What is the full form of BOI?
The BOI full form is Bank of India. BOI is a commercial bank whose headquarters are located in the Bandra Kurla Complex in Mumbai. Since its nationalization in 1969, this 1906 establishment has been government-owned. As of 2021, it has moreover 5,000 branches across all Indian states and union territories, as well as several specialist branches. There are 45 abroad branches or offices, consisting of 23 own branches, one representative office, four Subsidiaries (twenty branches), and one joint venture. All of these branches are administered by 59 zonal offices and 10 national branch offices.
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BoI is a founding member of the Society for Worldwide Interbank Financial Telecommunications (SWIFT), an organization that promotes the delivery of efficient money processing and transmission capabilities.
A brief history of BOI
- The BOI was founded on 7 September 1906 by a group of important businessmen from Mumbai, Maharashtra, India.
- Prior to its nationalization on July 19, 1969, along with thirteen other banks, the bank was privately owned and operated.
- The Bank has steadily grown over the years, beginning with a single office in Mumbai and a paid-up capital of roughly $5,000,000 and 50 staff.
- It has developed into a formidable institution with a strong national presence and extensive international operations.
- In terms of market size, the Bank is a market leader among financial institutions.
- The bank has over 5,000 offices in India, including specialized branches in every state and union territory.
- The Bank’s first public issue was released in 1997, and eligible institutions were positioned in February 2008.
- BOI was the first nationalized bank to open a fully computerized branch and an ATM in Mumbai in 1989, at the Mahalaxmi Branch.
