Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.

The Bank has 3101 branches in India spread over all states/ union territories including 141 specialised branches. These branches are controlled through 48 Zonal Offices . There are 29 branches/ offices (including three representative offices) abroad.

The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008. . Total number of shareholders as on 30/09/2009 is 2,15,790.

While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.

The Bank’s association with the capital market goes back to 1921 when it entered into an agreement with the Bombay Stock Exchange (BSE) to manage the BSE Clearing House. It is an association that has blossomed into a joint venture with BSE, called the BOI Shareholding Ltd. to extend depository services to the stock broking community. Bank of India was the first Indian Bank to open a branch outside the country, at London, in 1946, and also the first to open a branch in Europe, Paris in 1974. The Bank has sizable presence abroad, with a network of 29 branches (including five representative office) at key banking and financial centres viz. London, Newyork, Paris, Tokyo, Hong-Kong and Singapore. The international business accounts for around 17.82% of Bank’s total business.

Bank of India was founded on September 7, 1906 by a group of eminent businessmen from Mumbai. In July 1969 Bank of India was nationalized along with 13 other banks.

Beginning with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years. It has evolved into a mighty institution with a strong national presence and sizable international operations. In business volume, Bank of India occupies a premier position among the nationalized banks.

Presently, Bank of India has 2609 branches in India spread over all states/ union territories including 93 specialized branches. These branches are controlled through 48 Zonal Offices.

Bank of India has several firsts to its credit. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio. Bank of India was the first Indian Bank to open a branch outside the country, at London, in 1946, and also the first to open a branch in Europe, Paris in 1974. The Bank has sizable presence abroad, with a network of 23 branches (including three representative office ) at key banking and financial centres viz. London, New York, Paris, Tokyo, Hong-Kong, and Singapore.

Previous banks that used the name Bank of India

At least three banks having the name Bank of India had preceded the setting up of the present Bank of India.

1.A person named Ramakishen Dutt set up the first Bank of India in Calcutta (now Kolkata) in 1828, but nothing more is known about this bank.

2.The second Bank of India was incorporated in London in the year 1836 as an Anglo-Indian bank.

3.The third bank named Bank of India was registered in Bombay (now Mumbai) in the year 1864.

The first board of directors of the bank consisted of Sir Sassoon David, Sir Cowasjee Jehangir, J. Cowasjee Jehangir, Sir Frederick Leigh Croft, Gordhandas Khattau, Lalubhai Samaldas, Khetsety Khiasey, Ramnarain Hurnundrai, Jenarrayen Hindoomull Dani, Noordin Ebrahim Noordin.

• 1906: Founded with Head Office in Mumbai.
• 1921: BoI entered into an agreement with the Bombay Stock Exchange to manage its clearing house.
• 1946: BoI opened a branch in London, the first Indian bank to do so. This was also the first post-WWII overseas branch of any Indian bank.
• 1950: BoI opened branches in Tokyo and Osaka.
• 1951: BoI opened a branch in Singapore.
• 1953: BoI opened a branch in Kenya and another in Uganda.
• 1953 or 54: BoI opened a branch in Aden.
• 1955: BoI opened a branch in Tanganyika.
• 1960: BoI opened a branch in Hong Kong.
• 1962: BoI opened a branch in Nigeria.
• 1967: The Government of Tanzania nationalized BoI’s operations in Tanzania and folded them into the government-owned National Commercial Bank , together with those of Bank of Baroda and several other foreign banks.
• 1969: The Government of India nationalized the 14 top banks, including Bank of India. In the same year, the People’s Democratic Republic of Yemen nationalized BoI’s branch in Aden, and the Nigerian and Ugandan governments forced BoI to incorporate its branches in those countries.
• 1970: National Bank of Southern Yemen incorporated BoI’s branch in Yemen, together with those of all the other banks in the country; this is now National Bank of Yemen. BoI was the only Indian bank in the country.
• 1972: BoI sold its Uganda operation to Bank of Baroda.
• 1973: BoI opened a rep in Jakarta.
• 1974: BoI opened a branch in Paris. This was the first branch of an Indian bank in Europe.
• 1976: The Nigerian government acquired 60% of the shares in Bank of India (Nigeria).
• 1978: BoI opened a branch in New York.
• 1970s: BoI opened an agency in San Francisco.
• 1980: Bank of India (Nigeria) Ltd, changed its name to Allied Bank of Nigeria.
• 1986: BoI acquired Paravur Central Bank (Karur Central Bank or Parur Central Bank) in kerala in a rescue.
• 1987: BoI took over the three UK branches of Central Bank of India (CBI). CBI had been caught up in the Sethia fraud and default and the Reserve Bank of India required it to transfer its branches.
• 2003: BoI opened a representative office in Shenzhen.
• 2005: BoI opened a representative office in Vietnam.
• 2006: BoI plans to upgrade the Shenzen and Vietnam representative offices to branches, and to open representative offices in Beijing, Doha, and Johannesburg. In addition, BoI plans to establish a branch in Antwerp and a subsidiary in Dar-es-Salaam, marking its return to Tanzania after 37 years.
• 2007: BoI acquired 76 percent of Indonesia-based PT Bank Swadesi.