Bank of India WIKI

8/3/2019 Bank of India WIKI

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Bank of IndiaFrom Wikipedia, the free encyclopedia

Bank of India

Type Public(BSE:BOI)

Industry Financial services

Founded 7 September 1906

Headquarters Mumbai,India

Key people Alok Kumar Misra (CMD)

Products Commercial Banking

Retail Banking

Private Banking

Asset Management

Mortgages

Credit Cards

Revenue 24,393.50 crore (US$4.63 billion)[1]

Operating income 5,384.23 crore (US$1.02 billion)[2]

Net income 2,488.71 crore (US$472.85 million)[3]

Website www.bankofindia.com

Bank of India (BoI) (BSE: BOI) is a state-owned commercial bank with headquarters in Mumbai.

Government-owned since nationalization in 1969, It isIndia's 4th largest bank, afterState Bank of

India, Punjab National BankandBank of Baroda. It has 3415 branches, including 29 branches outside

India. BoI is a founder member ofSWIFT (Society for Worldwide Inter Bank Financial
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Telecommunications), which facilitates provision of cost-effective financial processing and communication

services. The Bank completed its first one hundred years of operations on 7 September 2006.

Contents

[hide]

1 History

1.1 Previous banks that used the name

Bank of India

1.2 The current bank

1.3 CMD since nationalisation

2 See also

3 References

4 External links

[edit]History

[edit]Previous banks that used the name Bank of India

At least three banks having the name Bank of India had preceded the setting up of the present Bank of

India.

1. A person named Ramakishen Dutt set up the first Bank of India in Calcutta (nowKolkata) in 1828,

but nothing more is known about this bank.

2. The second Bank of India was incorporated in Londonin the year 1836 as an Anglo-Indian bank.

3. The third bank named Bank of India was registered in Bombay (now Mumbai) in the year 1864.

[edit]The current bank

Bank of India, Mumbai Main Branch

The earlier holders of the Bank of India name had failed and were no longer in existence by the time a

diverse group of Hindus, Muslims, Parsees, and Jews helped establish the present Bank of India in 1906. It

was the first in India promoted by Indian interests to serve all the communities of India. At the time, banks
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in India were either owned by Europeans and served mainly the interests of the European merchant

houses, or by different communities and served the banking needs of their own community.

The promoters incorporated the Bank of India on 7 September 1906 under Act VI of 1882, with an

authorized capital of Rs. 1 crore divided into 100,000 shares each of Rs. 100. The promoters placed55,000 shares privately, and issued 45,000 to the public by way of IPO on 3 October 1906; the bank

commenced operations on 1 November 1906.

The lead promoter of the Bank of India was SirSassoon J. David (1849-1926). He was a member of

the Sassoons, who in turn were part of a Bombay community ofBaghdadi Jews, which was notable for its

history of social service. Sir David was a prudent banker and remained the Chief Executive of the bank

from its founding in 1906 until his death in 1926.

The first board of directors of the bank consisted of Sir Sassoon David, Sir Cowasjee Jehangir, J.

Cowasjee Jehangir, Sir Frederick Leigh Croft, Ratanjee Dadabhoy Tata, Gordhandas Khattau, Lalubhai

Samaldas, Khetsety Khiasey, Ramnarain Hurnundrai, Jenarrayen Hindoomull Dani, Noordin Ebrahim

Noordin.

1906: BoI founded with Head Office in Bombay.

1921: BoI entered into an agreement with the Bombay Stock Exchange to manage its clearing house.

1946: BoI opened a branch inLondon, the first Indian bank to do so. This was also the first post-WWII

overseas branch of any Indian bank.

1950: BoI opened branches inTokyoandOsaka.

1951: BoI opened a branch inSingapore.

1953: BoI opened a branch inKenyaand another inUganda.

1953 or 54: BoI opened a branch in Aden.

1955: BoI opened a branch inTanganyika.

1960: BoI opened a branch inHong Kong.

1962: BoI opened a branch inNigeria.

1967: The Government of Tanzania nationalized BoI's operations in Tanzania and folded them into the

government-ownedNational Commercial Bank, together with those ofBank of Baroda and several

other foreign banks.

1969: The Government of India nationalized the 14 top banks, including Bank of India. In the same

year, the People's Democratic Republic ofYemen nationalized BoI's branch in Aden, and the Nigerian

and Ugandan governments forced BoI to incorporate its branches in those countries.

1970: National Bank of Southern Yemen incorporated BoI's branch in Yemen, together with those of all

the other banks in the country; this is now National Bank of Yemen. BoI was the only Indian bank in

the country.
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1972: BoI sold its Uganda operation to Bank of Baroda.

1973: BoI opened a rep inJakarta.

1974: BoI opened a branch inParis. This was the first branch of an Indian bank in Europe.

1976: The Nigerian government acquired 60% of the shares in Bank of India (Nigeria).

1978: BoI opened a branch inNew York.

1970s: BoI opened an agency in San Francisco.

1980: Bank of India (Nigeria) Ltd, changed its name to Allied Bank of Nigeria.

1986: BoI acquired ParavurCentral Bank (Karur Central Bank or Parur Central Bank) inKerala in a

rescue.

1987: BoI took over the three UK branches ofCentral Bank of India(CBI). CBI had been caught up in

the Sethia fraud and default and the Reserve Bank of Indiarequired it to transfer its branches.

2003: BoI opened a representative office in Shenzhen.

2005: BoI opened a representative office in Vietnam.

2006: BoI plans to upgrade the Shenzen and Vietnam representative offices to branches, and to open

representative offices inBeijing, Doha, andJohannesburg. In addition, BoI plans to establish a branch

inAntwerp and a subsidiary inDar- es -Salaam, marking its return to Tanzania after 37 years.

2007: BoI acquired 76 percent of Indonesia-basedPT Bank Swadesi.

2009: BoI opened its branch again in Tanzania mainland (Former Tanganyika territory).

[edit]CMD since nationalisation

1969-1970: Tribhovandas Damodardas Kansara

1970-1975: J N Saxena

1975-1977: C P Shah

1977-1980: H C Sarkar

1981-1984: N Vaghul

1984-1986: T. Tiwari

1987-1991: R. Srinivasan

1992-1995: G. S. Dahotre

1995-1997: G. Kathuria

1997-1998: M G Bhide

1998-2000: S Rajagopal

2000-2003: K V Krishanamurthy
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2003-2005: M Venugopal

2005-2007: M. Balachandran

2007-2009:T.S.Narayanasami

2009- : Alok Kumar Mishra
http://en.wikipedia.org/wiki/M._Balachandranhttp://en.wikipedia.org/wiki/M._Balachandran

Documents

Bank of India WIKI