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Bank of India

Overview

Bank of India (BoI) is an Indian public sector bank headquartered in Mumbai, Maharashtra. It is one of the country's major commercial banks, offering a range of banking and financial services to retail, corporate, agricultural and institutional customers through a wide network of branches in India and abroad. The Government of India is the majority shareholder of the bank.

Key facts

Name Bank of India
Type Public sector bank
Industry Banking, financial services
Headquarters Mumbai, Maharashtra, India
Founded 1906
Country India
Ownership Government of India (majority)

Background

Bank of India was established in 1906 in Bombay (now Mumbai) by a group of businessmen. For several decades it operated as a privately owned commercial bank, growing into one of the prominent banking institutions of pre-independence India. The bank was among the first Indian banks to set up branches outside the country, expanding into international markets in the twentieth century.

In July 1969, Bank of India was nationalised by the Government of India along with thirteen other major commercial banks, bringing it under public ownership. Following nationalisation, the bank significantly expanded its branch network across rural, semi-urban and urban India, and broadened its lending to priority sectors such as agriculture and small-scale industry.

Operations

The bank provides services that include savings and current accounts, fixed deposits, retail and corporate lending, agricultural and MSME finance, trade finance, treasury services, foreign exchange, and digital banking products. It operates through a network of branches, ATMs and digital channels, and maintains overseas branches and representative offices in several countries.

Subsidiaries and associates

Bank of India has historically held interests in subsidiaries and joint ventures in areas such as asset management, insurance and overseas banking, and is associated with the country's broader public sector banking framework regulated by the Reserve Bank of India.

Significance

As one of the older surviving commercial banks in India and a member of the post-1969 nationalised banking sector, Bank of India has played a role in extending formal banking to underserved regions, supporting government-led financial inclusion programmes, and providing credit to priority sectors. Its long-standing international presence has also made it relevant to Indian trade finance and to the banking needs of the Indian diaspora.

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