About
Bank of India
Bank of India is a state-owned commercial bank with headquarters in Mumbai. The Bank provides a wide range of banking products and financial services to corporate and retail customers. The bank provides specialized services for businesses (dealing in foreign exchange), NRIs, merchant banking, etc. They also have specialized branches that deal in asset recovery, hi-tech agricultural finance, lease finance and treasury, and small-scale industries. The Bank offers products such as mutual funds, venture capital, depository services, bullion trading and credit cards.
The Bank operates in three business segments, namely Treasury Operations, Wholesale Banking Operations and Retail Banking Operations. Treasury Operations includes the entire investment portfolio, which include dealing in government and other securities, money market operations and foreign exchange (Forex) operations. Wholesale Banking includes all advances, which are not included under Retail Banking.
The bank had a strong network of 5,083 domestic branches, 5690 ATMs and 23 overseas branches. The domestic.branches are controlled through 54 Zonal Offices and 8 NBG Offices. Presently, Bank of India has overseas presence in 22 foreign countries spread over 5 continents - with 60 offices including 5 Subsidiaries, 5 Representative Offices and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.
Bank of India was incorporated on September 7, 1906 by a group of eminent businessmen from Mumbai. The Bank was stared with one office in Mumbai, with a paid-up capital of Rs 50 lakh. The Bank was the first in India promoted by Indian interests to serve all the communities of India.
In the year 1921, the Bank entered into an agreement with the Bombay Stock Exchange to manage their clearinghouse. In the year 1946, they were the first Indian Bank to open a branch outside the country, at London. During the period 1950-1962, they opened their branches in Tokyo, Osaka, Singapore, Kenya, Uganda, Aden Tanganyika, Hong Kong and Nigeria.
The Bank was under private ownership and control till July 1969 when the Bank was nationalised along with 13 other banks. In the year 1972, the Bank sold their Uganda operation to Bank of Baroda. In the year 1974, they became the first to open a branch in Europe, Paris. In the year 1989, the Bank was the first among the nationalized banks to establish a fully computerized branch and ATM facility at the Mahalaxmi Branch at Mumbai.
In the year 1997, the Bank came out with maiden public issue. In November 1997, they introduced bullion banking. In the year 2000, they introduced Star Cash Management Services 2000 for speedier collection of cheques and release of immediate funds to the customers without waiting for actual realization of cheques. During the year 2002, they returned Rs 150.42 crore of equity capital to Government, with this the Government stake in the bank reduced to 69.3% from 76.5% earlier.
During the year 2004-05, the Bank merged two of their branches. The Bank was honored as 'The Best Bank' in the implementation of Information System Security Polices from Institute for Development & Research in Banking Technology (IDRBT). They made a tie up with ICICI Prudential Life Insurance for providing reference to customers for sale of their life insurance products against a referral fee. They also made strategic tie up with Securities Trading Corporation of India (STCI), in facilitating secondary market sale of Government Securities.
In November 2006, the Bank in association with Union Bank of India entered into MoU with Infrastructure Development Finance Co Ltd for financing the infrastructure projects. In December 2006, Japan's Dai-ichi Mutual Life Insurance Co. formed a joint venture with Bank of India and Union Bank of India to offer life insurance services in India.
During the year 2007-08, the Bank acquired a stake of 76% in PT Bank Swadesi Tbk for a total consideration of Indian Rs.3.77 crores. PT Bank Swadesi had a licence to Forex Business and listed on the Jakarta Stock Exchange. They made a tie up with ING Investment Management and Franklin Templeton Investments for sale for their mutual fund products. They implemented Core Banking Solutions in 1525 branches. Also, they installed solar power system in 65 rural and semi-urban branches facing acute power shortage.
In May 2007, the Bank made a tie-up with National Bulk Handling Corporation (NBHC) for lending to farmers against warehouse receipts at 10.25 per cent, 50 basis points (bps) lower than the normal agri lending rate of 10.75 per cent. In July 2007, they sold their entire of 12.25% stake in IL&FS Investment Managers Ltd to the IL&FS Promoters.
During the year 2008-09, the Bank opened 118 new branches and converted 20 extension counters into full-fledged branches. Also, 1067 branches migrated to Core Banking Solution (CBS) making a total of 2593 branches in CBS mode covering 1553 centres. They entered into tie-up with IDFC Mutual Fund for sale of their mutual fund products. Also, they launched the revamped website using latest Next Generation Web 2.0 technology with features like Customer Corner for customer suggestions/ redressal of grievances.
In June 2008, Bank of India (Tanzania) Ltd, a wholly owned subsidiary commenced operations with first branch at Dar-Es-Salaam. In February 2009, they entered into Corporate Agency Agreement with Bank's Joint Venture - the Star Union Dai-ichi Life Insurance Co Ltd for sale of their life insurance products.
During the year 2009-10, the Bank opened 186 new branches including 13 Extension Counters converted into full-fl edged branches. The Bank signed MoUs with Tata Motors, Piaggio Vehicles Pvt Ltd, Asia Motor Works, JCB India Ltd, Mahindra Navistar, Ashok Leyland Ltd, Sonalika Group of companies etc. for financing vehicles / earth moving equipments. They entered into tie-up with DSP BlackRock Mutual Fund, Reliance Mutual Fund and Birla Sunlife Mutual Fund for sale of their mutual fund products.
