History of Bank of India
1969
- The Bank was brought into existence by an Ordinance issued on 19th July by Central Government. In terms of Ordinance, the Undertaking of `The Bank of India Ltd.' was transferred to & vested in the new bank. The Ordinance was replaced by Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1969.
1970
- The Acquisition & Transfer of Undertakings Act was declared null and valid by Supreme Court on 10th February. An ordinance was thereupon promulgated which was later replaced by Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970 which was made effective restrospectively from 19th July, 1969.
- Under the `Lead Bank Scheme' the Bank was allotted 30 districts in 5 states - 9 in Maharashtra, 9 in Madhya Pradesh, 2 in Orissa, 4 in Bihar and 6 in U.P.
1985
- Rs 43 crores capital contributed by Government.
1986
- Rs 27 crores capital contributed by Government.
1988
- Rs 35 crores capital contributed by Government.
1989
- The Bank of India Finance limited was incorporated in June as a subsidiary of Bank of India to extend a complete package of professional financial services to the corporate sector, including merchant banking, leasing & investment banking.
- Rs 140 crores capital contributed by Government.
1990
- BOI Mutual Fund was estabished, to provide direct services to investors by pooling their resources & investing in capital market securities.
- Rs 100 crores capital contributed by Government.
1991
- Rs 110 crores capital contributed by Government.
1993
- Rs 6357 crore capital contributed by Government.
1994
- A new subsidiary of bank was formed to manage the investment operations of BOI Mutual Fund. It received Certificate of Commencement of Business on 21st February.
- Rs 848.38 crores capital contributed by Government.
1995
- In terms of Ministry of Finance the accumulated loss of Rs 1369.91 crores adjusted against paid-up capital.
1996
- Rs 93.47 crores returned to Government as a part of capital restructuring. 1500,00,000 equity shares [prem. of Rs 35 per shares] issued to public through prospectus.
1997
- The BOIFIN was associated with 12 issues as Lead Managers/Co-Manager/Arranger.
- The Comp. became Depository Participate of National Securities Depository Ltd., for purpose of clearing & settlement of trades in the dematerialised segment of BSE.
1998
- As on 31st March, the Bank had sponsered 16 Regional Rural Banks with capital of 5.60 crores & a total branch network of 992 in five states.
- Bank of India has been awarded the Gem and Jewellery Export Promotion Council Award.
- Bank of India [BOIs] has set up a full fledged risk management department at its corporate office. The bank has already integrated its money market & forex operations to set up global treasury which will be better equipped to manage the types of risks arising from capital recent convertibility.
- Four Banks - State Bank of India [SBIs], Bank of India [BoIs], Oriental Bank of Commerce [OBCs] & Hongkong Bank - have introduced term deposits with a minimum maturity of 15 days.
- Bank of India [BoIs] has tied up with Equifax Venture Infotek Ltd [EVIs] to automate its credit card operations to provide electronic solutions to its customers. EVI is a 50:50 joint venture between the US-based Equifax Inc & Venture Infotek. According to the agreement, BoI would provide point-of-sale [POSs] terminals at its leading card acceptance establishments all over the country.
- Mr. A.M. Ahmadi, former Chief Justice of India, on Monday presented the Bank of India Excellence Awards to five personalities in the fields of finance, literature, management, music & arts & media.
- The public sector Bank of India has launched the BOI Navy Card with MasterCard International on the occasion of Navy Day.
1999
- The Mumbai Stock Exchange [BSEs] & the Bank of India [BoIs] have set up an internal working committee to review the working of BoI Shareholding & also make it a `self sustaining unit'.
- The public sector, Bank of India [BoIs], is currently on an exercise of restructuring its subsidiaries. As a part of restructuring, the bank will be taking stock of viability of subsidiaries & try to turn them around.
- BoI will enter the insurance partnership with a foreign insurance company.
2000
- Bank of India has introduced floating interest rate on deposits for select customers, besides advancing on Mumbai Inter Bank Offer Rate [MIBORs].
- Bank of India [BoIs] has unveiled major business initiatives like the introduction of centralised banking system, floating deposit schemes and cash management services.
- Bank of India [BoIs] plans to introduce a centralised banking programme which will facilitate anytime & anywhere banking for its customers.
