Bank of Baroda is an Indian state-owned International Banking and Financial Services company. The bank has its headquarters in Vadodara which was earlier called as Baroda, in Gujarat. It has a corporate office in Mumbai. The Bank was found by the Maharaja of Baroda, Maharaja Saiyajirao Gaekwad III on 20th of July 1908 in the Princely State. The Bank of Baroda is one of the leading commercial banks in India.
The Bank provides personal banking which includes deposits, Gen-next services, retail loans, credit cards, debit cards, services and lockers etc. It also provides business banking which includes deposits, loans and advances, services and lockers; Corporate banking which includes wholesale banking, deposits, loans and advances and services and International Business which includes Non-Resident Indian Services, Foreign Currency Credits, Off-shore Banking, Export Finance, Import Finance, Correspondent Banking, Trade Finance and International Treasury.
The Bank also offers some other services like Domestic Operations and Forex Operations. They also provide the rural bank services which includes deposits, priority sector advances, remittance, collection services, pension and lockers. The bank also offers fee based services like cash management and remittance services. The bank opened its first branch in the year 1919 in Mumbai and the first International Branch was opened on 1953 in Mombasa, Kenya.
- The bank opened three branches in Fiji, Five Branches in Kenya, three branches in Uganda and one each in London and Guyana.
- In the year 1958, Hind Bank merged with Bank of Baroda.
- In 1962, the New Citizen Bank merged with the Bank of Baroda.
- In the year 1964, the Umargaon People’s Bank and Tamil Nadu Central Bank combined with the Bank of Baroda.
- On July, 1969 the Bank was nationalized and changed its name from Bank of Baroda Ltd. To Bank of Baroda.
- The Bank opened three branches in Mauritius, two branches in UK and one branch in Fiji.
- In 1974, the Bank opened two branches in UAE, one at Dubai and another at Abu Dhabi.
- In the year 1976, the Bank sponsored the first of their 19 Regional Rural Banks.
- In 1977, then opened Gram Vikas Kendra (GVK) an innovative model for integrated rural development.
- In 1984, the Bank launched their credit card options.
- In the year 1988, the Traders Bank merged with the Bank.
- The Bank established Housing Finance Subsidiary in 1991. They also introduced subsidiaries for business of credit cards (BOBCARDS), asset management (BOB AMC) and capital market activities.
- In December 1996, the Bank entered the capital market with an initial market offering.
- In the year 1997, the Bank opened a new branch in Durban.
- In 1999, the Bank commenced operations as depository. In the same year, the Bareilly Corporation Bank merged with the Bank of Baroda.
- In the year 2000, the Bank appointed Arthur Andersen India Pvt Ltd as the risk management consultant for setting up a Comprehensive Risk Management Architecture for the Bank.
- In the year 2001, they established Separate Risk Management Department and specialized Integrated Treasury Branch.
- In the year 2002, the Benares Bank merged with Bank of Baroda.
- In 2004, the South Gujarat Local Area Bank merged with the Bank of Baroda.
- In June 1st 2004, the Bank signed a MoU with National Insurance Company Ltd.
- In 2004-05, the Bank expanded the network with an ATM network to cross 501, which is spread over 180 centers in the country.
- The Bank also introduced 8 AM to 8 PM banking, at 101 branches and 24 Hour Banking at 5 branches.
- They also introduced Multicity Cheque Facility.
- In the year 2006, the Bank introduced an Offshore Banking Unit in Singapore.
- They introduced around 464 ATMs across the country which later increased to 634 ATMs.
- In April 2007, the Bank opened Gen-Next, which is a Youth Oriented Bank.
- In May 2007, the Bank signed an agreement with Dun & Bradstreet (D&B) to assign ratings to the small-scale industrial banks.
- They also launched sale of Gold Coins during the year.
- The bank opened eight new Urban Retail Loan Factories at Powai, Bareilly, Mumbai, Agra, Bhopal, Nagpur, Ernakulam, Jodhpur and Noida.
- They also launched new Loan products called Loan for Earnest Money Deposit, Baroda Additional Assured Advance to NRIs, Baroda Bachat Mitra and Special Home Loan Package.
- The Bank signed a MoU with a number of car manufacturing companies like Maruti Suzuki Pvt Ltd., Tata Motors, Hyundai etc. for boosting up Auto Loan portfolio.
- Tied up with Kotak Mahindra Bank for providing Life Insurance Cover to Education Loan Borrowers and Home Loan Borrowers.
- The bank opened four new branches in Guangzhou, China; Electronic Banking Unit at Musaffah, UAE and branches of Subsidiaries at Kawempe (Uganda) and Nakuru (Kenya).
- On 20th July 2008, the Online Home Loan Facility was made available with status tracking option.
- The Bank opened six new Retail Loan Factories at Chandigarh, Gamdevi, Patna, Coimbatore, Ranchi and Allahabad.
- In June 22nd 2009, the Bank introduced a new reengineering restructuring Business project called Navnirmaan-Baroda Next.
- In Sept 2009, the Bank brought all the branches on CBS Platform to start Banking anytime and anywhere to all its customers.
- All the branches started to provide e-banking services as well as electronic fund transfer facilities like NEFT and RTGS.
- In October 2009, the Bank launched new Subsidy linked Housing Loan scheme under the Banks Home Loan Product styled as Interest Subsidy Scheme for Housing the Urban Poor (ISHUP).
- On November 2009, the Bank entered into Life Insurance Business, and introduced a Joint Venture Life Insurance Company called India First Life Insurance Co. Ltd.
- In the year 2010, the Bank received a Commercial Banking License from Malaysia to a locally incorporated bank, namely India BIA Bank (Malaysia) to be jointly owned by The Bank of Baroda, The Indian Overseas Bank and Andhra Bank.
- The bank also opened a new Branch in Auckland, New Zealand and tenth branch in the United Kingdom.
- In July 2010, the Bank signed an agreement with UIDAI to act as a registrar for the project. The Bank will join the UIDAI Team to collect the Biometric and Demographic information of their customers.
- In Aug 2010, the bank signed an Memorandum of Co-operation with the Dubai Multi Commodities Centre Authority to enhance the trade flows in Dubai.
- The Bank opened 7 new branches in Ilford, Essex UK and 5 Electronic Banking Service Units in UAE in Rakia, Ras Al Khaimah, Al Quaismas, Dubai, Sh. Zayed Road Dubai and National Paints Sharjah.
- During the year, the Bank launched a new Retail Asset Product styled as Baroda Traders Loan against the Security of Gold Ornaments/ Jewelries.
- During the year, the Bank opened a new Gen-next branch in NOIDA and now the total number of Gen Next Branches is eight. Also, they opened five new Retail Loan Factories at Karol Bagh New Delhi, Raipur, Ludhiana and Nasik, whereas one existing RLF at Jodhpur was closed.
- In January 15, 2011, the Bank launched two new Retail Liability Products under Savings Bank Segment called as Baroda Pensioners Savings Account and a Life Insurance linked Savings product styled as Baroda Jeevan Suraksha Savings Account under a partnership with India’s First Life Insurance Company.
- The subsidiaries in Uganda, Kenya and New Zealand will be opening two branches each and in Botswana and Guyana, one additional branch will be opened.