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Bank of India Company History and Annual Growth Details


- The Bank was brought into existence by an Ordinance issued on 19th
July by the Central Government. In terms of the Ordinance, the
Undertaking of 'The Bank of India Ltd.' was transferred to and vested
in the new bank. The Ordinance was replaced by the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1969.


- The Acquisition and Transfer of Undertakings Act was declared null
and valid by the Supreme Court on 10th February. An ordinance was
thereupon promulgated which was later replaced by the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970 which was made
effective restrospectively from 19th July, 1969.

- Under the 'Lead Bank Scheme' the Bank was allotted 30 districts in 5
states - 9 in Maharashtra, 9 in Madhya Pradesh, 2 in Orissa, 4 in Bihar
and 6 in U.P.


- Rs 43 crores capital contributed by Government.


- Rs 27 crores capital contributed by Government.


- Rs 35 crores capital contributed by Government.


- The Bank of India Finance Ltd. was incorporated in June as a
subsidiary of Bank of India to extend a complete package of
professional financial services to the corporate sector, including
merchant banking, leasing and investment banking.

- Rs 140 crores capital contributed by Government.


- BOI Mutual Fund was estabished, to provide direct services to
investors by pooling their resources and investing in capital market

- Rs 100 crores capital contributed by Government.


- Rs 110 crores capital contributed by Government.


- Rs 6357 crore capital contributed by Government.


- A new subsidiary of the bank was formed to manage the investment
operations of BOI Mutual Fund. It received Certificate of Commencement
of Business on 21st February.

- Rs 848.38 crores capital contributed by Government.


- In terms of Ministry of Finance the accumulated loss of Rs 1369.91
crores adjusted against paid-up capital.


- Rs 93.47 crores returned to Government as a part of capital
restructuring. 1500,00,000 equity shares (prem. of Rs 35 per share)
issued to public through prospectus.


- The BOIFIN was associated with 12 issues as Lead

- The Company became Depository Participate of National Securities
Depository Ltd., for the purpose of clearing and settlement of trades
in the dematerialised segment of BSE.


- As on 31st March, the Bank had sponsered 16 Regional Rural Banks with
capital of 5.60 crores and a total branch network of 992 in five

- Bank of India has been awarded the Gem & Jewellery Export Promotion
Council Award.

- Bank of India (BOI) has set up a full fledged risk management
department at its corporate office. The bank has already integrated
its money market and forex operations to set up global treasury which
will be better equipped to manage the types of risks arising from
capital recent convertibility.

- Four Banks - State Bank of India (SBI), Bank of India (BoI), Oriental
Bank of Commerce (OBC) and Hongkong Bank - have introduced term
deposits with a minimum maturity of 15 days.

- Bank of India (BoI) has tied up with Equifax Venture Infotek Ltd
(EVI) to automate its credit card operations to provide electronic
solutions to its customers. EVI is a 50:50 joint venture between the
US-based Equifax Inc and Venture Infotek. According to the agreement,
BoI would provide point-of-sale (POS) terminals at its leading card
acceptance establishments all over the country.

- Mr. A.M. Ahmadi, former Chief Justice of India, on Monday presented
the Bank of India Excellence Awards to five personalities in the fields
of finance, literature, management, music and arts and media.

- The public sector Bank of India has launched the BOI Navy Card with
MasterCard International on the occasion of Navy Day.


- The Mumbai Stock Exchange (BSE) and the Bank of India (BoI) have set
up an internal working committee to review the working of the BoI
Shareholding and also make it a 'self sustaining unit'.

- The public sector, Bank of India (BoI), is currently on an exercise
of restructuring its subsidiaries. As a part of the restructuring, the
bank will be taking stock of the viability of the subsidiaries and try
to turn them around.

- BoI will enter the insurance partnership with a foreign insurance


- Bank of India has introduced floating interest rate on deposits for
select customers, besides advancing on Mumbai Inter Bank Offer Rate

- Bank of India (BoI) has unveiled major business initiatives like the
introduction of a centralised banking system, floating deposit schemes
and cash management services.

- Bank of India (BoI) plans to introduce a centralised banking
programme which will facilitate anytime and anywhere banking for its

- Bank of India and Andhra Bank have become the first public sector
banks to receive an in-principle approval to dilute government
shareholding in them to 33 per cent through mobilisation of fresh
capital via a public issue.

- The Bank has offered a special deposit scheme for investors in BoI
Mutual Fund's Double Square Plus (1990) Scheme, which would be redeemed
on September 1.

