Bank of India (BOI) is a nationalised commercial bank. The bank has its headquarters in Mumbai. BOI facilitates cost-effective financial processing and communication services. BOI is a founder member of the Society for Worldwide Inter Bank Financial Telecommunication. The bank has introduced many innovative services and system with prudence and caution. It was the first to introduce the introduction of the health code system for credit portfolio evaluation.
The bank operates with a vast network of 4963 branches throughout the country. The bank controls the operations through 54 zonal offices. Bank of India has a strong international presence. It has a spread over 5 continents and covers 22 countries. The prominent international points of banking are at Tokyo, London, Jersey, Singapore, New York, Paris and Singapore.
The bank registered a revenue of US$3.6 billion and has total assets of US$96 billion. The stocks of the bank are publicly traded on the BSE.
Shri Melwyn Rego is the MD and CEO of the Bank of India.
The vision statement of the bank is “to become the bank of choice for corporates, medium business and upmarket retail customers and developmental banking for small business, mass market and rural markets”. The banks talk about proving proactive and cost effective global banking services and stakeholder engagement in its mission statement.
History of Bank of India
Bank of India was founded on 7th September 1906. In 1969 the bank became a public nationalised entity. The bank began with a meagre paid-up capital of ₹50 lakh and has made tremendous growth over the year. The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008. Today the BOI stands as a mighty institution with a strong operation base, huge pool of satisfied customers and occupies a premier place in the banking domain.
Products and Services
- Corporate:The bank provides various broad and niche services for the corporates. Some of these services are:
- Cash Management Services:Bank of India has specialised products for Corporates and High Net worth Individual customers. The bank provides facilities like Cheque Collections PAN India, Direct Debit Collections, NACH Collections, bulk Remittances – NEFT/RTGS, Bulk Remittances: NACH-CREDIT, Dividend Payments, DOOR STEP BANKING, and E- Stamping Services.
- Project Finance & Syndication Services:Bank of India is one of the leading players in the Syndication space. The bank is involved in Debt Syndication and arranges debt through Syndication/Underwriting. Syndication services are provided for long term loans, working capital, bridge finance, acquisition finance, and refinancing.
- Loan:Loans schemes are offered related to bullion banking, export finance, channel credit, discount future cash flows and foreign currency.
- Trade Financing:Bank of India offers finance against commercial bills in addition to collection services at competitive rates. It also issues Bank Guarantees, on behalf of their customers, in favour of third parties like Government Departments and Public- Sector Organisations.
The bank is active in areas such as retail banking, private banking, asset management, mortgages and credit card services. BOI has various schemes for promoting the financial inclusion in the rural areas. The bank has devised various innovative schemes customised for the priority sector lending purpose. Bank of India is dedicated to working for the promotion of the MSMEs. It has introduced schemes like the Star Laghu Udyami Samekat Loan, Star SME Liquid Plus, Star SME Auto Express, and BOI Star Vyapar for the budding entrepreneurs. It also specialised NRI services related to deposits, loans and remittance.
Bank of India recruitment and career opportunities
The bank of India has a corporate culture and work environment. It promotes and awards high level of performance. The career growth opportunities are extremely high and make the bank an aspiring place to work for.
The BOI recruits for PO and clerical staff every year in huge numbers. The recruitment happens through the online IBPS CWE followed by a personal interview. The selection process is tough as the competition is very high due to the huge number of applicants. Know more about IBPS and subscribe to free bank exam preparation package to prepare online for bank exam.