You are here » Home » Companies » Company Overview » Bank of India

Bank of India.

BSE: 532149 Sector: Financials
NSE: BANKINDIA ISIN Code: INE084A01016
BSE LIVE 15:50 | 08 Dec 114.80 0.30
(0.26%)
OPEN

115.40

HIGH

116.60

LOW

114.50

NSE LIVE 15:57 | 08 Dec 114.70 0.45
(0.39%)
OPEN

115.00

HIGH

116.65

LOW

114.40

OPEN 115.40
PREVIOUS CLOSE 114.50
VOLUME 314294
52-Week high 128.75
52-Week low 78.60
P/E
Mkt Cap.(Rs cr) 12107.96
Buy Price 0.00
Buy Qty 0.00
Sell Price 114.80
Sell Qty 1315.00
OPEN 115.40
CLOSE 114.50
VOLUME 314294
52-Week high 128.75
52-Week low 78.60
P/E
Mkt Cap.(Rs cr) 12107.96
Buy Price 0.00
Buy Qty 0.00
Sell Price 114.80
Sell Qty 1315.00

Bank of India. (BANKINDIA) - Company History

Bank of India is a state-owned commercial bank with headquarters in Mumbai. The Bank provides a wide range of banking products and financial services to corporate and retail customers. The bank provides specialized services for businesses (dealing in foreign exchange), NRIs, merchant banking, etc. They also have specialized branches that deal in asset recovery, hi-tech agricultural finance, lease finance and treasury, and small scale industries. The Bank offers products such as mutual funds, venture capital, depository services, bullion trading and credit cards. The Bank operates in three business segments, namely Treasury Operations, Wholesale Banking Operations and Retail Banking Operations. Treasury Operations includes the entire investment portfolio, which include dealing in government and other securities, money market operations and foreign exchange (Forex) operations. Wholesale Banking includes all advances, which are not included under Retail Banking. Retail Banking includes exposures which fulfill two criteria, the maximum aggregate exposure up to rupees five crore and the total annual turnover is less than rupees 50 crore. The Bank is having their presence at 29 locations in 18 countries across four continents. They are having 3101 branches in India spread over all states/ union territories including 141 specialized branches. These branches are controlled through 48 zonal offices. The Bank is having one Joint Venture Bank in Zambia and a subsidiary each in Tanzania and Indonesia. They are having global presence through their branches in London, Tokyo, New York, Paris, Hong Kong, Singapore, etc. Bank of India was incorporated on September 7, 1906 by a group of eminent businessmen from Mumbai. The Bank was stared with one office in Mumbai, with a paid-up capital of Rs 50 lakh. The Bank was the first in India promoted by Indian interests to serve all the communities of India. In the year 1921, the Bank entered into an agreement with the Bombay Stock Exchange to manage their clearing house. In the year 1946, they were the first Indian Bank to open a branch outside the country, at London. During the period 1950-1962, they opened their branches in Tokyo, Osaka, Singapore, Kenya, Uganda, Aden Tanganyika, Hong Kong and Nigeria. The Bank was under private ownership and control till July 1969 when the Bank was nationalised along with 13 other banks. In the year 1972, the Bank sold their Uganda operation to Bank of Baroda. In the year 1974, they became the first to open a branch in Europe, Paris. In the year 1989, the Bank was the first among the nationalised banks to establish a fully computerized branch and ATM facility at the Mahalaxmi Branch at Mumbai. In the year 1997, the Bank came out with maiden public issue. In November 1997, they introduced bullion banking. In the year 2000, they introduced Star Cash Management Services 2000 for speedier collection of cheques and release of immediate funds to the customers without waiting for actual realization of cheques. During the year 2002, they returned Rs 150.42 crore of equity capital to Government, with this the Government stake in the bank reduced to 69.3% from 76.5% earlier. During the year 2004-05, the Bank merged two of their branches. The Bank was honored as 'The Best Bank' in the implementation of Information System Security Polices from Institute for Development & Research in Banking Technology (IDRBT). They made a tie up with ICICI Prudential Life Insurance for providing reference to customers for sale of their life insurance products against a referral fee. They also made strategic tie up with Securities Trading Corporation of India (STCI), in facilitating secondary market sale of Government Securities. In November 2006, the Bank in association with Union Bank of India entered into an MoU with Infrastructure Development Finance Co Ltd for financing the infrastructure projects. In December 2006, Japan's Dai-ichi Mutual Life Insurance Co. formed a joint venture with Bank of India and Union Bank of India to offer life insurance services in India. During the year 2007-08, the Bank acquired a stake of 76% in PT Bank Swadesi Tbk for a