Bank of India BOI
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Table of Contents
Bank of India: Origins and Overseas Operations
Bank of India: Origins and Overseas Operations
Bank of India (BOI) is one of the pioneering banking institutions in India. With its headquarters in the financial capital of India, Mumbai, the bank enjoys a huge infrastructure both within India and abroad. BOI offers core banking and online banking services to retail, corporate and enterprise customers.[br]
Bank of India: Origins and Overseas Operations
A group of eminent businessmen in Bombay (now Mumbai) joined hands to set up Bank of India in 1906. It remained in private ownership until 1969, when the bank was nationalized by the Government of India along with 13 other banks. In 1997, bank’s managing decided to go public and issued an initial public offering (IPO). In 2008, a follow-on issue was released to increase public holding in the bank’s operations.
In early 2000s, the bank suffered business loss due to lack of technological solutions. However, after 2005, the bank made huge efforts to integrate modern banking products and services and to gain market share once again. As of 2009, BOI has 3021 branches spread across the length and breadth of India, including 136 specialized branches. There are 48 zonal offices who supervise the entire operations of BOI.
In 1946, Bank of India became the first Indian bank to set up branch in London. Over the next ten years, BOI expanded operations to Japan, Singapore, Uganda, Kenya, Yemen and Hong Kong. The bank has 28 branches, including three representative offices. Majority of the bank’s overseas operations are centred in Europe and African nations.[br]
Bank of India: Products and Services
Bank of India classifies its products and services in three discreet sections:
· Core banking services: Traditional banking products such as savings, checking, deposits and loans. Credit card products are also included in BOI core banking.
· Ancillary services: Supporting products and services such as safe deposit vault, remittances, foreign exchange, cash management, gold, insurance and mutual funds.
· Online banking: Both mobile and internet banking services; BOI customers can avail online trading, utility bill payments, tax filing and online purchases through eBanking services.
Bank of India is a part of Cashtree online services, which allows BOI customers to use ATMs of partnering banks without any service charges.
