Bank of India Company History

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

securities.

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

Managers/Co-Manager/Arranger.

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

states.

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

company.

Bank of India has introduced floating interest rate on deposits for

select customers, besides advancing on Mumbai Inter Bank Offer Rate

(MIBOR).

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

customers.

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

participant.

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.

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

crore.

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.

BoI opens branch at Shirdi

Bank of India to enter MF biz again

Bank of India ties up with Karvy

Bank of India brings in Mckinsey for revamp, growth road map

Bank of India launched mobile-based remittance facility through business correspondents.

Bank of India to join hands with AXA Investment Managers in the Asset Management business in India

Issues Benchmark USD750m Reg. S Dual Tranche Bond

BOI sign MoU to encourage Micro Small and Medium enterprises (MSMEs)

Bank of India becomes 1st Indian bank to offer trade settlement in Chinese yuan

Bank of India Establising a 100% subsidiary in Uganda namely Bank of India (Uganda) Ltd .

acquisition of 51% of the equity stake of Bharti AXA investment Managers Private Limited and Bharti AXA Trusteeship Services Private Limited.

Bank of India ties up with Aegis for customer relationship management

Bank of India - Board recommends Dividend of 100 % i.e. Rs. 10/- per share on the face value of Rs. 10/- each to shareholders.

Bank of India - Board recommends Dividend of Rs. 5/- per share (i.e. 50%) to shareholders.

The Bank has said it has raised over Rs 641.99 crore by issuing shares on preferential basis to LIC and New India Assurance,

State-owned lender Bank of India (BOI)has said it has sold 18 per cent stake in its insurance Joint Venture (JV) Star Union Dai-ichi Life Insurance Company Ltd (SUD) to its Japanese partner, Dai-ichi Life Insurance Company Ltd (DILIC).

The Bank has inform that our East Ham Branch has been merged with Wembley (London) Branch and Manchester Branch has been merged with Birmingham Branch as on 18.09.2018.

Bank Of India has informed that Diversification/Disinvestment the shares of Equifax Credit Information Services Pvt. Ltd.

Approved plans to raise Rs 6,500 crore from various means, including share sale, to fund business growth in 2023-24.

The bank's board decided on the proposal to raise funds by issuance of fresh equity capital in the form of qualified institutional placement or rights issue or preferential issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds (domestic and foreign currency) up to an amount of Rs 4,500 crore,

The remaining Rs 2,000 crore is planned to be raised by issuance of Basel III compliant Tier-2 bonds,