History of Bank of Baroda
1969
- The Bank was brought into existence by a Ordinance issue on 19th July, by Central Government. The Bank is a Government of India Undertaking & carries on all types of banking business including foreign exchange. The Ordinance was replaced by Banking Companies [Acquisition & Trasfer of Undertakings] Act, 1969.
- Besides managing public issues & giving underwriting support, the Bank established a `Non-resident Portfolio Management Consultancy Cell'. Due to closure of 2 branches in U.K. & 1 branch in UAE, non-operative branch in Bangladesh was not taken into account.
1970
- Income-Tax consultancy services was set-up in September to assist its constituents in the filing of income returns.
- Bank of Baroda [U.K.s] Nominees Ltd., London is a subsidiary of the Bank. Bob Fiscal Services Ltd., is also a subsidiary of Bank which handles functions such as merchant banking, equipment leasing, investment banking, inter-corporate deposit, etc. Bank of Baroda [Kenyas] Ltd., Kenya is subsidiary of Bank.
1986
- The bank sponsored & set-up five RRBs taking the total number of RRBs to 19.
- Rs 16 crores capital subscribed for by Government.
1988
- The erstwhile `Trades Bank Ltd.' was amalgamated with the Bank.
- Rs 14 crores capital subscribed for by Govt. Rs 5.5 crore reimbursement received from World Bank.
1989
- Rs 891,47,850 capital subscribed for by Govt.
1990
- Rs 2704,41,129 capital subscribed for by Govt.
1991
- Rs. 11,491.97 lakhs capital subscribed for by Govt.
1992
- Rs. 9158.43 lakhs capital subscribed for by Govt.
1993
- Rs. 409,34,000 capital subscribed for by Govt.
- The bank received `in principle' approval from RBI to set up a separate subsidiary for its credit card business.
- The bank had established a new department to act as custodian of local shares issued by Indian companies who came out with Euro Issues [GDRs/ADRss] to raise funds from abroad. With this in view, the bank entered into an agreement with Bank of New York, who act as Depository for issue of GDRs by companies.
- The bank was associated as lead manager/co-manager in respect of 142 issues involving a sum of Rs 3411 crores. The bank was activity considering setting up of separate subsidiary to undertake all types of merchant banking activities.
1994
- Rs. 1,63,30,000 capital subscribed for by Govt.
1995
- Rs 163,93,59,000 capital from reserve fund. 1996
- The Bank devised new products, two new deposit schemes `BOB SUVIDHA', `BOB CAPITAL GAINS EXEMPTION DEPOSIT' was launched to suit the savings requirements of individuals, HUF, Association of persuing, firms and companies.
- The bank initiated several measures to bring qualitative improvement in the area of credit. A fast track systems for processing credit proposals of A+ and A rated corporate client was introduced. In addition, schemes to increase credit fluid sectors like leasing, hire purchase, advances against shares, Can Loan Schemes etc. were formulated & guidelines were issued for increased lending to infrastructure projects.
- The Comp. lead managed 1 public & 5 rights issues aggregating Rs 40.541 lakhs through BOB Capital Markets limited BOB Housing Finance Ltd. made a fresh disbursements of Rs 21 crores. Total cumulative loans sanctioned reached Rs 127 crores.
- 3810,00,000 No. of Equity shares returned to Govt. of India. 1000,00,000 No. of Equity shares issued through prospectus to the public at a prem. of Rs 75 per share.
1997
- Bank of Baroda [BoBs] has received permission from the Reserve Bank of India to open a branch at Durban in South Africa. BoB proposes to start operations in the country soon after it receives a banking licence from the South African Reserve Bank [SARBs].
- Bank of Baroda [BoBs] proposes to undertake a survey of West Bengal, Sikkim & North-Eastern States to explore business opportunities and also for setting up new branches.
- Bank of Baroda [BoBs] proposes to wholly own the 120 million HK dollars IOB Bank in Hong Kong by increasing its stake from 33 per cent to 100 per cent to make its presence felt in the Far East.
- Bank of Baroda [BoBs] plans to have an alliance with a foreign bank for merchant banking. The proposed venture would manage external commercial borrowings [ECBss] by Indian corporates & handle disinvestment programmes of public sector undertakings.
- Bobcards Ltd, a wholly owned subsidiary of Bank of Baroda, has achieved a 40 per cent growth in profit before tax in the first half year ended September, 1997.
- Bank of Baroda New York branch has received the highest 1 rating from the US Federal Reserve. This is for first time that the US Fed has given the highest rating to any Indian bank branch operating in New York.
1998
- Bank of Baroda has become the first public sector bank to implement the autonomy package announced by ministry of finance in November, 1997.
- BoBGLOBAL, the first Indian credit card introduced for international use, with VISA tie-up, is already being accepted by over ten million establishments in over 60 countries.
- The Bank of Baroda [BoBs] plans to restructure its international operations, particularly in Europe & the United States [USs] ahead of the launch of euro, the European Union single currency unit.
- Bobcards Ltd, the wholly owned subsidiary of Bank of Baroda is looking for partners to enter into a joint venture.
- Bank of Baroda is weighting the option of setting up a separate subsidiary dedicated exclusively to its highly profitable international business.
- Bank of Baroda has the second largest resource base in the country after State Bank of India.
- Bank of Baroda [BoBs] has revised the rate of interest on foreign currency non-resident [bankss] deposits for various maturities for different currencies effective October 26.
- Bank of Baroda has revised the rate of interest on FNCR [bs] deposits for various maturities for different currencies with effect from November 30.
1999
- Bank of Baroda [BoBs] will co-ordinate with the finance ministry to set up a debt recovery tribunal [DRTs] in Mumbai.
- Bank of Baroda [BoBs] has revised the rate of interest on its FCNR [Bs] deposits for various maturities & different currencies with effect from February 1.
- Rating agency Icra has assigned the highest rating, LAAA [LAAAs], to Rs.600 crore long-term unsecured subordinated bonds of Bank of Baroda [BoBs]. The public sector bank is coming out with the bond issue to increase its tier II capital.
- Public sector Bank of Baroda has been designated as a clearing bank for castor oil trading in the future, which will be launched by the Bombay Oilseeds & Oils Exchange [BOOEs] on May 10.
- Bank of Baroda has bought out the 49 per cent shareholding of Government of Uganda in Bank of Baroda [Ugandas] Ltd, thus making it a fully-owned subsidiary of Bank of Baroda.
- Bank of Baroda [BOBs] is keen to diversify into the insurance sector, where the focus of its activities will be the rural population. BOB has proposed to enter health & general insurance where it plans to mainly target the rural areas.
- Bank of Baroda [BoBs] has made a proposal to the Union ministry of finance [MoFs] to tap foreign markets for enhancing the bank equity base.
- International rating agency Standard and Poor [S&Ps] has revised its rating outlook on Bank of Baroda [BoBs] to stable from negative.
2000
- The BoB as launched services such as OmniBoB & BoBCash to help the customer practice anywhere-banking at 18 branches with the `Smart Card'.
- Bank of Baroda launched its e-banking products in Chennai.
- Bank of Baroda has joined hands with financial institutions such as IDBI & ICICI for a speedy recovery of dues from common problem accounts.
- Bank of Baroda has set up a core support group consisting 500 knowledge workers from across its branches to help catalyse change management.
- Bank of Baroda has opened its 104th branch in Kalyan & will also offer safe deposit lockers & a housing cell.
- Bank of Baroda has decided that it will hold more than 50 per cent in the life insurance subsidiary it proposes to set-up.
- Bank of Baroda will launch seven day banking in two branches of Chennai & Mylapore & K K Nagar, on 17th August.
- The Bank is exploring strategic tie-ups with local & foreign partners in the area of insurance, retail lending & Web banking.
- Bank of Baroda & Punjab National Bank will tie up to form a subsidiary for a foray into life insurance business.
- Bank of Baroda is in an advance stage of talks with a foreign insurance Comp. for a life insurance joint venture & is expected to finalise the tie-up within a fortnight.
- The Bank will introduce 7-day banking at 10 branches in Mumbai from October 8th.
- Bank of Boarda will introduce `any branch banking' facility to make customer transactions at the nearest branch countrywide in the next 18 months.
- The Bank of Baroda has signed up to be a depository participant with Central Depository Services [Indias] Ltd.
2001
- Bank of Baroda proposes to go in for a major drive to expand its ATM network across the country.
- Bank of Baroda is tying up with a US-based IT Comp. to set up the basic IT infrastructure of bank at a cost of Rs 300 crore.
- Crisil has assigned an `AAA' rating to the Rs 600-crore sub-ordinated bond issue of Bank of Baroda.
- BANK of Baroda Housing Finance, a subsidiary of Bank of Baroda, has disbursed a sum of Rs 50.0 crore to 2578 beneficiaries in rural and semi-urban areas under the golden rural housing schemes of National Housing Bank.
- BoB has signed a redeployment policy with its Federation Union, affiliated to the National Confederation of Bank Employees [NCBEs] regarding the transfer of clerical staff.
- Bank [BoBs] has lowered interest rates by 25-40 basis points, for FCNR [Bs] deposits in force from September 5, for different currencies, effective from September 17.
- Bank of Baroda [BoBs] net profit during the second quarter has dipped by 22.27 per cent to Rs 98.44 crore, down from Rs 126.64 crore in the corresponding period last fiscal.
2002
- GOI nominates N S Mhatre as Director on the Board of Bank of Baroda.
-GOI nominates Anand Sinha on the Board of Bank of Baroda.
-Govt sanctions merger of Benares State Bank with Bank of Baroda.
-Bank of Baroda has informed BSE that the Benares State Bank Ltd now stands amalgamated with the bank wef June 20, 2002 & branches of erstwhile Benares State Bank Ltd have started functioning as Bank of Baroda branches with effect from July 19, 2002.
-Bank of Baroda has informed BSE that the Bank of Baroda [Ugandas] Ltd., - Subsidiary of Bank in Uganda has proposed to make Public Offer of 8 million equity shares of face value of Ushs.100/- each at an offer price of Ushs.600/- per share. The offer also involves concessional offer of 200 equity shares per staff member at a price of Ushs.350/-. The offer shall open on August 26, 2002. The said offer has been approved by RBI.
-Bank of Baroda has informed BSE that the Government of India, Ministry of Finance, Department of Economic Affairs, Banking Division, New Delhi has nominated Mr Vinod Rai, Joint Secretary, Ministry of Finance and Comp. Affairs, Deptt of Economic Affairs [Banking Divisions], New Delhi as Director on the Board of Bank with effect from October 25, 2002.
-Bank of Baroda elects 4 Directorsthe Director so elected will assume office w.e.f. today [November 16, 2002s] & will hold office till November 15, 2005. 1. Shri Amritlal Sanghvi 2. Dr M J Manohar Rao 3. Shri Pradip N Khandwalla 4. Shri Prem P Pareek
-RBI grants BoB Capital Markets limited to operate as a primary dealer in Govt. securities market
-Comes out with two special policies for victims of communal riots in Gujarat
-Decreases its deposit rates by 25 basis points
-IFCI gets Rs 100 cr credit from Bank of Baroda
-BOBCARDS Ltd, a wholly-owned subsidiary of Bank of Baroda, in collaboration with Mastercard International, unveils PARAS credit cards
-Tops Non Performing Assets [NPAs] list
-Shifts Central Office from Ballard Peir to Bandra
-Unveils flexi-deposit scheme for corporates
-Contributes Rs 1 lakh for repair of Akshardham temple for repairs of damages caused by terrorist attacks
-Slashes down deposit rates by 25 basis points
-Reduces its deposit rates by 50 basis points at the longer end deposits
-Brings down floating rate on home loans by 0.75%
-Launches international debit card in alliance with Visa International
-BOB CARDS, a subsidiary of Bank of Baroda, & Cholamandalam Investment & Finance Comp. declare a tie-up to issue co-branded credit cards to Cholamandalam vehicle finance customers
2003
-Decreases interest on domestic term deposits by 25-75 basis points across different maturities effective January 10,2003
-Gets govt. approval to raise Rs 600 crore through bonds
-Unveils Super Savings Account, savings Acc. with value added propositions
-Appoints IBM, H-P, Accenture for Business Process Reengineering [BPRs]
-Paves the way for single-window banking across its 2,200 branches in the country
-Cuts lending rates by 25 bp
-Extends super savings scheme to Coimbatore Acc. holders
-Ties up with Bharat Overseas Bank limited [BOBLs] to expand credit cards business in South India
-Amends interest rates for FCNR[Bs] deposits
-Picks up 10 pc stake in IFCI Asset Care Enterprise [ACEs]
-Sign MOU with Small Industries Development Bank of India [SIDBIs] to co-finance the small scale industries sector
2004
-Mobilizes Rs 300 Cr through Tier II bonds
-Ministry of Finance, Department of Economic Affairs, Banking Division, New Delhi vide their Notification dated January 09, 2004 has nominated Shri G K Sharma, Chief General Manager in-charge Reserve Bank of India, Dept. of Administration and Personnel Management, Central Office, Mumbai as Director on the Board of bank w.e.f. January 09, 2004 in place of Shri Ramesh Chander, Regional Director, RBI, New Delhi.
-S P Garg is new managing director of Bobcards Ltd, a wholly-owned subsidiary of Bank of Baroda.
-Bank of Baroda has informed that the Government of India, Ministry of Finance, Department of Economic Affairs [Banking Divisions], New Delhi vide their notification dated February 4, 2004 has appointed Dr. A K Khandelwal, Executive Director [EDs] of Bank of Baroda as Chairman and Managing Director [CMDs] of Dena Bank.
-The government has chosen Bank of Baroda for channelising government credit to other countries which runs into billions of dollar
-Ties up with Punjab Tractors for offering finance to farmers for buying tractors from Punjab Tractors
-Bank of Baroda signed a memorandum of understanding with L&T John Deere Pvt Ltd to prop up farm sector lending.
-Bank of Baroda inks pact with Escorts Ltd, Indo Farm Tractors and Motors Ltd to boost farm lending
-BOB join hands with NIC for non-life insurance products
-Bank of Baroda enters China
-Ties up with Chennai-based Tractor and Farm Equipments Ltd [TAFEs] for financing their tractors
-Mr T.V. Lakshminarayanan has taken over as the Head of South Zone, Bank of Baroda
-Bank of Baroda [BoBs] has tied up with Mahindra & Mahindra Ltd [M&Ms] for tractor financing
2005
- BoB has appointed Dr A K Khandelwal, as the Chairman and Managing Director [CMDs] of Bank for a period of three years with effect from March 01, 2005 upto March 31, 2008
- Bank of Baroda signs contract with HP India Sales Pvt Ltd for implementation of Bank IT enabled Business Transformation Process
-BoB unveils new logo, ropes in Dravid as brand ambassador
-Bank of Baroda inks co-financing agreement with SIDBI
-Bank of Baroda has amalgamated its three sponsored regional rural banks [RRBss] into single RRB, called Baroda Gujarat Gramin Bank
-BOB signs Memorandum of Cooperation with EXIM Bank
-BoB unveils campaign on tractor, irrigation advances.
2006
-Bank of Baroda [BOBs] has informed that the Bank & Infrastructure Development Finance Comp. Ltd [IDFCs] have on February 16, 2006, entered into a Memorandum of Understanding [MOUs] to enhance the provision of financing & other banking products & services to entities involved in infrastructure development.
-The Bank of Baroda unveiled its first SME loan factory in Pune on Oct 13.
- Bank of Baroda [BOBs] has informed that pursuant to powers conferred by clause [bs] of sub-section [3s] of section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970, read with sub clause [1s] of clause 3 of Nationalised Banks [Management & Miscellaneous Provisionss] Scheme, 1970, the Government of India, Ministry of Finance, Department of Economic Affairs [Banking Divisions] vide their Notification Dated October 31, 2006 have nominated Shri G C Chaturvedi, Joint Secretary [B&Is] MOF, GOI as Director of Bank vice Shri Vinod Rai with immediate effect.
2007
-Bank of Baroda & India Infrastructure Finance Comp. Ltd [IIFCs] on January 10, 2007, have entered into an Memorandum of Understanding [MOUs] to enhance the provision of financing & other banking products & services to entities involved in infrastructure development.
-Bank of Baroda , Andhra Bank & M/s. Legal and General Group plc, UK have signed an MoU on November 16, 2007 to form a Joint Venture [JVs] for Life Insurance Business.
-Bank of Baroda has appointed Shri. Atul Agarwal as a part time non official Director on the Board of Directors of Bank for a period of three years with effect from November 23, 2007 or until further orders, whichever is earlier.
2008
-Bank of Baroda has appointed Smt. Shahid as Director on the Board of Bank under section 9[3s][hs] of The Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970 vide Government Notification dated September 15, 2005 for a period of 3 years.