- Bank of India & Andhra Bank have become the first public sector banks to receive an in-principle approval to dilute government shareholding in them to 33 per cent through mobilisation of fresh capital via a public issue.
- The Bank has offered a special deposit scheme for investors in BoI Mutual Fund Double Square Plus [1990s] Scheme, which would be redeemed on September 1.
- Bank of India has revised its FCNR, NRE & NRNR deposit rate effective from 11th September.
- Bank of India has hiked the rates on foreign currency non-resident Indian [FCNRs] Acc. effective 2nd October.
- Venugopalan, general manager, Bank of India [BoIs] has been appointed as the new executive director of Union Bank of India [UBIs].
- Mr. Onkar Nath Singh has been named executive director of Bank of India for a period of five years.
- The Bank has joined Central Depository Services as depository participant.
- Bank of India will close down its merchant banking arm, BoI Finance.
2001
- State-Run Bank of India has suspended bullion trading in Ahmedabad after being hit by a payment crisis involving a troubled cooperative bank.
-Bank of India has passed a resolution to return Rs 300 crore capital to the government. Chairman K V Krishnamurthy said the depressed share value has been a matter of concern to the management.
- Bank of India [BoIs] has finalised a comprehensive human resource development [HRDs] package for its employees. The scheme is believed to provide impetus to banks' business growth & will cost the bank around Rs 30 lakh per annum.
- Bank of India [BoIs] has reported a 63 per cent rise in net profit at Rs 135.16 crore in the second-quarter ended September 30, 2001.
- Bank of India proposes to convert its fully-owned subsidiary in Kenya into a full-fledged bank. The two existing BoI branches in Kenya will also be merged into the entity. According to Mr S.A. Bhat, General Manager, International, BoI.
- Bank of India has informed that Shri S.R. Sengupta & Shri A.B. Telang have relinquished their office from Directorship of Bank with effect from January 01, 2002. This is pursuant to their attaining age of superannuation.
2002
- Bank of India on March 30th returned Rs 150 crore capital to the government, bringing down its capital base from Rs 639 crore to Rs 489 crore.
-Bank of India has informed that it has decided to exit from the Mutual Fund Business & therefore the remaining two current Mutual Fund Schemes have been sold to Taurus Mutual Fund.
-Deveshwar Kumar nominated by GOI as non official Director of BOI.
-Bank of India has informed BSE that the Government of India has nominated Mr Deepak Prabhakar Patil as a Workmen Employee Director on the Board of Directors of Bank of India for a period of three years with effect from August 29, 2002 & thereafter until his successor is appointed or till he ceases to be an Workman Employee of Bank of India.
-Bank of India has informed that the following four persons who have polled the majority votes have been elected as Directors in the EGM held on October 10, 2002.Mr Sadagopan Sowmyanarayanan,Mr Sheth Tarun,Mr Shastri Girish Ramanugrah,Mr Chandra Bhagwantrao Govindrao
-Extends its Multi-Branch Banking [MBBs] facility to all its branches in Mumbai
-Enters film financing sector, becomes the first commercial bank to enter the sector
-High Court at Mumbai sanctions amalgamation of BOI Finance Pvt. limited [100% subsidiarys] with Bank of India [BOIs]
-Slashes interest rates on FCNR deposits by 20-35 basis points [bps]
-Ties up with ICICI Bank to utilise wide branch network covering 1,000 branches for ICICI Bank cash management services
-Prunes the number of training centres from 14 to 5
-Becomes the bank with third highest Non Performing Assets [NPAs]
-Reduces deposit rates by 40 to 75 basis points
-Decides to merge BOI Asset Management Co. limited [BOIAMCs], a wholly owned subsidiary, with the Bank
-IBA gives its nod for second phase of BoI VRS
-Reduces Prime Lending Rate [PLRs], deposit rates by 50 basis points
-Changes the maturity buckets for interest rates on domestic as well as non-resident external rupee [NREs] term deposits
-Slashes deposit rates across all maturities
-Appoints Deloitte Touche Tohmatsu India Pvt limited as a special recovery agent for recovery of NPAs
-Slashes interest rate on Euro-denominated FCNR deposits
2003
-Introduces mobile ATM in Mumbai
-Slashes the rate of interest on FCNR US dollar & euro deposits by 10-25 basis points across maturitie effective January 4
-Approves insurance referral business at Hong Kong Centre
-Enters into a tie-up with leading information technology players CMC limited & Infrasoft Technologies to extend its multi-branch banking [MBBs] facility to another 450 branches in 21 cities
-High Court approves Scheme of Amalgamation of BOI AMC with Bank of India
-Four state-owned banks [Bank of India [BoIs], Indian Bank, Syndicate Bank & United Bank of Indias] enter into an agreement to share their respectime ATM [automated teller machines] networks
-Government clears Bank of India [BoIs] proposal to settle Rs 137 crore outstanding with Ketan Parekh
-Introduces 'Starlinks' global debit card in partnership with Visa International & India Switch Company
-Finance Ministry, RBI approve compromise formula for bank due recovery from stock broker Ketan Parekh
-Networks 275 out of 2541 branches at a cost of Rs 14 crore
-Launches its first off-site ATM in Sathy Main Road in Coimbatore on September 11
-The bank has taken possession of tea factory in Coonoor under the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest [SARFAESIs] Act, 2002.
