Bank of India
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Bank of India has 155 branches all over India. These branches are administered through 48 different zonal offices. Bank of India serves a wide client base. As far as volume of business done in an economic year is concerned, Bank of India is right at front.
Brief history
Bank of India was incorporated on September 7, 1906. It was established by some leading businessmen in Mumbai. Bank of India was nationalized in 1969 in conjunction with 13 other banks. Till that point of time it was a privately held organization.
Products and services
Bank of India offers its products and services in four major categories – deposit, non resident Indian banking, loans and cards. In deposit scheme section major products include savings banks, tax saving deposits, current deposits, deposit schemes for non resident Indians and term deposits.
Bank of India offers a number of loans like personal loans, commercial loans, loans for priority and agricultural sector, trade finance, loans for small and medium enterprises and loans for non resident Indians.
In non resident Indian banking section, Bank of India offers a number of products like housing loans to NRIs/PIOs, A/c opening form for NRIs, foreign currency deposit scheme, NRI – yield enhancing scheme and NRI deposit schemes.
Bank of India offers a number of credit and debit cards for benefit of its customers. It offers online services too, such as internet banking, payment of taxes, payment of bills, online trading of shares, booking of tickets and Star e-Remit.
Financials
In 2007, sales of Bank of India amounted to $2.48 billion and it earned profits worth $0.26 billion. Bank of India held assets worth $32.80 billion and its market worth was around $4.72 billion.
Awards and recognition
Information technology outsourcing arm of Bank of India won “Best First Steps” award in 2005 Outsourcing Excellence Awards conducted by Outsourcing Center. It won Best Public Sector Bank Award at third NDTV Profit Business Leadership Awards held in 2008.
