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'Bank of India' (BoI), established on 7 September, 1906 is a bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is one of India's leading banks, with about 2,645 branches including 24 branches outside India. The Bank completed one hundred years of its operations on 7th September, 2006.

Contents

History

Early history

Timelines

CMD since nationalisation

See also

External links

History

Early history

At least three banks having the name Bank of India had preceded the setting up of the present Bank of India.
#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.
#The second Bank of India was incorporated in London in the year 1836 as an Anglo-Indian bank.
#The third bank named Bank of India was registered in Bombay (now Mumbai) in the year 1864.
These banks had failed and were no longer in existence by the time Sir Sassoon David, the lead promoter, helped establish the present Bank of India in 1906. The promoters of the Bank of India were a diverse group of Hindus, Muslims, Parsis, and Jews. It was the first bank in India promoted by Indian interests to serve all the communities of India. At the time, banks in India were either owned by Europeans and served mainly the interests of the European merchant houses, or by different communities and served the banking needs of their own community.
The Bank of India was incorporated on 7 September, 1906 under Act VI of 1882 with an authorised capital of Rs. 1 crore divided into 100,000 shares each of Rs. 100; while 55,000 shares were privately placed, 45,000 were issued to the public by way of IPO on 3rd October, 1906; the bank commenced operations on 1st November, 1906.
The lead promoter of the Bank of India was Sir Sassoon David who had also served once as the mayor of Bombay. He belonged to a family with a history of social service; the Sassoons had donated the Flora Fountain and the Sassoon Library to the people of Bombay, and had partly financed the construction of the Gateway of India. He was a prudent banker, and remained the Chief Executive of the bank for two decades from 1906 until 1926.
The first board of directors of the bank consisted of Sir Sassoon David, Sir Cowasjee Jehangir, J. Cowasjee Jehangir, Sir Frederick Leigh Croft, Ratanjee Dadabhoy Tata, Gordhandas Khattau, Lalubhai Samaldas, Khetsety Khiasey, Ramnarain Hurnundrai, Jenarrayen Hindoomull Dani, Noordin Ebrahim Noordin.

Timelines

★ 1906: Founded with Head Office in Mumbai.

★ 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 nationalised 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 nationalised the 14 top banks, including Bank of India. In the same year, the People's Democratic Republic of Yemen nationalised 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 branches in 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 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