total consideration of Indian Rs.3.77 crores. PT Bank Swadesi had a licence to Forex Business and listed on the Jakarta Stock Exchange. They made a tie up with ING Investment Management and Franklin Templeton Investments for sale for their mutual fund products. They implemented Core Banking Solutions in 1525 branches. Also, they installed solar power system in 65 rural and semi-urban branches facing acute power shortage. In May 2007, the Bank made a tie-up with National Bulk Handling Corporation (NBHC) for lending to farmers against warehouse receipts at 10.25 per cent, 50 basis points (bps) lower than the normal agri lending rate of 10.75 per cent. In July 2007, they sold their entire of 12.25% stake in IL&FS Investment Managers Ltd to the IL&FS Promoters. During the year 2008-09, the Bank opened 118 new branches and converted 20 extension counters into full-fledged branches. Also, 1067 branches migrated to Core Banking Solution (CBS) making a total of 2593 branches in CBS mode covering 1553 centres. They entered into tie-up with IDFC Mutual Fund for sale of their mutual fund products. Also, they launched the revamped web-site using latest Next Generation Web 2.0 technology with features like Customer Corner for customer suggestions/ redressal of grievances. In June 2008, Bank of India (Tanzania) Ltd, a wholly owned subsidiary commenced operations with first branch at Dar-Es-Salaam. In February 2009, they entered into Corporate Agency Agreement with Bank's Joint Venture - the Star Union Dai-ichi Life Insurance Co Ltd for sale of their life insurance products. During the year 2009-10, the Bank opened 186 new branches including 13 Extension Counters converted into full-fl edged branches. The Bank signed MoUs with Tata Motors, Piaggio Vehicles Pvt Ltd, Asia Motor Works, JCB India Ltd, Mahindra Navistar, Ashok Leyland Ltd, Sonalika Group of companies etc. for financing vehicles / earth moving equipments. They entered into tie-up with DSP BlackRock Mutual Fund, Reliance Mutual Fund and Birla Sunlife Mutual Fund for sale of their mutual fund products. During the year, the Bank launched 'Welcome Kit' for all new accounts opened at the select branches of Mumbai, New Delhi, Chandigarh and Ghaziabad. They launched Marathi version of their web-site. From May 16, 2009 all domestic branches came under the umbrella of CBS. In September 2009, they launched two new products, 'Star Suraksha SB account' and 'Star Benefit CD account' having unparallel features for improving the CASA business. In October 2009, the Bank entered into an MoU with TVS Motor Company Ltd to provide finance for customers intending to buy TVS Flame SR 125 motorcycle. The Bank would take on the role of preferred financier and offer customers attractive loans, under the special scheme, launched to coincide with the festival season. A web based Customer Complaint Management System was made live from January 1, 2010 to reduce the response time. In February 2010, the Bank launched 'Star Abhilasha Biometric Smart Cards' in Nagpur, Maharashtra. They introduced Credit Application Processing Systems through software termed as CAPS which covers all major credit segments, namely Retail, Corporate, MSME and Agriculture. During the year 2010-11, the Bank opened 283 new branches including 2 Extension Counters converted into full-fledged branches. They introduced welcome Kits for NRI Customers opening NRE/ NRO accounts at foreign centers. Also, they launched Marathi version of the Banks website. The Bank introduced a new format of Savings Bank Passbook (Horizontal Format) which will print all details of the transaction on the same page as against the existing format (Vertical Format) where the details are printed on two pages. They introduced issuance of insta-pin for Debit-cum-ATM Card. This will address the customer grievance for non-receipt of Re-pin and also save the effort and expense in generating and mailing Re-pins. The Bank started fifteen Rural Centralised Credit Processing Centres (CPC) at Belgaon, Ujjain, Barabanki, Mehasana, Ludhiana, Karad, Amalapuram, Tanjavur, Barasat, Hardoi, Nadiad, Ratnagiri, Nashik, Solapur & Barnagar. They opened mid-Corporate branches at Ernakulam, Andheri and Seepz. In October 27, 2010, the Bank and Ajcon Global Services Ltd signed an MoU for strategic Tie up for offering Online Trading in shares services to the customers of the Bank. In December 14, 2010, the Bank launched five SME City Centres at Ahmedabad, Coimbatore, Kolkata, Ludhiana, and Pune. Subsequently, seven more SME City Centres at Bangalore, Chandigarh, Hyderabad, NewDelhi, Nagpur, Mumbai North and Vadodara started functioning. In January 14, 2011, they launched five New Retail Business Centres in 5 identified Zones namely Bangalore, Chandigarh, Mumbai South, New Delhi and Pune on Pilot basis.

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard