Formed in the year 1906 in Mumbai (earlier Bombay), Bank of India (BOI) is headquartered in the financial capital of India, Mumbai. The bank has spread its wings by 48 zonal offices across the nation. Each zonal office is capable to manage the branch offices under the respective zones. It is to be noted here that Bank of India has 3101 branches across the nation and worldwide. It is the 4th largest public sector bank of India after State Bank of India, Punjab National Bank and Bank of Baroda. Bank of India is regarded as the founder member of Society for Worldwide Inter Bank Financial
Telecommunications (SWIFT), which assists provision of cost effective financial communication and processing services. In the year 2006, Bank of India celebrated 100th anniversary of its operations.
BOI is considered as the first bank in India which was promoted in its earlier days by Indian interests in order to serve all the communities who reside in this beautiful nation. When it was first launched, most of the banks were mostly owned by Europeans and served majorly the interests of the European merchant houses.
There are other banks which were owned by other communities to serve specific communities only. This was the only bank which has got the love and passion of all communities of India starting from Hindu, Muslims, Jews and Parsees. The promoters unified and formed the Bank of India on September 7, 1906 under Act VI of 1882. It started with an official capital of INR 1 crore divided into 100,000 shares each of INR 100. The sponsors of the bank placed 55,000 shares privately and allotted 45,000 shares to the public in the form of IPO on October 3, 1906. The operations of the bank started on November 1, 1906.
With the numerous branches all over India, the bank has many branches all around the globe. It can take the credit of starting operations abroad as the first Indian bank. The first branch outside the Indian soil was inaugurated in London, UK in the year 1946. It is also the first Indian bank to open its branches in Europe. In 1974, we witnessed the launch of a branch office in Paris, France.
Today, it has 29 branches all across the globe along with three representative administrative centers in vital corporate and commercial centers of the world. The bank has now strong foothold in places like New York (USA), Paris (France), London (UK), Hong Kong (Peoples Republic of China), Tokyo (Japan), Dubai (UAE), Singapore, Kenya, Canada and many other countries.
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