Bank of India

Coordinates: 22°01′53″N 74°54′05″E / 22.0314°N 74.90148°E / 22.0314; 74.90148

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Bank of India (BoI), established on 7 September 1906 is a bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is one of India's leading banks, with about 3026 branches including 27 branches outside India. BoI is a founder member of SWIFT (Society for Worldwide 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 7 September, 2006.

History

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.

1. 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.
2. The second Bank of India was incorporated in London in the year 1836 as an Anglo-Indian bank.
3. 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 crore divided 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 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 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 Mumbai.
• 1921: BoI entered into an agreement with the Bombay Stock Exchange to 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 Tokyo and Osaka.
• 1951: BoI opened a branch in Singapore.
• 1953: BoI opened a branch in Kenya and another in Uganda.
• 1953 or 54: BoI opened a branch in Aden.
• 1955: BoI opened a branch in Tanganyika.
• 1960: BoI opened a branch in Hong Kong.
• 1962: BoI opened a branch in Nigeria.
• 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 Baroda and 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 Yemen nationalized 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 Jakarta.
• 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 New York.
• 1970s: BoI opened an agency in San Francisco.
• 1980: Bank of India (Nigeria) Ltd, changed its name to Allied Bank of Nigeria.
• 1986: BoI acquired Paravur Central Bank (Karur Central Bank or Parur Central Bank) in Kerala in 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 Shenzhen.
• 2005: BoI opened a representative office in Vietnam.
• 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 Antwerp and 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
• 2007-  :T.S.Narayanasami

See also

• Indian banking
• List of banks in India

External links

• Official website
• Bank of India Website Compromised

Further reading

• The Bank of India Story (First Published 2006) by Raghu Palat.

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