One of India’s major public sector banks, Bank of India (BOI), has completed 118 years since its establishment. BOI was founded on September 7, 1906, in Mumbai by prominent members of the business communities with an initial capital of around ₹50 lakh. These communities included Parsis, Bhatias, Gujarati Baniyas, Bohra Muslims, and Jews. Click here to join our Whatsapp channel to receive banking updates.
This journey started in 1906 and is still a part of many people's lives. Bank of India is celebrating its Foundation Day on 7th September 2024. So, join us in celebrating 119 years of innovative banking for a self-reliant nation.#BankofIndia #FoundationDay pic.twitter.com/emLrcHPoxX
— Bank of India (@BankofIndia_IN) September 2, 2024
The principal founder of Bank of India was Sir Shapoorji Broacha, who was also part of the bank’s first board of directors. Until the bank was nationalized by the government, it remained privately owned. In July 1969, following nationalization, the bank’s control passed into the hands of the government.
Over time, Bank of India adapted and expanded its business. It was one of the first banks to implement the health code system in 1982, which allowed it to rate its credit portfolio. Additionally, BOI was one of the founding banks of the SWIFT system in India. In 1989, Bank of India introduced its ATM service at its Mahalaxmi branch in Mumbai, making it one of the first computerized branches among government banks. According to information on the bank’s website, Bank of India was listed on the stock exchange in 1997. In February 2008, the bank conducted its first Qualified Institutional Placement (QIP).
The Bank has over 5100+ branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 69 Zonal Offices and 13 FGMO Offices. Outside India, Bank of India operates in 15 countries, with 47 branches across four subsidiaries. It also has a representative office and a joint venture in major international cities like Tokyo, Singapore, Hong Kong, London, Paris, New York, and Dubai.