During the year, the Bank launched 'Welcome Kit' for all new accounts opened at the select branches of Mumbai, New Delhi, Chandigarh and Ghaziabad. They launched Marathi version of their website. From May 16, 2009 all domestic branches came under the umbrella of (core banking system (CBS). In September 2009, they launched two new products, 'Star Suraksha SB account' and 'Star Benefit CD account' having unparallel features for improving the CASA business.
In October 2009, the Bank entered into a MoU with TVS Motor Company Ltd to provide finance for customers intending to buy TVS Flame SR 125 motorcycle. The Bank would take on the role of preferred financier and offer customers' attractive loans, under the special scheme, launched to coincide with the festival season.
A web based Customer Complaint Management System was made live from January 1, 2010 to reduce the response time. In February 2010, the Bank launched 'Star Abhilasha Biometric Smart Cards' in Nagpur, Maharashtra. They introduced Credit Application Processing Systems through software termed as CAPS, which covers all major credit segments, namely Retail, Corporate, MSME and Agriculture.
During the year 2010-11, the Bank opened 283 new branches including 2 Extension Counters converted into full-fledged branches. They introduced welcome Kits for NRI Customers opening NRE/ NRO accounts at foreign centers. Also, they launched Marathi version of the Banks website.
The Bank introduced a new format of Savings Bank Passbook (Horizontal Format), which will print all details of the transaction on the same page as against the existing format (Vertical Format) where the details are printed on two pages. They introduced issuance of insta-pin for Debit-cum-ATM Card. This will address the customer grievance for non-receipt of Re-pin and also save the effort and expense in generating and mailing Re-pins.
The Bank started fifteen Rural Centralised Credit Processing Centres (CPC) at Belgaon, Ujjain, Barabanki, Mehasana, Ludhiana, Karad, Amalapuram, Tanjavur, Barasat, Hardoi, Nadiad, Ratnagiri, Nashik, Solapur & Barnagar. They opened mid-Corporate branches at Ernakulam, Andheri and Seepz.
In October 27, 2010, the Bank and Ajcon Global Services Ltd signed a MoU for strategic Tie up for offering Online Trading in shares services to the customers of the Bank. In December 14, 2010, the Bank launched five SME City Centres at Ahmedabad, Coimbatore, Kolkata, Ludhiana, and Pune. Subsequently, seven more SME City Centres at Bangalore, Chandigarh, Hyderabad, NewDelhi, Nagpur, Mumbai North and Vadodara started functioning. In January 14, 2011, they launched five New Retail Business Centres in 5 identified Zones namely Bangalore, Chandigarh, Mumbai South, New Delhi and Pune on Pilot basis.
On 3 December 2011, Bank of India announced that the bank and AXA Investment Managers Asia Holdings Private Limited (a subsidiary of AXA Investment Managers, part of AXA Group) have agreed to enter into a joint venture in asset management business carried on by Bharti AXA Investment Managers Private Limited (BAIM). BAIM is the asset management company to Bharti AXA Mutual Fund. In the proposed joint venture, Bank of India will acquire 51% of equity and the balance will be with AXA Group.
On 31 March 2012, Bank of India announced that it has allotted 2.73 crores equity shares to the Life Insurance Corporation of India on 30 March 2012 on preferential basis at a price of Rs 380.02 per share.
On 20 June 2012, Bank of India announced that it has floated a 100% subsidiary namely Bank of India (Uganda) Ltd. The subsidiary has started its operations from 18 June 2012 in Uganda.
On 6 March 2013, Bank of India announced that upon receipt of funds from Government of India, the bank on 6 March 2013 allotted 2.21 crores equity shares to Government of India on preferential basis at a price of Rs 365.70 per share.On 20 March 2013, Bank of India announced that it has raised USD 500 million from Foreign Currency Bonds. The issue was oversubscribed by 5.4 times and is significant for being the first bond transaction by the bank offered to the institutions of USA under Rule 144A. It was also the first India PSU bank offering under Rule 144A in 2013.
On 17 December 2013, Bank of India announced that upon receipt of funds from Government of India, the bank on 11 December 2013 allotted 4.63 crore equity shares to Government of India on preferential basis at a price of Rs 215.70 per share.
On 3 October 2015, Bank of India announced that it has allotted 12.70 crore equity shares to the Government of India on 30 September 2015 at a price of Rs 193.30 per share. Consequently, shareholding of the Government of India has increased from 64.43% to 70.13% and correspondingly, the Non- Government Shareholding has decreased from 35.57% to 29.87%.
On 6 January 2016, Bank of India announced that it has allotted 2 crore equity shares to Life Insurance Corporation of India on preferential basis on 5 January 2016 at the price of Rs 132.06 per share.
On 15 January 2016, Bank of India announced that it has purchased BSE's entire 49% stake in BOI Shareholding Limited, thereby making it a wholly owned subsidiary of the bank.
On 29 March 2016, Bank of India announced that the Government of India has conveyed its approval to infuse capital funds to the tune of Rs 1150 crore in the bank by way of preferential allotment of equity shares in favour of Government of India.
On 31 March 2016, Bank of India announced that it has allotted 46.39 lakh equity shares to General Insurance Corporation of India on preferential basis on 30 March 2016 at the price of Rs 86.22 per share.
On 6 May 2016, Bank of India announced that it has allotted 10.14 crore shares to Government of India at a price of Rs 113.32 per share and 1.6 crore shares to Life Insurance Corporation of India at a price of Rs 96.03 per shares through preferential issue.