-Bank of India divested Silverline 45 lakh shares at Rs 8
-Revises interest rates on domestic term deposits with effect from Dec 1
-The Comp. has tied up with insurers for Bankassurance products - both life insurance & general insurance. The bank launched some of products on December 09, said it had tied up with ICICI Prudential Life Insurance Comp. & National Insurance Company.
-Bank of India ties up with ICICI prudential
2004
-Board approves increase in Tier II Capital by issue of subordinated bonds
-Bank of India and Canara Bank acquire 4% in Mercator Lines Ltd.
-Bank Of India has informed that the Govt of India vide its notification dated January 09, 2004 has nominated Mr. V S Das, Chief General Manager-in-charge, Department of Government & Bank Accounts, RBI as Director on the Board of Bank w.e.f. January 09, 2004 in place of Mr. M P Kothari, Regional Director, RBI.
-BoI signs tractor finance agreement with L&T-John Deere
-Launches IPO financing, becomes the first public sector bank to do so
-Revises interest rates on its FCNR deposits in dollar & euro currencies
-Launches Star IPO, a demand loan for investors interested in subscribing to initial public offerings [IPOs] approved by bank
-Bank of India [BoIs] has raised Rs 200 crore by way of issuing Tier II subordinated bonds.
-BoI inks pact with Escort Tractors
-BoI inks pact with Punjab Tractors
-Bank of India opens first off-site ATM in Tiruchi
-Bank of India introduces new Kisan Samadhan card
-BoI ties up with Greaves Cotton
2005
- Bank of India [BoIs] enters collaboration with ACIL-Navasarjan Rural Development Foundation [ANARDEs], a non-government organisation [NGOs] to increase rural penetration & boost lending to the agriculture sector.
- Launches an international gold credit card in association with Visa International on January 5, 2005
-BoI unveils new 'Star Diamond Saving Account'
-Bank of India appoints Shri M Balachandran as Chairman and Managing Director [CMDs] up to April 30, 2007
-BOI signs MoU with LG to finance consumer durables
-Bank of India teams up with Nabard arm for agri projects
-Bank of India ties up with ICICI Prudential Life Insurance to provide cover to housing loan borrowers against risk of death during the loan tenure.
-Bank of India & Banco Popolare Di Verona E Novara signed a Memorandum of Understanding [MoUs] for supporting their respective customers doing business in each other countries.
2006
-BoI inks MoU with Exim Bank
-BoI join hands with Andhra Bank to set up Dai-ichi Mutual
-Change of address: the Comp. Secretary Bank of India Share Department, 8th Floor, Star House, C - 5, G. Block, Bandra Kurla Complex, Bandra [Easts], Mumbai - 400 051.
2007
- Bank of India has appointed Shri. A D Parulkar as Executive Director of Bank.
2008
-Bank of India has informed that the Government of India, Ministry of Finance, Department of Financial Services vide its Notification has nominated Shri. Amit Kumar Motayed as Officer Employee Director in place of Shri. V Eswaran for a period upto January 31, 2011 from the date of notification or until he ceases to be an officer of Bank of India or until further orders, whichever is the earliest.
- Bank of India has appointed Shri. B A Prabhakar as Executive Director of Bank. He has taken over charge on October 15, 2008.
