executive from its founding in 1906 until his death in 1926.
The first board of directors of the bank consisted of Sir Sassoon David, Sir Cowasjee Jehangir, J. Cowasjee Jehangir, Sir Frederick Leigh Croft, Ratanjee Dadabhoy Tata, Gordhandas Khattau, Lalubhai Samaldas, Khetsety Khiasey, Ramnarain Hurnundrai, Jenarrayen Hindoomull Dani, and Noordin Ebrahim Noordin.In 1921, BoI entered into an agreement with the Bombay Stock Exchange to manage its clearing house.
Customer Benefits steps from BOI:
- Lower Borrowing Costs: Our collection services enable the customer to receive funds in the customer concentration account with the bank with the minimum transit time thereby reducing interest cost and hence the cost of borrowing.
- Improved liquidity Position: Quick realization results in improve liquidity position thereby improving the bottom line and financial ratios.
- Better Accounting and reconciliations: Detailed information on cheques deposited is made available on daily/weekly basis/periodically thus simplifying accounting, reconciliation, and query resolution. BOISTARCMS can also provide customized MIS as per the customer requirement.
- A centralized operation provides a dedicated service to ensure that the customer queries are resolved quickly and efficiently.
- The Customer Portal provided to the corporate enables them to view online, real-time movement of cheques/data; download data/reports centrally.
- Cheque Collections PAN India: This product offers fastest Cheque collection services Pan India at all our 4900+ branches through local clearing. Pooled credit is passed on to the client at the preferred location/s which is essential for efficient management of available resources. Assured Credit and Various Pooling options are available as under:
- Instant Credit –Day ‘0’( Date of Deposit of instruments)
- Credit at-Day-‘1’(date of RBI/SBI clearing)
- Credit at Day-‘2’ ( on realization)
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