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Published by Rekha Lohia

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Published by: Rekha Lohia on Jul 12, 2011
Copyright:Attribution Non-commercial


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Bank of India was founded on 7th September, 1906 by a group of eminent businessmenfrom Mumbai. The Bank was under private ownership and control till July 1969 when itwas nationalised along with 13 other banks.Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50employees, the Bank has made a rapid growth over the years and blossomed into amighty institution with a strong national presence and sizable international operations. Inbusiness volume, the Bank occupies a premier position among the nationalised banks.The Bank has 3101 branches in India spread over all states/ union territories including141 specialised branches. These branches are controlled through 48 Zonal Offices . Thereare 29 branches/ offices (including three representative offices) abroad.The Bank came out with its maiden public issue in 1997 and follow on QualifiedInstitutions Placement in February 2008. . Total number of shareholders as on30/09/2009 is 2,15,790.While firmly adhering to a policy of prudence and caution, the Bank has been in theforefront of introducing various innovative services and systems. Business has beenconducted with the successful blend of traditional values and ethics and the most moderninfrastructure. The Bank has been the first among the nationalised banks to establish afully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way backin 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered theintroduction of the Health Code System in 1982, for evaluating/ rating its creditportfolio.The Bank's association with the capital market goes back to 1921 when it entered into anagreement with the Bombay Stock Exchange (BSE) to manage the BSE Clearing House.It is an association that has blossomed into a joint venture with BSE, called the BOIShareholding Ltd. to extend depository services to the stock broking community. Bank of India was the first Indian Bank to open a branch outside the country, at London, in 1946,and also the first to open a branch in Europe, Paris in 1974. The Bank has sizablepresence abroad, with a network of 29 branches (including five representative offices) atkey banking and financial centres viz. London, New York, Paris, Tokyo, Hong-Kong andSingapore. The international business accounts for around 17.82% of Bank's totalbusiness.
Mission & VisionOur Mission"to provide superior, proactive banking services to niche markets globally, whileproviding cost-effective, responsive services to others in our role as a development bank,and in so doing, meet the requirements of our stakeholders".Our Vision"to become the bank of choice for corporates, medium businesses and upmarket retailcustomers and to provide cost effective developmental banking for small business, massmarket and rural markets"

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