On 26 July 2016, Bank of India announced that the Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs 1 crore on the bank for certain violations of the requirements under Master circular on KYC/ALM of Reserve Bank of India. Bank of India said it has taken necessary preventive measures/corrective action plan to avoid its recurrence.
On 8 September 2016, Bank of India announced that it has allotted 12.06 crores equity shares to Government of India (Promoters) at a price of Rs 110.89 per share through preferential issue.
On 26 September 2016, Bank of India announced that Dai-Ichi Life Insurance Company Ltd. (DLIC) has exercised the call option to acquire 18% additional stake in Star Union Dai Ichi Life Insurance Company Ltd (SUD) from Bank of India. Post the transaction; DLIC's stake in SUD has increased to 44% from 26% whereas Bank of India's holding in the joint venture life insurance company has declined to 30% from 48%. Union Bank of India continues to hold 26% stake in SUD. SUD was incorporated in the year 2007 as a joint venture among Bank of India, Union Bank of India and DLIC.
On 23 March 2017, Bank of India announced that the bank has sold it's entire stake of 5% (12.50 lakh shares) in TransUnion CIBIL Limited (TUCIBIL) to TransUnion International Inc (TUI). The deal was concluded on 22 March 2017 at the rate of Rs 1,525 per equity share for a total consideration amount of Rs 190.62 crore.
On 14 June 2017, Bank of India announced that it has allotted 1.75 crore fresh equity shares to Life Insurance Corporation of India at a price of Rs 126.81per share through preferential issue.
On 30 June 2017, Bank of India clarified that global credit rating agency Fitch Ratings has affirmed its Long Term Issuer Default Ratings (IDRs) on Bank of India. The rating agency has downgraded its Viability Rating (VR) on the bank to b+' from bb-' to reflect its weaker intrinsic risk profile compared with higher-rated peers. According to the rating agency, the bank's core capital buffer has dropped significantly due to persistent losses and it appears vulnerable to moderate shocks.
On 20 December 2017, Bank of India announced that the Reserve Bank of India has placed the bank under Prompt Corrective Action Framework, consequent to the onsite inspection under the Risk Based Supervision Model carried out for year ended March 2017, and the report issued thereof. This is in view of high net NPA, insufficient CET1 Capital and negative ROA for two consequent years. This action will contribute to the overall improvement in risk management, asset quality, profitability, efficiency, etc of the bank. On 4 August 2017, Bank of India announced that it has allotted 11.23 crore fresh equity shares to Government of India (Promoters) at a price of Rs 133.51 per share through preferential issue.
On 7 August 2017, Bank of India announced that it has floated a Request for Proposal (RFP) for sale of its 29.96% stake in its associate company i.e. STCI Finance Limited.
On 24 August 2017, Bank of India announced that it is introducing 2- tier savings bank rate. With effect from 24 August 2017, the bank will pay interest at 3.5% on savings banks balance up to Rs 50 lakh and interest at 4% on savings bank balance above Rs 50 lakh.
On 30 December 2017, Bank of India announced that it has received infusion of Rs 2257 crore from Government of India, in form of Common Equity Tier-1 Capital, which is being kept as share application money and would be allotted after following due procedure/conditions for allotment.
On 8 March 2018, Bank of India clarified to the stock exchanges that it has sanctioned certain credit facilities to Gupta Family Group of South Africa in the past as per laid down norms. The bank's present outstanding to the group is Rs 27.58 crore and it is backed by more than 100% security.
On 21 March 2018, Bank of India announced that the Ministry of Planning and Finance, Directorate of Investment and Company Administration, Myanmar has allowed the bank to terminate/close its Yangon Representative Office (Myanmar) with effect from 19 January 2018.
On 28 March 2018, Bank of India announced that it has allotted 55.84 crore fresh equity shares to Government of India (Promoters) at a price of Rs 165.32 per share through preferential issue.
On 9 April 2018, Bank of India has announced that the Central Bank of the U.A.E has allowed the closure of the bank's Dubai Representative Office.
During the year 2019, Government of India has infused Rs.14724 crores capital for fresh equity shares out of which Bank has made preferential allotment of 95,37,58,865 equity shares of Rs.10 each, in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
During the FY2019, the bank has been conferred Second Position among PSU Banks for performance under Sukanya Samriddhi by the National Savings Institute (Ministry of Finance) for the year 2017-18. The bank also adjudged 2nd Most Trusted Bank in the PSU Bank category by Economic Times. Also received 'Best Performer in Currency Derivative Segment' amongst all Banks' Category by BSE. The bank also bagged 'India's Top Organisation with Innovative HR Practices' award in PSUs by the Asia Pacific HRM Congress for 2017-18. Bank of India awarded APY- Makers of Excellence Award by PFRDA for enrolment in APY in November,2018.
As on 31 March 2019, the bank has 9 subsidiaries, one joint venture, 3 associate companies and 4 RRBs under its roof.
During the FY2020, the bank has allotted 51,76,33,928 Equity Shares of Rs 10 each to Government of India (Promoters) for cash at an exercise price of Rs 89.60 per share including premium of Rs 79.60 per equity share aggregating to Rs 4,638 Crore on preferential basis on 20 April 2019.
