Bank of Baroda offers several banking products and services to both the individual and corporate customers. It is providing fixed, current, recurring, and savings deposit products, along with NRI account and foreign currency deposits.
The company is offering several sorts of loans, such as home, education, vehicle, personal, mortgage, commission agents, traders, and debit card EMI loans, gold loans, loans against securities, loans for public issues, professional loans, along with loans for micro, small, and medium enterprises; working capital finance, term finance, commercial vehicle finance, export, and import finance; loans against rent receivables, term finance, project finance, infrastructure finance, loans for takeover of accounts, foreign currency credit, supply chain finance, and non-fund based services; and debit, prepaid, and credit cards.
As of May 2019, the company has been operating 5,553 branches in India, along with 100 international branches and 9,572 ATMs. Bank of Baroda was incepted in 1908 and is headquartered in Vadodara, India.
Having the strength of 5458 branches and 100027 ATMs, Bank of Baroda possesses its position amongst nation’s top banking companies with a significant presence in the international banking market with the strength of 105 offices throughout 23 countries in the globe. BOB Financial Solutions Limited and BOB Capital Market are the subsidiaries of the Bank.
Maharaja Sayajirao III of Baroda founded the bank with a capital of Rs.1 million in July 1908 as The Bank of Baroda Limited. In 1910 and 1919 the branches were opened at Ahmadabad and Mumbai respectively. In 1953 the debut international branch of the bank was opened at Mombasa, Kenya. By 1953-1969 plenty of branches were opened in Fiji, Kenya, Uganda, London, and Guyana. The amalgamations with The Hind Bank took place in 1958; four years back to the merger with The New Citizen Bank in 1964.
As a consequence of the nationalization bank’s name was changed from The Bank of Baroda Ltd to Bank of Baroda. By 1969 to 1974, several branches were established in Mauritius, UK, and Fiji. Following the launch of 19 Regional Rural Banks the bank introduced the Gram Vikas Kendra (GVK) for an integrated Rural Development. Introducing the Credit card operations in 1984 the company went to an amalgamation with The Traders Bank ltd in 1988.
In 1997 the bank introduced a branch in Dubai. By appointing Arthur Andersen India Pvt. Ltd as the risk management consultant, the bank focused on its Risk management Architecture 2000, which resulted in the establishment of a separate Risk Management Department in 2001. In 2002, following a merger with The Benares State Bank Ltd a Debit Card project in affiliation with VISA was launched by the company. In June 2004, an MoU was signed between the bank and the National Insurance Company Ltd to sell their non-life insurance products. During 2004-05, the Bank enhanced its ATM network, spread over 180 centres in the country.
An agreement was signed between the bank and Dun & Bradstreet (D&B) to deal with the small-scale industry customers of the bank on May 20007. In 2008-09, eight new Urban Retail Loan Factories (URLFs) was opened by the bank. The China Banking Regulatory Commission (CBRC) permitted the license to the bank for their branch in Guanzhou in July 2008. Six new Retail Loan Factories (RLFs) were introduced by the bank during 2009-10.
On September 2015, 9.26 crore equity shares were issued and allotted by Bank of Baroda at a price of Rs.192.74 per equity share resulting in Rs.1786 crore to Government of India. On 25 July 2016, Bank of Baroda declared that a penalty of Rs. 5 crores had been taxed by the Reserve Bank of India on the bank. On November 2017, Bank of Baroda announced that an MoU had taken place between the bank and CGR Collateral Management Ltd. On 12 February 2018, Bank of Baroda declared that the bank was exiting from its operations in South Africa.
How Bank of Baroda, is categorised as Banks Sector, and Finance Industry :
The Financial Industry is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialised Financial Services.
Bank of Baroda comes under the Banking sector. The banking sector is one of the active areas in India, which makes a significant portion of the growth of a country’s GDP. The banking sector in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Bank of Baroda, Competitors and Sector Peers:
Bank of Maharashtra BANK5
Central Bank of India CENTRB
Indian Overseas Bank INDOVE
Oriental Bank of Commerce ORIBAN
Punjab National Bank PUNNAT
State Bank Of Bikaner and Jaipur [Merged] STABAN
State Bank of India STATEB
State Bank Of Mysore STATE3
State Bank of Travancore [Merged] STATE6
Union Bank of India UNIBAN
United Bank of India UNITBA