- Bank of India has revised its FCNR, NRE and NRNR deposit rate
effective from 11th September.

- Bank of India has hiked the rates on foreign currency non-resident
Indian (FCNR) account effective 2nd October.

- Venugopalan, general manager, Bank of India (BoI) has been appointed
as the new executive director of Union Bank of India (UBI).

- Mr. Onkar Nath Singh has been named executive director of Bank of
India for a period of five years.

- The Bank has joined Central Depository Services as depository

- Bank of India will close down its merchant banking arm, BoI Finance.


- State-Run Bank of India has suspended bullion trading in Ahmedabad
after being hit by a payment crisis involving a troubled cooperative

-Bank of India has passed a resolution to return Rs 300 crore capital
to the government. Chairman K V Krishnamurthy said the depressed share
value has been a matter of concern to the management.

- Bank of India (BoI) has finalised a comprehensive human resource
development (HRD) package for its employees. The scheme is believed to
provide impetus to banks business growth and will cost the bank around
Rs 30 lakh per annum.

- Bank of India (BoI) has reported a 63 per cent rise in net profit at
Rs 135.16 crore in the second-quarter ended September 30, 2001.

- Bank of India proposes to convert its fully-owned subsidiary in Kenya
into a full-fledged bank. The two existing BoI branches in Kenya will
also be merged into the entity. According to Mr S.A. Bhat, General
Manager, International, BoI.

- Bank of India has informed that Shri S.R. Sengupta and Shri A.B.
Telang have relinquished their office from Directorship of the Bank
with effect from January 01, 2002. This is pursuant to their attaining
age of superannuation.


- Bank of India on March 30th returned Rs 150 crore capital to the
government, bringing down its capital base from Rs 639 crore to Rs 489

-Bank of India has informed that it has decided to exit from the Mutual Fund Business and therefore the remaining two current Mutual Fund Schemes have been sold to Taurus Mutual Fund.

-Deveshwar Kumar nominated by GOI as non official Director of BOI.

-Bank of India has informed BSE that the Government of India has nominated Mr Deepak Prabhakar Patil as a Workmen Employee Director on the Board of Directors of Bank of India for a period of three years with effect from August 29, 2002 and thereafter until his successor is appointed or till he ceases to be an Workman Employee of the Bank of India.

-Bank of India has informed that the following four persons who have polled the majority votes have been elected as Directors in the EGM held on October 10, 2002.Mr Sadagopan Sowmyanarayanan,Mr Sheth Tarun,Mr Shastri Girish Ramanugrah,Mr Chandra Bhagwantrao Govindrao

-Extends its Multi-Branch Banking (MBB) facility to all its branches in Mumbai

-Enters film financing sector, becomes the first commercial bank to enter the sector

-High Court at Mumbai sanctions amalgamation of BOI Finance Pvt. Ltd. (100% subsidiary) with Bank of India (BOI)

-Slashes interest rates on FCNR deposits by 20-35 basis points (bp)

-Ties up with ICICI Bank to utilise wide branch network covering 1,000 branches for ICICI Bank's cash management services

-Prunes the number of training centres from 14 to 5

-Becomes the bank with third highest Non Performing Assets (NPA)

-Reduces deposit rates by 40 to 75 basis points

-Decides to merge BOI Asset Management Co. Ltd. (BOIAMC), a wholly owned subsidiary, with the Bank

-IBA gives its nod for second phase of BoI VRS

-Reduces Prime Lending Rate (PLR), deposit rates by 50 basis points

-Changes the maturity buckets for interest rates on domestic as well as non-resident external rupee (NRE) term deposits

-Slashes deposit rates across all maturities

-Appoints Deloitte Touche Tohmatsu India Pvt Ltd. as a special recovery agent for recovery of NPAs

-Slashes interest rate on Euro-denominated FCNR deposits


-Introduces mobile ATM in Mumbai

-Slashes the rate of interest on FCNR US dollar and euro deposits by 10-25 basis points across maturitie effective January 4

-Approves insurance referral business at Hong Kong Centre

-Enters into a tie-up with leading information technology players CMC Ltd. and Infrasoft Technologies to extend its multi-branch banking (MBB) facility to another 450 branches in 21 cities

-High Court approves Scheme of Amalgamation of BOI AMC with Bank of India

-Four state-owned banks (Bank of India (BoI), Indian Bank, Syndicate Bank and United Bank of India) enter into an agreement to share their respectime ATM (automated teller machine) networks