The bank has won the second Most Trusted Brand Award in the Banks category awarded by the Reader's Digest Trusted Brand, 2019. In the India Banking Summit & Awards 2019, Bank of India ranked as Best Public Sector Bank 2019 by Synnex Group. The bank also bagged Best Performing Public Sector Bank in APY Formation Day Campaign (FY2019-20) by PFRDA. The Bank has won Infosys Finacle Clients Innovation Award 2019.
The Bank has a geographically well spread branch network in India and aboard. The Bank had 5083 domestic branches and 24 overseas branches as on 31.03.2020. In the foreign countries 24 branches, 20 Subsidiaries, 1 Joint Venture and 1 representative offices keep Bank's presence felt in all times Zones and important financial centers of the globe. During the year 2019-20, Bank has opened 1 new branch.
As on 31 March 2020, the bank has 8 subsidiaries, one joint venture, 3 associate companies and 3 RRBs under its roof.
The bank has raised Rs 750 crore through BASEL III compliant additional tier 1 bonds on 28 January 2021.
During the current financial year 2020-21, Bank has received Rs. 3,000 crore from Government of India for preferential issue of equity shares. The same is kept in Share Application Money Account, pending allotment of Shares. Bank has raised Rs. 1,352 crore by issue of Basel III compliant Additional Tier I bonds during the financial year.
Bank had 5084 branches and 24 overseas branches in India as on 31st March 2021. During the year 2020-21, Bank has opened 4 new branches.
The Bank had 5105 branches and 22 overseas branches in India as on 31st March 2022. During the year 2021-22, Bank opened 25 new branches.
The Bank had 5129 branches and 21 overseas branches in India as on 31st March 2023. During the year 2022-23, Bank opened 29 new branches.
During 2022-23, the Bank raised Equity Share Capital of Rs 2550.01 through Qualified Institutional Placement on August 31, 2021. The Bank issued and allotted 40,54,71,866 equity shares of face value Rs 10 each at a premium of Rs 52.89 per share to the investors.
Bank of India
Chairman Speech
Dear Shareholders & Stakeholders,
1. At the very outset, I extend a very warm welcome to each one of you
to the 27th Annual General Meeting of your Bank.
I have great pleasure in placing before you the Annual Report of your
Bank for the year ended March 31,2023.
2. The year 2022-23 was characterised by twists and turns in the global
economy spilling its effect all around. The prolonged continuation of Russia Ukraine war
led to geopolitical uncertainty, supply chain disruptions and economic volatility
negatively affecting prospects of global growth. As per the estimates of IMF, global
economy growth declined from 6.0% in 2021 to 3.4% in 2022 and is expected to remain
subdued subsequently in the following years.
3. The prevailing macroeconomic conditions jolted the ongoing recovery
process post pandemic and led to elevated inflationary pressures across the globe. As a
result, the central banks all over the world tightened monetary policies to fight
inflation and interest rates touched to soaring heights affecting demand and posed
downside risks to growth outlook. The situation worsened during end of March 23 in the
form of banking sector turmoil in the US and Europe which have brought financial stability
issues to the forefront.
4. Indian economy remained resilient amidst these uncertainties on
account of strong economic fundamentals and robust & well regulated banking sector.
The GDP grew by 7% during 2022- 23(as per 2nd advanced estimates of NSO) and emerged
fastest growing nation in the world. However, inflation (CPI) persisted at elevated level
during the year due to adverse supply shocks and pass through of higher input costs.
5. The financial performance of Banks has been good with increasing
profitability and improving asset quality with reduction of NPA below 5%.The banking
industry witnessed a higher credit growth of 15% and lower deposit growth of 9.6% in FY
2223 amid significant rise in interest rates and global uncertainties. So deposit
mobilization has emerged as a big challenge among peer banks to sustain double digit
credit growth.
6. RBI withdrew accommodative policy stance to ensure that inflation
remains within the target and raised policy repo rate since May 2022 by 250 basis points
to curb inflation while supporting growth. Also, a number of policy measures were
announced by the Government such as Revamped Credit Guarantee Scheme for MSMEs to enable
additional collateral free guaranteed credit of Rs.2.00 lakh crore, setting up of
Agriculture Accelerator Fund to encourage agri-startups, investment of Rs.75,000 crore for
one hundred critical transport infrastructure projects, extension of PLI scheme, increased
outlay for PM Awas Yojana etc. to bring multiplier effect in the economy for sustainable
growth. Along with this, higher outlay on infrastructure expenditure including Rs.10 lakh
crore capital investment in the Union Budget 2023-24 is expected to crowd-in private
investment and accelerate the growth momentum along with job creation.
7. Against the above backdrop, let me present before you the highlights
of the Bank's performance and major initiatives taken by your Bank during the year
2022-23.
? We are happy to announce that your Bank has posted a Net Profit of
Rs. 4023 cr during FY23, with an increase of 18.16% over the previous year. With this, the
Bank's Board of Directors have recommended dividend of 20% on equity shares subject to
approval of shareholders in ensuing AGM.
? Return on Assets (RoA) of the Bank improved from 0.43% in FY22 to
0.49% in FY23 and Returns on Equity (RoE) marginally declined from 10.55% to 10.31%.
? EPS improved from Rs.8.84 in FY22 to Rs. 9.80 in FY23.
? The NIM (Global) improved from 2.36% during FY22 to 3.01% during
FY23.
? Capital Adequacy Ratio stood at 16.28% in March 2023.
? Domestic CASA went up by 2.72% YoY and CASA percentage declined from
45.02% in March 2022 to 44.73% in March 2023.
? Global Advances increased by 12.87% YoY in FY23 against 11.35% during
FY22.
? RAM advances increased by 12.29% YoY and its share in TOTAL advances
went up from 53.77% to 55.11%.
? Credit Cost inched up from 0.75% to 0.79% for the year FY23.
? Priority Sector Advances rose by 8.48% YoY and it constituted 43.28%
of ANBC during the year, with agriculture credit of 19.00% against mandatory target of
18%.
? Slippage ratio came down from 2.15% in FY22 to 1.94% in FY23.
? Gross NPAs brought down by 17.36% from Rs. 45,605 Cr in March 2022 to
Rs. 37,686 Cr in March 2023.
? Gross NPA ratio lowered from 9.98% in March 2022 to 7.31% in March
2023.
? Net NPA ratio also came down from 2.34% in March 2022 to 1.66% in
March 2023.
? Provision Coverage Ratio (PCR) stood high at 89.68% against 87.76% in
March 2022.
? In the field of Financial inclusion, the Bank has surpassed the
targets in JJBY and APY and your Bank has been conferred the Annual APY Exemplary award of
excellence by the Pension Fund Regulatory and Development Authority.
8. Initiatives
Your Bank has always been pursuing various initiatives for improving
operational efficiency so as to improve customers' convenience and enhance competitive
strength of the Bank. Let me recapitulate a few of them:
? Among various technological initiatives started by our Bank,
E-Platform is being implemented for straight through origination to process all Banking
products. Bank has enabled Branch Journey & Web Journey for Savings account opening on
E-platform and Digital processing of PMmY MUDRA Loans product in MSME Segment; Personal,
Vehicle and Pensioner Loan in Retail Segment; Gold Loan & KCC in Agriculture segment.
? In MSME field, "Supply Chain Finance solution customer
portal" has been launched to increase business through Channel Financing. Bank is in
the process of onboarding "GST Sahay App for invoice financing "and "GEM
Sahay App Order Based financing".
? In retail segment "Star Suvidha Express Personal Loan scheme
(SSEPL)" was launched exclusively for salaried class and pensioners drawing pension
through our Bank.
? For quantum jump in lead generation and credit growth as well as for
reduction of TAT, the number of Processing Centres by the Bank has been enhanced. The
number of SME City Centres has been increased from 94 to 98, the Retail Business Centres
from 97 to 125 and Star Krishi Vikash Kendras from 87 to 138.
? Bank has taken various staff welfare initiatives to improve cordial
working atmosphere under ESG (Environmental Social Governance) programme launched by Human
Resources.
Your Bank will continue with several such initiatives and strategies,
both on technology and operational fronts, during FY2023-24 for sustainable business
growth and value creation.
9. I wish to place on record the valuable contribution made by the
directors on your Bank's Board. The Bank also thanks the Government of India, Reserve Bank
of India, SEBI and other regulatory authorities, who have provided excellent support and
valuable guidance. On behalf of the Bank and on my personal behalf, I would like to thank
our Business Associates, Customers, Shareholders and all the Stakeholders, Financial
Institutions and Correspondent Banks for their trust, faith and active association. Last
but not the least, I commend the untiring efforts and perseverance of our staff, even in a
very challenging environment. We look forward to continued patronage, guidance and support
of all BOI stakeholders.
Bank of India
Company History
Bank of India is a state-owned commercial bank with headquarters in Mumbai. The Bank provides a wide range of banking products and financial services to corporate and retail customers. The bank provides specialized services for businesses (dealing in foreign exchange), NRIs, merchant banking, etc. They also have specialized branches that deal in asset recovery, hi-tech agricultural finance, lease finance and treasury, and small-scale industries. The Bank offers products such as mutual funds, venture capital, depository services, bullion trading and credit cards.
The Bank operates in three business segments, namely Treasury Operations, Wholesale Banking Operations and Retail Banking Operations. Treasury Operations includes the entire investment portfolio, which include dealing in government and other securities, money market operations and foreign exchange (Forex) operations. Wholesale Banking includes all advances, which are not included under Retail Banking.
The bank had a strong network of 5,083 domestic branches, 5690 ATMs and 23 overseas branches. The domestic.branches are controlled through 54 Zonal Offices and 8 NBG Offices. Presently, Bank of India has overseas presence in 22 foreign countries spread over 5 continents - with 60 offices including 5 Subsidiaries, 5 Representative Offices and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.
Bank of India was incorporated on September 7, 1906 by a group of eminent businessmen from Mumbai. The Bank was stared with one office in Mumbai, with a paid-up capital of Rs 50 lakh. The Bank was the first in India promoted by Indian interests to serve all the communities of India.
In the year 1921, the Bank entered into an agreement with the Bombay Stock Exchange to manage their clearinghouse. In the year 1946, they were the first Indian Bank to open a branch outside the country, at London. During the period 1950-1962, they opened their branches in Tokyo, Osaka, Singapore, Kenya, Uganda, Aden Tanganyika, Hong Kong and Nigeria.
The Bank was under private ownership and control till July 1969 when the Bank was nationalised along with 13 other banks. In the year 1972, the Bank sold their Uganda operation to Bank of Baroda. In the year 1974, they became the first to open a branch in Europe, Paris. In the year 1989, the Bank was the first among the nationalized banks to establish a fully computerized branch and ATM facility at the Mahalaxmi Branch at Mumbai.
