What is the full form of BOI?
The full form of BOI is Bank of India. BOI is a commercial bank with its head office is located in Mumbai’s Bandra Kurla Complex Established in 1906, after nationalization in 1969, it’s been government-owned. As of 2021, it has over 5000 branches spread over all states and union territories in India, including some specialized branches. There are 45 overseas branches or offices, including 23 own branches, one representative office, four Subsidiaries (20 branches), and one joint venture. All these branches are managed via 59 Zonal Offices and 10 NBG Offices.
BoI is a founder partner of the Society for Interbank Financial Telecommunications Worldwide (SWIFT), which promotes the delivery of cost-effective money processing and transmission facilities.
A brief history of BOI
- On 7 September 1906, the BOI was created by a group of prominent businessmen from Mumbai, Maharashtra, India.
- Until 19 July 1969, when it was nationalized along with Thirteen other banks, the bank was under private control and ownership.
- The Bank has expanded steadily over the years, beginning with one office in Mumbai with a paid-up capital of approximately five million & fifty employees. It has flourished into a powerful institution with a big national existence and substantial overseas operations.
- The Bank holds a prime role among banking institutions in terms of market size.
- The bank has more than 5000 offices in India, including specialized branches, distributed across all states/union territories.
- The Bank’s first public problem came out in 1997 and followed the positioning of qualified institutions in February 2008.
- BOI was the first nationalised bank to inaugurate a complete computerised branch as well as an ATM facility in 1989 at the Mahalaxmi Branch, Mumbai.