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About Bank of India
History of Bank of India
Bank of India was incorporated by a group of eminent businessmen in Mumbai on September 7, 1906, with a paid-up capital of ₹50 lakh. It was the first bank in India to be promoted by Indian interests and to serve all the communities of India. In 1921, the Bank received a contract from the Bombay Stock Exchange to manage the latter’s clearing house. In 1946, they became the first Indian bank to open a foreign branch in London. The bank was nationalised in July 1969. In 1997, the Bank came out with its maiden public issue and also introduced bullion banking. In 2004-05, the bank tied up with ICICI Prudential Life Insurance to provide references to customers for the sale of their life insurance products against a referral fee. They made further strategic alliance with the Securities Trading Corporation of India (STCI) to facilitate the secondary market sale of Government Securities. In 2008, the company had a follow on qualified institutional placement, too. Bank of India was the first nationalised bank to establish a fully computerised branch and an ATM facility back in 1989. It is also a founder-member of SWIFT in India. It also pioneered the adoption of the Health Code System in 1982 for rating its credit portfolio.Business Segments
The bank primarily operates in two business segments, namely wholesale banking operations and retail banking operations.- Wholesale Banking - This includes cash management services, trade finance and credit for corporates and MSMEs. There are further schemes for MSMEs, such as health schemes, commercial vehicle loans, and guarantee schemes. It also has special schemes for agriculture, such as loans for farming, mechanisation, Self-help Groups, etc.
- Retail Banking: Under this segment, the bank offers account opening and maintenance, cards and deposits. The bank also offers general, life and health insurance, along with its own mutual funds. It also offers a wide range of government investment and savings schemes.
Subsidiaries
Bank of India has the following domestic subsidiaries:- BOI Shareholding Ltd. (BOISL) - BOISL is BOI’s wholly owned subsidiary that acts as Depository Participant (DP) of both the Depositories, National Securities Depository Ltd. (NSDL) and the Central Depository Services (India) Ltd. (CDSL)
- BOI Investment Managers Pvt. Ltd. (BOIIMPL) - It is a wholly owned subsidiary that is an investment advisory services company.
- BOI Trustee Services Pvt. Ltd. (BOITSPL) - It is a wholly owned subsidiary that offers trustee services.
- BOI Merchant Bankers Ltd. (BOIMBL) - This company is a wholly owned subsidiary that undertakes merchant banking business, including arranging syndicated loans, bonds and debentures.
- PT Bank of India Indonesia Tbk.
- Bank of India (Tanzania) Ltd.
- Bank of India (New Zealand) Ltd.
- Bank of India (Uganda) Ltd.
Key Personnel
Shri Rajneesh Karnatak, MD and CEO Mr. Karnatak assumed charge as Managing Director and Chief Executive Officer of Bank of India on April 29, 2023. He was the Chief General Manager of Punjab National Bank before his appointment as Executive Director at Union Bank of India on October 21, 2021. Shri Karnatak has a rich banking experience of over 29 years and carries varied branch and Administrative office experience. He had earlier worked in the erstwhile Oriental Bank of Commerce and then in Punjab National Bank in Credit Review & Monitoring roles.Corporate Actions
The company has not announced any bonus shares, rights issue, buyback of shares, or stock splits in recent times. Mergers and Acquisitions- During the year 2007-08, the Bank acquired a 76% stake in PT Bank Swadesi Tbk for a total consideration of Indian ₹3.77 crores.
- In January 2019, the Bank of India acquired Bharatiya Mahila Bank (BMB) which had been established exclusively to provide banking services to women.
Parent Organisation
GoI - PSB
Managing Director
M R Kumar
Founded
1906
NSE Symbol
BANKINDIA
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Bank Of India FAQs
What is the share price of Bank Of India (BANKINDIA) shares?
Bank Of India (BANKINDIA) share price as of November 12, 2024, on NSE is Rs 108.69 (NSE) and Rs 108.69 (BSE) on BSE.
Can I buy Bank Of India (BANKINDIA) from Angel One?
Yes, You can buy Bank Of India (BANKINDIA) shares by opening a Demat account with Angel One.
How do I buy Bank Of India (BANKINDIA) from Angel One?
Bank Of India (BANKINDIA) share can be bought through the following modes:
1. Direct investment: You can buy Bank Of India (BANKINDIA) shares by opening a Demat account with Angel One.
2. Indirect investment: The indirect method involves investing through ETFs and Mutual Funds that offer exposure to Bank Of India (BANKINDIA) shares.
1. Direct investment: You can buy Bank Of India (BANKINDIA) shares by opening a Demat account with Angel One.
2. Indirect investment: The indirect method involves investing through ETFs and Mutual Funds that offer exposure to Bank Of India (BANKINDIA) shares.
What is the main business of Bank of India?
The main business of the Bank of India is to provide financial and advisory services, rural banking services, depository services, internet banking services, credit card services, debenture trustee services, remittance services, and mutual fund products. It is a public sector bank.
Who are the promoters of Bank of India?
The main promoter of the Bank of India is the President of India with 81.41% shareholding.
How many branches does Bank of India have?
Bank of India has a total of 5,123 branches, out of which 5,102 are domestic branches and 21 are overseas branches as of 30th September 2022.
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