In the year 1997, the Bank came out with maiden public issue. In November 1997, they introduced bullion banking. In the year 2000, they introduced Star Cash Management Services 2000 for speedier collection of cheques and release of immediate funds to the customers without waiting for actual realization of cheques. During the year 2002, they returned Rs 150.42 crore of equity capital to Government, with this the Government stake in the bank reduced to 69.3% from 76.5% earlier.
During the year 2004-05, the Bank merged two of their branches. The Bank was honored as 'The Best Bank' in the implementation of Information System Security Polices from Institute for Development & Research in Banking Technology (IDRBT). They made a tie up with ICICI Prudential Life Insurance for providing reference to customers for sale of their life insurance products against a referral fee. They also made strategic tie up with Securities Trading Corporation of India (STCI), in facilitating secondary market sale of Government Securities.
In November 2006, the Bank in association with Union Bank of India entered into MoU with Infrastructure Development Finance Co Ltd for financing the infrastructure projects. In December 2006, Japan's Dai-ichi Mutual Life Insurance Co. formed a joint venture with Bank of India and Union Bank of India to offer life insurance services in India.
During the year 2007-08, the Bank acquired a stake of 76% in PT Bank Swadesi Tbk for a total consideration of Indian Rs.3.77 crores. PT Bank Swadesi had a licence to Forex Business and listed on the Jakarta Stock Exchange. They made a tie up with ING Investment Management and Franklin Templeton Investments for sale for their mutual fund products. They implemented Core Banking Solutions in 1525 branches. Also, they installed solar power system in 65 rural and semi-urban branches facing acute power shortage.
In May 2007, the Bank made a tie-up with National Bulk Handling Corporation (NBHC) for lending to farmers against warehouse receipts at 10.25 per cent, 50 basis points (bps) lower than the normal agri lending rate of 10.75 per cent. In July 2007, they sold their entire of 12.25% stake in IL&FS Investment Managers Ltd to the IL&FS Promoters.
During the year 2008-09, the Bank opened 118 new branches and converted 20 extension counters into full-fledged branches. Also, 1067 branches migrated to Core Banking Solution (CBS) making a total of 2593 branches in CBS mode covering 1553 centres. They entered into tie-up with IDFC Mutual Fund for sale of their mutual fund products. Also, they launched the revamped website using latest Next Generation Web 2.0 technology with features like Customer Corner for customer suggestions/ redressal of grievances.
In June 2008, Bank of India (Tanzania) Ltd, a wholly owned subsidiary commenced operations with first branch at Dar-Es-Salaam. In February 2009, they entered into Corporate Agency Agreement with Bank's Joint Venture - the Star Union Dai-ichi Life Insurance Co Ltd for sale of their life insurance products.
During the year 2009-10, the Bank opened 186 new branches including 13 Extension Counters converted into full-fl edged branches. The Bank signed MoUs with Tata Motors, Piaggio Vehicles Pvt Ltd, Asia Motor Works, JCB India Ltd, Mahindra Navistar, Ashok Leyland Ltd, Sonalika Group of companies etc. for financing vehicles / earth moving equipments. They entered into tie-up with DSP BlackRock Mutual Fund, Reliance Mutual Fund and Birla Sunlife Mutual Fund for sale of their mutual fund products.
During the year, the Bank launched 'Welcome Kit' for all new accounts opened at the select branches of Mumbai, New Delhi, Chandigarh and Ghaziabad. They launched Marathi version of their website. From May 16, 2009 all domestic branches came under the umbrella of (core banking system (CBS). In September 2009, they launched two new products, 'Star Suraksha SB account' and 'Star Benefit CD account' having unparallel features for improving the CASA business.
In October 2009, the Bank entered into a MoU with TVS Motor Company Ltd to provide finance for customers intending to buy TVS Flame SR 125 motorcycle. The Bank would take on the role of preferred financier and offer customers' attractive loans, under the special scheme, launched to coincide with the festival season.
A web based Customer Complaint Management System was made live from January 1, 2010 to reduce the response time. In February 2010, the Bank launched 'Star Abhilasha Biometric Smart Cards' in Nagpur, Maharashtra. They introduced Credit Application Processing Systems through software termed as CAPS, which covers all major credit segments, namely Retail, Corporate, MSME and Agriculture.
During the year 2010-11, the Bank opened 283 new branches including 2 Extension Counters converted into full-fledged branches. They introduced welcome Kits for NRI Customers opening NRE/ NRO accounts at foreign centers. Also, they launched Marathi version of the Banks website.
The Bank introduced a new format of Savings Bank Passbook (Horizontal Format), which will print all details of the transaction on the same page as against the existing format (Vertical Format) where the details are printed on two pages. They introduced issuance of insta-pin for Debit-cum-ATM Card. This will address the customer grievance for non-receipt of Re-pin and also save the effort and expense in generating and mailing Re-pins.
The Bank started fifteen Rural Centralised Credit Processing Centres (CPC) at Belgaon, Ujjain, Barabanki, Mehasana, Ludhiana, Karad, Amalapuram, Tanjavur, Barasat, Hardoi, Nadiad, Ratnagiri, Nashik, Solapur & Barnagar. They opened mid-Corporate branches at Ernakulam, Andheri and Seepz.
