BOI Bank Full Form

What is the full form of BOI Bank?

BOI is the abbreviation used for Bank of India. BOI is a commercial bank whose head office is located in Mumbai’s Bandra Kurla Complex. It was Established in 1906, and after nationalisation in 1969, it was owned by the government of India. As of 2021, it had more than 5000 branches spread over all the states and union territories in India, including some specialised branches. There are about 45 overseas branches or offices, which include 23 branches owned by the Bank, one representative office, 4 Subsidiaries (20 branches), and a joint venture. All these branches are handled via 59 Zonal Offices and 10 NBG Offices.

BOI is a founding 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 nationalised along with Thirteen other banks, the Bank was under private control and ownership.

• The Bank has expanded steadily over the years, starting with one office in Mumbai with a paid-up capital of approximately five million & fifty employees. It has flourished into a powerful institution with an extensive national existence and substantial overseas operations.

• The Bank holds a prime role among banking institutions regarding the market size.

• The Bank has more than 5000 offices in India, including specialised 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.