Corporate Details
Bank of India was established on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalized along with 13 other banks.
Starting with just one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made rapid progress over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the Nationalized Banks.
Activities
Amongst the standard services provided by Bank of India the special service that it provides is Multi Branch Banking. Multi Branch Banking (Anywhere Banking) service is available to customers of networked branches of the Bank. Under this service, the customer of one branch will be able to transact on his account, from any other networked branch of the Bank. This facility is at present available at 200 cities/towns across the country. A list of MBB branches is available at the end of this page.
Services available in MBB
- Cash Deposits
- Cash Payments
- Transfer Of Funds
- Statement of A./c For a Given Period.
- Balance Inquiry.
- Marking Stop Payment Of a Cheque.
- Fate Of a Cheque.
Other Value Added Services such as “Centralized Telebanking”, “SMS Banking”, “PC Banking” would also be available at these networked branches.
Performance
- After Bank of India introduced Core Banking Software, many employees became redundant. The bank redeployed about 1,200 of them into marketing. Since mid-2005, these employees have been seeking low cost deposits. It was chiefly due to this that the bank was able to outperform the industry with a 78 per cent growth in net profit for the third quarter of the current year,2006. (The bank's net profit grew to Rs 254 crore from Rs 143 crore in the corresponding quarter of last year.)
- At a press conference, BOI's Chairman and Managing Director, Mr M Balachandran, said that current account deposits grew 32 per cent during the quarter. This kept the cost of funds under control. Further, the bank had been very selective about credit expansion in 2005-06, when advances grew 23 per cent, lower than the industry average.
Organization
SHRI T.S. NARAYANASAMI
Chairman and Managing Director
Since 4th June 2007
Contact Details
Corporate Office:
BANK OF INDIA
STAR HOUSE
C - 5, "G" Block,
Bandra Kurla Complex,
Bandra (East),
Mumbai 400 051.
India.
Phone: 022-66684444
Email: hooper@bankofindia.co.in
