The full form of BOB is Bank of Baroda. It is a global financial and investment institution with offices in India. Gujarat, India’s Vadodara, is home to its headquarters. Its corporate office is situated in Mumbai. It currently has a nationwide branch network of 3454 sites and an international branch network of 86 locations.
A Synopsis of BOB’s History
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- The BOB was formed on July 20, 1908, by Maharaja Sayajirao Gaekwad (III), the Maharaja of Baroda.
- It began operations in Mombasa and Kampala in 1953.
- In 1957, a branch opened in London.
- It acquired Hind Bank in 1958, marking the Bank of Baroda’s first local acquisition.
- In 1961, BOB and the New Citizen Bank of India merged.
- In 1963, it acquired Surat Banking Corporation in Surat, Gujarat.
- In 1965, it established its first location in Guyana.
- It became a PSU on July 19, 1969, when the Indian government decided to nationalise it (a profit-making public sector undertaking).
- In 1972, it acquired the Bank of India’s business in Uganda and opened branches two years later.
- In 1980, it opened a branch office in Bahrain and a registered office in Sydney, Australia.
- An Initial Public Offering came to the stock market in 1996.
- In 2006, it established an OBU (Offshore Banking Unit) in Singapore.
BOB’s Main Facilities
- Deposits, lending, debit and credit cards, Demat facilities, and other services are all part of retail banking.
- Rural and agri-banking include agricultural loans, locking services, deposits, and other financial products for residential customers and agriculture-related industries.
- Corporate banking encompasses working capital financing, project financing, foreign exchange loans, and private-sector treasury products.
- The products and services of the SME sector are covered by SME banking.
- Wealth Management provides insurance and mutual fund companies with wealth management services.