-Government clears Bank of India's (BoI) proposal to settle Rs 137 crore outstanding with Ketan Parekh

-Introduces 'Starlinks' global debit card in partnership with Visa International and India Switch Company

-Finance Ministry, RBI approve compromise formula for bank's due recovery from stock broker Ketan Parekh

-Networks 275 out of 2541 branches at a cost of Rs 14 crore

-Launches its first off-site ATM in Sathy Main Road in Coimbatore on September 11

-The bank has taken possession of a tea factory in Coonoor under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

-Bank of India divested Silverline's 45 lakh shares at Rs 8

-Revises interest rates on domestic term deposits with effect from Dec 1

-The Company has tied up with insurers for Bankassurance products - both life insurance and general insurance. The bank launched some of the products on December 09, said it had tied up with ICICI Prudential Life Insurance Company and National Insurance Company.

-Bank of India ties up with ICICI prudential


-Board approves increase in Tier II Capital by issue of subordinated bonds

-Bank of India & Canara Bank acquire 4% in Mercator Lines Ltd.

-Bank Of India has informed that the Govt of India vide its notification dated January 09, 2004 has nominated Mr. V S Das, Chief General Manager-in-charge, Department of Government and Bank Accounts, RBI as Director on the Board of the Bank w.e.f. January 09, 2004 in place of Mr. M P Kothari, Regional Director, RBI.

-BoI signs tractor finance agreement with L&T-John Deere

-Launches IPO financing, becomes the first public sector bank to do so

-Revises interest rates on its FCNR deposits in dollar and euro currencies

-Launches Star IPO, a demand loan for investors interested in subscribing to initial public offerings (IPO) approved by the bank

-Bank of India (BoI) has raised Rs 200 crore by way of issuing Tier II subordinated bonds.

-BoI inks pact with Escort Tractors

-BoI inks pact with Punjab Tractors

-Bank of India opens first off-site ATM in Tiruchi

-Bank of India introduces new Kisan Samadhan card

-BoI ties up with Greaves Cotton


- Bank of India (BoI) enters collaboration with ACIL-Navasarjan Rural Development Foundation (ANARDE), a non-government organisation (NGO) to increase rural penetration and boost lending to the agriculture sector.

- Launches an international gold credit card in association with Visa International on January 5, 2005

-BoI unveils new 'Star Diamond Saving Account'

-Bank of India appoints Shri M Balachandran as Chairman & Managing Director (CMD) up to April 30, 2007

-BOI signs MoU with LG to finance consumer durables

-Bank of India teams up with Nabard arm for agri projects

-Bank of India ties up with ICICI Prudential Life Insurance to provide cover to housing loan borrowers against risk of death during the loan tenure.

-Bank of India and Banco Popolare Di Verona E Novara signed a Memorandum of Understanding (MoU) for supporting their respective customers doing business in each other's countries.


-BoI inks MoU with Exim Bank

-BoI join hands with Andhra Bank to set up Dai-ichi Mutual

-Change of address: the Company Secretary Bank of India Share Department, 8th Floor, Star House, C - 5, G. Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.

-BoI joins hand with SIDBI to train jewellers


- Bank of India has appointed Shri. A D Parulkar as Executive Director of the Bank.


-Bank of India has informed that the Government of India, Ministry of Finance, Department of Financial Services vide its Notification has nominated Shri. Amit Kumar Motayed as Officer Employee Director in place of Shri. V Eswaran for a period upto January 31, 2011 from the date of notification or until he ceases to be an officer of the Bank of India or until further orders, whichever is the earliest.

- Bank of India has appointed Shri. B A Prabhakar as Executive Director of the Bank. He has taken over charge on October 15, 2008.

-BoI launches debt waiver scheme

-Bank of India on July 23 opened the first branch of its Tanzanian subsidiary, BoI Tanzania at Dar-es-Salaam.


- Alok K. Misra was appointed as Chairman and Managing Director succeeding T. S. Narayanasami of Bank of India by the centre. He was the CMD of Oriental Bank of Commerce till now.

- Bank of India has informed that the Government of India, Ministry of Finance, Department of Financial Services vide their Notification dated August 05, 2009 has appointed Shri. Alok Kumar Mishra as Chairman and Managing Director of the Bank. He has taken over charge on August 05, 2009.

-BoI launches new home loan plan for new borrowers

-Bank of India has signed a memorandum of understanding with Tata Motors to provide financing for Tata's entire range of commercial vehicles.
Oct 24, 12:00 am
Oct 24, 4:14 pm
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