Bank of India has been offering several banking services and products, emphasizing upon Retail Banking and Treasury Operations. Plenty of deposit products including current, term, salary, savings and tax savings deposit are offered by the bank. The bank is providing loans for housing, vehicle, personal purposes, education, pensioner, holiday etc. along with loan against property. Home loans for NRIs, loans for MSME customers and corporate including loans against FCNR deposits are also offered by the bank.
Together with these above, several services such as cash management, online share trading, portfolio management, insurance, ATM, online banking, online income tax, credit, debit and prepaid card are also offered by the bank along with mutual fund products and rural customer’s services. Bank of Baroda was incepted in 1906. The bank has 5,092 branches in India along with two branches in abroad the bank is headquartered in Mumbai, India.
An agreement took place between the bank and Bombay Stock Exchange for managing clearing house in 1921. Inaugurating a branch at London in 1946, they became the first bank to have a branch outside the nation. Branches were opened at Singapore, Aden Tanganyika, Tokyo, Uganda, Osaka, Nigeria and Hong Kong between 1950 and 1962. The international intervention has been carried out since the last six decades.
In 1989, they touched the milestone of being the first Indian bank to develop a solely ATM facilitated and computerized branch in Mumbai. Bullion banking was introduced by the bank in 1997. For collecting the cheques speedier and to generate instantaneous funds for the customers, Star Cash Management Services 2000 was launched by the bank, in 2000.
Institute for Development & Research in Banking Technology praised the bank as The Best Bank concerning the application of Information System Security Policies, during 2004-05. In this period a tie-up took place between the bank and ICICI Prudential Life Insurance.
In June of 2008, Bank of India (Tanzania) Ltd. started operating their first branch at Dar-Es-Salam, one year before the corporate agency agreement that took place between the bank and their joint venture Star Union Dai-ichi Life Insurance Co. Ltd. for selling their life insurance products and services in 2009. Bank of India launched Star Benefit CD account and Star Suraksha SB account to improve and develop CASA business, in September 2009.
Bank of India announced to enter into a joint venture with a cent per cent subsidiary of AXA Investment Managers, namely AXA Investment Managers Asia Holdings Private Limited, for pursuing the business of asset management, resulting as the formation of Bharti AXA Investment Managers Private Limited, in December 2011.
Bank of India notified that 12.70 crore equity shares had been allotted to the Government of India by the bank, Rs.193.30 being the price for each share, on October 2015. On March 2016, he bank again announced that the Indian Govt. had approved for infusing capital funds to the tune of Rs.1150 crore in the bank through preferentially allotting the equity shares in favour of Indian govt.
Bank of India had a 5% stake that was around 12.50 lakh shares in TransUnion CIBIL Limited, which was sold to TransUnion International Inc., as declared by the bank on March 2017. A Request for Proposal had been pursued by the bank for selling the 29.96% of the stake that the bank was possessing in the associate firm STCI Finance Limited, on August 2017. The two-tier savings bank rate was also introduced by the bank for the first time at that time.
Bank of India, as a consequence of the clarification asked by the stock exchange, confessed that the bank had actively provided several credit facilities to the South African Company Gupta Family Group in the past without violating any banking norm. The company has enjoyed a net income of Rs.45, 900 crores along with a net profit of Rs.5, 547 crores in the financial year of 2018-19, surpassing the net income of Rs.43, 805 crores in the previous fiscal year of 2017-18.
How Bank of India, 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 India 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 India, 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