In October 27, 2010, the Bank and Ajcon Global Services Ltd signed a MoU for strategic Tie up for offering Online Trading in shares services to the customers of the Bank. In December 14, 2010, the Bank launched five SME City Centres at Ahmedabad, Coimbatore, Kolkata, Ludhiana, and Pune. Subsequently, seven more SME City Centres at Bangalore, Chandigarh, Hyderabad, NewDelhi, Nagpur, Mumbai North and Vadodara started functioning. In January 14, 2011, they launched five New Retail Business Centres in 5 identified Zones namely Bangalore, Chandigarh, Mumbai South, New Delhi and Pune on Pilot basis.
On 3 December 2011, Bank of India announced that the bank and AXA Investment Managers Asia Holdings Private Limited (a subsidiary of AXA Investment Managers, part of AXA Group) have agreed to enter into a joint venture in asset management business carried on by Bharti AXA Investment Managers Private Limited (BAIM). BAIM is the asset management company to Bharti AXA Mutual Fund. In the proposed joint venture, Bank of India will acquire 51% of equity and the balance will be with AXA Group.
On 31 March 2012, Bank of India announced that it has allotted 2.73 crores equity shares to the Life Insurance Corporation of India on 30 March 2012 on preferential basis at a price of Rs 380.02 per share.
On 20 June 2012, Bank of India announced that it has floated a 100% subsidiary namely Bank of India (Uganda) Ltd. The subsidiary has started its operations from 18 June 2012 in Uganda.
On 6 March 2013, Bank of India announced that upon receipt of funds from Government of India, the bank on 6 March 2013 allotted 2.21 crores equity shares to Government of India on preferential basis at a price of Rs 365.70 per share.On 20 March 2013, Bank of India announced that it has raised USD 500 million from Foreign Currency Bonds. The issue was oversubscribed by 5.4 times and is significant for being the first bond transaction by the bank offered to the institutions of USA under Rule 144A. It was also the first India PSU bank offering under Rule 144A in 2013.
On 17 December 2013, Bank of India announced that upon receipt of funds from Government of India, the bank on 11 December 2013 allotted 4.63 crore equity shares to Government of India on preferential basis at a price of Rs 215.70 per share.
On 3 October 2015, Bank of India announced that it has allotted 12.70 crore equity shares to the Government of India on 30 September 2015 at a price of Rs 193.30 per share. Consequently, shareholding of the Government of India has increased from 64.43% to 70.13% and correspondingly, the Non- Government Shareholding has decreased from 35.57% to 29.87%.
On 6 January 2016, Bank of India announced that it has allotted 2 crore equity shares to Life Insurance Corporation of India on preferential basis on 5 January 2016 at the price of Rs 132.06 per share.
On 15 January 2016, Bank of India announced that it has purchased BSE's entire 49% stake in BOI Shareholding Limited, thereby making it a wholly owned subsidiary of the bank.
On 29 March 2016, Bank of India announced that the Government of India has conveyed its approval to infuse capital funds to the tune of Rs 1150 crore in the bank by way of preferential allotment of equity shares in favour of Government of India.
On 31 March 2016, Bank of India announced that it has allotted 46.39 lakh equity shares to General Insurance Corporation of India on preferential basis on 30 March 2016 at the price of Rs 86.22 per share.
On 6 May 2016, Bank of India announced that it has allotted 10.14 crore shares to Government of India at a price of Rs 113.32 per share and 1.6 crore shares to Life Insurance Corporation of India at a price of Rs 96.03 per shares through preferential issue.
On 26 July 2016, Bank of India announced that the Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs 1 crore on the bank for certain violations of the requirements under Master circular on KYC/ALM of Reserve Bank of India. Bank of India said it has taken necessary preventive measures/corrective action plan to avoid its recurrence.
On 8 September 2016, Bank of India announced that it has allotted 12.06 crores equity shares to Government of India (Promoters) at a price of Rs 110.89 per share through preferential issue.
On 26 September 2016, Bank of India announced that Dai-Ichi Life Insurance Company Ltd. (DLIC) has exercised the call option to acquire 18% additional stake in Star Union Dai Ichi Life Insurance Company Ltd (SUD) from Bank of India. Post the transaction; DLIC's stake in SUD has increased to 44% from 26% whereas Bank of India's holding in the joint venture life insurance company has declined to 30% from 48%. Union Bank of India continues to hold 26% stake in SUD. SUD was incorporated in the year 2007 as a joint venture among Bank of India, Union Bank of India and DLIC.
On 23 March 2017, Bank of India announced that the bank has sold it's entire stake of 5% (12.50 lakh shares) in TransUnion CIBIL Limited (TUCIBIL) to TransUnion International Inc (TUI). The deal was concluded on 22 March 2017 at the rate of Rs 1,525 per equity share for a total consideration amount of Rs 190.62 crore.
On 14 June 2017, Bank of India announced that it has allotted 1.75 crore fresh equity shares to Life Insurance Corporation of India at a price of Rs 126.81per share through preferential issue.
On 30 June 2017, Bank of India clarified that global credit rating agency Fitch Ratings has affirmed its Long Term Issuer Default Ratings (IDRs) on Bank of India. The rating agency has downgraded its Viability Rating (VR) on the bank to b+' from bb-' to reflect its weaker intrinsic risk profile compared with higher-rated peers. According to the rating agency, the bank's core capital buffer has dropped significantly due to persistent losses and it appears vulnerable to moderate shocks.
