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. The bank has over 5000 branches in India spread over all states/union territories including specialized branches. These branches are controlled through 54 Zonal Offices and 8 NBG Offices. Presently Bank of India has overseas presence in 22 foreign countries spread over 5 continents - with 60 offices including 5 Subsidiaries 5 Representative Offices and 1 Joint Venture at key banking and financial centres viz. Tokyo Singapore Hong Kong London Jersey Paris and New YorkBank 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.On 3 December 2011 Bank of India announced that the bank and AXA Investment Managers Asia Holdings Private Limited (a subsidiary of AXA Investment Managers part of AXA Group) have agreed to enter into a joint venture in asset management business carried on by Bharti AXA Investment Managers Private Limited (BAIM). BAIM is the asset management company to Bharti AXA Mutual Fund. In the proposed joint venture Bank of India will acquire 51% of equity and the balance will be with AXA Group. On 31 March 2012 Bank of India announced that it has allotted 2.73 crore equity shares to the Life Insurance Corporation of India on 30 March 2012 on preferential basis at a price of Rs 380.02 per share.On 20 June 2012 Bank of India announced that it has floated a 100% subsidiary namely Bank of India (Uganda) Ltd. The subsidiary has started its operations from 18 June 2012 in Uganda.On 6 March 2013 Bank of India announced that upon receipt of funds from Government of India the bank on 6 March 2013 allotted 2.21 crore equity shares to Government of India on preferential basis at a price of Rs 365.70 per share.On 20 March 2013 Bank of India announced that it has raised USD 500 million from Foreign Currency Bonds. The issue was oversubscribed by 5.4 times and is significant for being the first bond transaction by the bank offered to the institutions of USA under Rule 144A. It was also the first India PSU bank offering under Rule 144A in 2013.On 17 December 2013 Bank of India announced that upon receipt of funds from Government of India the bank on 11 December 2013 allotted 4.63 crore equity shares to Government of India on preferential basis at a price of Rs 215.70 per share.On 3 October 2015 Bank of India announced that it has allotted 12.70 crore equity shares to the Government of India on 30 September 2015 at a price of Rs 193.30 per share. Consequently shareholding of the Government of India has increased from 64.43% to 70.13% and correspondingly the Non- Government Shareholding has decreased from 35.57% to 29.87%.On 6 January 2016 Bank of India announced that it has allotted 2 crore equity shares to Life Insurance Corporation of India on preferential basis on 5 January 2016 at the price of Rs 132.06 per share.On 15 January 2016 Bank of India announced that it has purchased BSE's entire 49% stake in BOI Shareholding Limited thereby making it a wholly owned subsidiary of the bank.On 29 March 2016 Bank of India announced that the Government of India has conveyed its approval to infuse capital funds to the tune of Rs 1150 crore in the bank by way of preferential allotment of equity shares in favour of Government of India.On 31 March 2016 Bank of India announced that it has allotted 46.39 lakh equity shares to General Insurance Corporation of India on preferential basis on 30 March 2016 at the price of Rs 86.22 per share.On 6 May 2016 Bank of India announced that it has allotted 10.14 crore shares to Government of India at a price of Rs 113.32 per share and 1.6 crore shares to Life Insurance Corporation of India at a price of Rs 96.03 per shares through preferential issue.On 26 July 2016 Bank of India announced that the Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs 1 crore on the bank for certain violations of the requirements under Master circular on KYC/ALM of Reserve Bank of India. Bank of India said it has taken necessary preventive measures/corrective action plan to avoid its recurrence.On 8 September 2016 Bank of India announced that it has allotted 12.06 crore equity shares to Government of India (Promoters) at a price of Rs 110.89 per share through preferential issue.On 26 September 2016 Bank of India announced that Dai-Ichi Life Insurance Company Ltd. (DLIC) has exercised the call option to acquire 18% additional stake in Star Union Dai Ichi Life Insurance Company Ltd (SUD) from Bank of India. Post the transaction DLIC's stake in SUD has increased to 44% from 26% whereas Bank of India's holding in the joint venture life insurance company has declined to 30% from 48%. Union Bank of India continues to hold 26% stake in SUD. SUD was incorporated in the year 2007 as a joint venture among Bank of India Union Bank of India and DLIC.On 23 March 2017 Bank of India announced that the bank has sold it's entire stake of 5% (12.50 lakh shares) in TransUnion CIBIL Limited (TUCIBIL) to TransUnion International Inc (TUI). The deal was concluded on 22 March 2017 at the rate of Rs 1525 per equity share for a total consideration amount of Rs 190.62 crore.On 14 June 2017 Bank of India announced that it has allotted 1.75 crore fresh equity shares to Life Insurance Corporation of India at a price of Rs 126.81per share through preferential issue.On 30 June 2017 Bank of India clarified that global credit rating agency Fitch Ratings has affirmed its Long Term Issuer Default Ratings (IDRs) on Bank of India. The rating agency has downgraded its Viability Rating (VR) on the bank to `b+' from `bb-' to reflect its weaker intrinsic risk profile compared with higher-rated peers. According to the rating agency the bank's core capital buffer has dropped significantly due to persistent losses and it appears vulnerable to moderate shocks. On 20 December 2017 Bank of India announced that the Reserve Bank of India has placed the bank under Prompt Corrective Action Framework consequent to the onsite inspection under the Risk Based Supervision Model carried out for year ended March 2017 and the report issued thereof. This is in view of high net NPA insufficient CET1 Capital and negative ROA for two consequent years. This action will contribute to the overall improvement in risk management asset quality profitability efficiency etc of the bank.On 4 August 2017 Bank of India announced that it has allotted 11.23 crore fresh equity shares to Government of India (Promoters) at a price of Rs 133.51 per share through preferential issue.On 7 August 2017 Bank of India announced that it has floated a Request for Proposal (RFP) for sale of its 29.96% stake in its associate company i.e. STCI Finance Limited.On 24 August 2017 Bank of India announced that it is introducing 2 tier savings bank rate. With effect from 24 August 2017 the bank will pay interest at 3.5% on savings banks balance up to Rs 50 lakh and interest at 4% on savings bank balance above Rs 50 lakh.On 30 December 2017 Bank of India announced that it has received infusion of Rs 2257 crore from Government of India in form of Common Equity Tier-1 Capital which is being kept as share application money and would be allotted after following due procedure/conditions for allotment. On 8 March 2018 Bank of India clarified to the stock exchanges that it has sanctioned certain credit facilities to Gupta Family Group of South Africa in the past as per laid down norms. The bank's present outstanding to the group is Rs 27.58 crore and it is backed by more than 100% security. On 21 March 2018 Bank of India announced that the Ministry of Planning and Finance Directorate of Investment and Company Administration Myanmar has allowed the bank to terminate/close its Yangon Representative Office (Myanmar) with effect from 19 January 2018.On 28 March 2018 Bank of India announced that it has allotted 55.84 crore fresh equity shares to Government of India (Promoters) at a price of Rs 165.32 per share through preferential issue.On 9 April 2018 Bank of India has announced that the Central Bank of the U.A.E has allowed the closure of the bank's Dubai Representative Office.