- Bank of India
company_name = Bank of India
company_type = Public (BSE:BOI)
Financial Commercial banks
Bank of India (BoI), established on
7 September, 1906is a bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is one of India's leading banks, with about 2,884 branches including 27 branches outside India. BoI is a founder member of SWIFT(Society for World-wide Inter Bank Financial Telecommunications) in India which facilitates provision of cost-effective financial processing and communication services. The Bank completed its first one hundred years of operations on 7th September, 2006.
MISSION: "To provide superior, proactive banking services to niche markets globally, while providing cost-effective, responsive services to others in our role as a development bank, and in so doing, meet the requirements of our stakeholders".
VISION: "To become the bank of choice for corporate, medium businesses and upmarket retail customers and to provide cost effective developmental banking for small business, mass market and rural markets"
Previous banks that used the name "'Bank of India
At least three banks having the name Bank of India had preceded the setting up of the present Bank of India.
#A person named Ramakishen Dutt set up the first Bank of India in
Calcutta(now Kolkata) in 1828, but nothing more is known about this bank.
#The second Bank of India was incorporated in
Londonin the year 1836 as an Anglo-Indian bank.
#The third bank named Bank of India was registered in
Bombay(now Mumbai) in the year 1864.
The current bank
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, Parsis, and Jews helped establish the present Bank of India in 1906. It was the first bank in India promoted by Indian interests 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 Rs. 1
croredivided into 100,000 shares each of Rs. 100. The promoters placed 55,000 shares privately, and issued 45,000 to the public by way of IPO on 3rd October, 1906; the bank commenced operations on 1st November, 1906.
The lead promoter of the Bank of India was Sir
Sassoon J. David(1849-1926). He was a member of the community of Baghdadi Jews, which was notable for its history of social service and included the Sassoons. He was a prudent banker, and remained the Chief Executive of the bank 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, Noordin Ebrahim Noordin.
* 1906: Founded with Head Office in
* 1921: BoI entered into an agreement with the
Bombay Stock Exchangeto manage its clearing house.
* 1946: BoI opened a branch in
London, the first Indian bank to do so. This was also the first post-WWII overseas branch of any Indian bank.
* 1950: BoI opened branches in
* 1951: BoI opened a branch in
* 1953: BoI opened a branch in
Kenyaand another in Uganda.
* 1953 or 54: BoI opened a branch in
* 1955: BoI opened a branch in
* 1960: BoI opened a branch in
* 1962: BoI opened a branch in
* 1967: The Government of Tanzania nationalized BoI's operations in Tanzania and folded them into the government-owned
National Commercial Bank, together with those of Bank of Barodaand several other foreign banks.
* 1969: The Government of India nationalized the 14 top banks, including Bank of India. In the same year, the People's Democratic Republic of
Yemennationalized BoI's branch in Aden, and the Nigerian and Ugandan governments forced BoI to incorporate its branches in those countries.
* 1970: National Bank of Southern Yemen incorporated BoI's branch in Yemen, together with those of all the other banks in the country; this is now
National Bank of Yemen. BoI was the only Indian bank in the country.
* 1972: BoI sold its Uganda operation to Bank of Baroda.
* 1973: BoI opened a rep in
* 1974: BoI opened a branch in
Paris. This was the first branch of an Indian bank in Europe.
* 1976: The Nigerian government acquired 60% of the shares in Bank of India (Nigeria).
* 1978: BoI opened a branch in
* 1970s: BoI opened an agency in
* 1980: Bank of India (Nigeria) Ltd, changed its name to Allied Bank of Nigeria.
* 1986: BoI acquired
ParavurCentral Bank in Keralain a rescue.
* 1987: BoI took over the three UK branches of
Central Bank of India(CBI). CBI had been caught up in the Sethia fraud and default and the [Reserve Bank of India required it to transfer its branches.
* 2003: BoI opened a representative office in
* 2005: BoI opened a representative office in
* 2006: BoI plans to upgrade the Shenzen and Vietnam representative offices to branches, and to open representative offices in
Beijing, Doha, and Johannesburg. In addition, BoI plans to establish a branch in Antwerpand a subsidiary in Dar-es-Salaam, marking its return to Tanzania after 37 years.
* 2007: BoI acquired 76 percent of Indonesia-based
PT Bank Swadesi.
CMD since nationalisation
*1969-1970: Tribhovandas Damodardas Kansara
*1970-1975: J N Saxena
*1975-1977: C P Sah
*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 Bhire
*1998-2000: S Rajagopal
*2000-2003: K V Krishanamurthy
*2003-2005: M Venugopal
*2005-2007 : M. Balachandran
List of banks in India
* [http://www.bankofindia.com/ Official website]
* [http://www.networkworld.com/news/2007/083007-security-vendor-bank-of-india-hacked.html Bank of India Website Compromised]
*"The Bank of India Story" (First Published 2006) by
Wikimedia Foundation. 2010.
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