Bank of India

Bank of India

Type	Public (BSE: BOI)
Industry	Financial services
Founded	7 September 1906
Headquarters	Mumbai, India
Key people	Alok Kumar Misra (CMD)
Products	Commercial Banking Retail Banking Private Banking Asset Management Mortgages Credit Cards
Revenue	24,393.50 crore (US$4.87 billion)[1] total_asset = 364,556.48 crore (US$72.73 billion)[2]
Operating income	5,384.23 crore (US$1.07 billion)[3]
Net income	2,488.71 crore (US$496.5 million)[4]
Website	www.bankofindia.com

Bank of India (BoI) (BSE: BOI) is a state-owned commercial bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is India's 4th largest PSU bank, after State Bank of India, Punjab National Bank and Bank of Baroda. It has 4157 branches as on 21/04/2012, including 29 branches outside India, and about 1679 ATMs.^{[citation needed]} 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. The Bank completed its first one hundred years of operations on 7 September 2006.^{[citation needed]}

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

Bank of India, Mumbai Main Branch

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. It was the first 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 Sassoons, who in turn were part of a Bombay community of Baghdadi Jews, which was notable for its history of social service. Sir David 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: BoI founded with Head Office in Bombay.
• 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.
• 2011: BoI opened a fully owened Subsidairay in Auckland, New Zealand on 6th October,2011 (Bank of India (New Zealand) Ltd.)

CMD since nationalisation

• 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 Krishanamurthy
• 2003-2005: M Venugopal
• 2005-2007: M. Balachandran
• 2007-2009:T.S.Narayanasami
• 2009-  : Alok Kumar Mishra

See also

• Indian banking
• List of banks in India

References

External links

• Official website

v t e Central PSU companies of India Air India Balmer Lawrie Bank of India Bharat Electronics Bharat Heavy Electricals Limited Bharat Petroleum Bharat Sanchar Nigam Limited Cement Corporation of India Coal India Limited Dredging Corporation of India Limited Electronics Corporation of India Limited Food Corporation of India GAIL Hindustan Aeronautics Limited HMT (India) Indian Oil Corporation Indian Rare Earths Limited Life Insurance Corporation of India Mazagon Dock Limited MECON Limited Mahanagar Telephone Nigam Limited NTPC Limited Nuclear Power Corporation of India Ltd Oil and Natural Gas Corporation PowerGrid Corporation of India Praga Tools Limited Rashtriya Ispat Nigam Rural Electrification Corporation Limited State Bank of India Steel Authority of India Limited Uranium Corporation of India

v t e Banking in India Central bank Reserve Bank of India Nationalised banks Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Punjab & Sind Bank Punjab National Bank Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank State Bank of India State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Travancore State Bank of Saurashtra Private banks Axis Bank Catholic Syrian Bank Dhanalakshmi Bank South Indian Bank City Union Bank Federal Bank HDFC Bank ICICI Bank IndusInd Bank ING Vysya Bank Jammu & Kashmir Bank Karnataka Bank Limited Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Saraswat Bank Tamilnad Mercantile Bank Limited Yes Bank Development Credit Bank Foreign banks ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Bank International Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon Bank of Nova Scotia The Bank of Tokyo-Mitsubishi UFJ Barclays Bank Citibank India Credit Suisse HSBC Standard Chartered Deutsche Bank Royal Bank of Scotland Regional Rural banks North Malabar Gramin Bank South Malabar Gramin Bank Vananchal Gramin Bank Financial Services Real Time Gross Settlement (RTGS) National Electronic Fund Transfer (NEFT) Structured Financial Messaging System (SFMS) CashTree Cashnet Automated Teller Machine (ATM) De-Materialisation (DEMAT) Foreign Exchange (FOREX)