Bank of India (BoI) is commercial bank with headquarters at Bandra Kurla complex, Mumbai. Founded in 1906, it has been government-owned since nationalisation in 1969.

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About Bank of India

Bank of India was founded 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 nationalised along with 13 other banks. Bank of India has 5100 branches as on 31 January 2017, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture.[3] BoI is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financialprocessing and communication services.

Vision of the Bank

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

Mission of the Bank

To provide superior, proactive banking service to niche markets globally, while providing cost effective, respective, responsive service to others in our role as a development bank, and in doing so, meet the requirement of our stakeholders.

Branches

Bank is having branches in India in the following States/UTs :

  • Andaman And Nicobar Island
  • Andhra Pradesh
  • Arunachal Pradesh
  • Assam
  • Bihar
  • Chandigarh
  • Chhattisgarh
  • Dadra And Nagar Haveli
  • Daman And Diu
  • Delhi
  • Kerala
  • Madhya Pradesh
  • Maharashtra
  • Manipur
  • Meghalaya
  • Mizoram
  • Nagaland
  • Odisha
  • Puducherry
  • Punjab
  • Rajasthan
  • Sikkim
  • Tamil Nadu
  • Telangana
  • Goa
  • Gujarat
  • Haryana
  • Himachal Pradesh
  • Jammu And Kashmir
  • Jharkhand
  • Karnataka
  • Uttar Pradesh
  • Uttarakhand
  • West Bengal
  • Tripura

Services

Services provided by BOI Bank are as follows :

1.Ancillary Services

Some of the services under ancillary are :

  • Gold Coin
  • Depository Services
  • Safe Custody
  • Safe Deposit Locker
  • Star Cash Management Service

2.Card

Apart from the normal credit or debit cards, this bank even offers valued visa or master cards to its worldwide customers. The names of some of the cards offered by this Indian bank are given below:

  • Gift Card
  • Platinum Debit Card

3.Deposit Schemes

This bank offers varied types of deposit schemes like savings accounts, current accounts, salary accounts, fixed deposits, term deposits, recurring deposits, double benefit deposits, income certificates (Both quarterly and monthly) and many more. To name a few of these products are:

  • Jai Jawan Salary Plus Accounts (New)
  • Star Benefit C. D. Plus Accounts

Initiatives

The initiatives taken by BOI :

Project Connect

Bank of India’s new chief has launched Project Connect, an initiative to revive the bank that has suffered huge losses for two consecutive years due to a sharp rise in bad loans.

It is called Project Connect because the Connect between internal staff and clients is not as strong as it was in olden days. So, many accounts are poached by other banks,” Dinabandhu Mohapatra, MD & CEO of the state-owned bank, told ET. He said the new initiatives are aimed at reducing bad loans, improving the share of low cost deposits and retail credit.

Further, the bank has opened a new vertical ‘Premium Client Care’ which will cater to the needs of the 1000 top customers identified from the top five centres of the country. “With this initiative, poaching can be stopped because now most PSU banks are focusing on recovery, and in the process, they are losing good customers. We should not concentrate only on firefighting, we should be proactive for the future,” he said.

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