The full form of BOI is Bank of India. A commercial bank, BOI has its headquarters in Bandra Kurla Complex in Mumbai. It was founded in 1906 and has been held by the government since being nationalised in 1969. The BOI had 5,316 branches as of March 2019, including 56 branches outside of India comprising five subsidiaries, five representative offices, and one joint venture.
The Society for Interbank Financial Telecommunications Worldwide (SWIFT), which promotes the provision of affordable money processing and transmission capabilities, counts BoI as one of its founding partners.
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A Brief History of BOI
- On 7 September 1906, the BOI was created by a group of prominent businessmen from Mumbai, Maharashtra, India.
- Until 19 July 1969, when it was nationalized along with Thirteen other banks, it was under private control and ownership.
- The Bank has expanded steadily over the years, beginning with one office in Mumbai with a paid-up capital of approximately five million & fifty employees. It has flourished into a mighty institution with an extensive national existence and substantial overseas operations.
- The Bank holds a prime role among banking institutions regarding the market size.
- The bank has more than 5,100 offices in India, including specialized branches distributed across all states/union territories.
- Fifty-four zonal offices govern these divisions. There are sixty offices, five branches and one international joint venture.
- The Bank’s first public problem came out in 1997 and followed the positioning of qualified institutions in February 2008.