On 20 December 2017, Bank of India announced that the Reserve Bank of India has placed the bank under Prompt Corrective Action Framework, consequent to the onsite inspection under the Risk Based Supervision Model carried out for year ended March 2017, and the report issued thereof. This is in view of high net NPA, insufficient CET1 Capital and negative ROA for two consequent years. This action will contribute to the overall improvement in risk management, asset quality, profitability, efficiency, etc of the bank. On 4 August 2017, Bank of India announced that it has allotted 11.23 crore fresh equity shares to Government of India (Promoters) at a price of Rs 133.51 per share through preferential issue.
On 7 August 2017, Bank of India announced that it has floated a Request for Proposal (RFP) for sale of its 29.96% stake in its associate company i.e. STCI Finance Limited.
On 24 August 2017, Bank of India announced that it is introducing 2- tier savings bank rate. With effect from 24 August 2017, the bank will pay interest at 3.5% on savings banks balance up to Rs 50 lakh and interest at 4% on savings bank balance above Rs 50 lakh.
On 30 December 2017, Bank of India announced that it has received infusion of Rs 2257 crore from Government of India, in form of Common Equity Tier-1 Capital, which is being kept as share application money and would be allotted after following due procedure/conditions for allotment.
On 8 March 2018, Bank of India clarified to the stock exchanges that it has sanctioned certain credit facilities to Gupta Family Group of South Africa in the past as per laid down norms. The bank's present outstanding to the group is Rs 27.58 crore and it is backed by more than 100% security.
On 21 March 2018, Bank of India announced that the Ministry of Planning and Finance, Directorate of Investment and Company Administration, Myanmar has allowed the bank to terminate/close its Yangon Representative Office (Myanmar) with effect from 19 January 2018.
On 28 March 2018, Bank of India announced that it has allotted 55.84 crore fresh equity shares to Government of India (Promoters) at a price of Rs 165.32 per share through preferential issue.
On 9 April 2018, Bank of India has announced that the Central Bank of the U.A.E has allowed the closure of the bank's Dubai Representative Office.
During the year 2019, Government of India has infused Rs.14724 crores capital for fresh equity shares out of which Bank has made preferential allotment of 95,37,58,865 equity shares of Rs.10 each, in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
During the FY2019, the bank has been conferred Second Position among PSU Banks for performance under Sukanya Samriddhi by the National Savings Institute (Ministry of Finance) for the year 2017-18. The bank also adjudged 2nd Most Trusted Bank in the PSU Bank category by Economic Times. Also received 'Best Performer in Currency Derivative Segment' amongst all Banks' Category by BSE. The bank also bagged 'India's Top Organisation with Innovative HR Practices' award in PSUs by the Asia Pacific HRM Congress for 2017-18. Bank of India awarded APY- Makers of Excellence Award by PFRDA for enrolment in APY in November,2018.
As on 31 March 2019, the bank has 9 subsidiaries, one joint venture, 3 associate companies and 4 RRBs under its roof.
During the FY2020, the bank has allotted 51,76,33,928 Equity Shares of Rs 10 each to Government of India (Promoters) for cash at an exercise price of Rs 89.60 per share including premium of Rs 79.60 per equity share aggregating to Rs 4,638 Crore on preferential basis on 20 April 2019.
The bank has won the second Most Trusted Brand Award in the Banks category awarded by the Reader's Digest Trusted Brand, 2019. In the India Banking Summit & Awards 2019, Bank of India ranked as Best Public Sector Bank 2019 by Synnex Group. The bank also bagged Best Performing Public Sector Bank in APY Formation Day Campaign (FY2019-20) by PFRDA. The Bank has won Infosys Finacle Clients Innovation Award 2019.
The Bank has a geographically well spread branch network in India and aboard. The Bank had 5083 domestic branches and 24 overseas branches as on 31.03.2020. In the foreign countries 24 branches, 20 Subsidiaries, 1 Joint Venture and 1 representative offices keep Bank's presence felt in all times Zones and important financial centers of the globe. During the year 2019-20, Bank has opened 1 new branch.
As on 31 March 2020, the bank has 8 subsidiaries, one joint venture, 3 associate companies and 3 RRBs under its roof.
The bank has raised Rs 750 crore through BASEL III compliant additional tier 1 bonds on 28 January 2021.
During the current financial year 2020-21, Bank has received Rs. 3,000 crore from Government of India for preferential issue of equity shares. The same is kept in Share Application Money Account, pending allotment of Shares. Bank has raised Rs. 1,352 crore by issue of Basel III compliant Additional Tier I bonds during the financial year.
Bank had 5084 branches and 24 overseas branches in India as on 31st March 2021. During the year 2020-21, Bank has opened 4 new branches.
The Bank had 5105 branches and 22 overseas branches in India as on 31st March 2022. During the year 2021-22, Bank opened 25 new branches.
The Bank had 5129 branches and 21 overseas branches in India as on 31st March 2023. During the year 2022-23, Bank opened 29 new branches.
During 2022-23, the Bank raised Equity Share Capital of Rs 2550.01 through Qualified Institutional Placement on August 31, 2021. The Bank issued and allotted 40,54,71,866 equity shares of face value Rs 10 each at a premium of Rs 52.89 per share to the investors.
Bank of India
Directors Reports
The Board of Directors have pleasure in presenting the Bank's Annual
Report along with the audited statement of accounts and the cash flow statement for the
year ended 31st March 2023.
PERFORMANCE:
Domestic Business:
? Overall Domestic Business of the Bank increased by 5.70% and reached
at Rs. 998,700 crore as on 31.03.2023 from Rs. 944,824 crore as on 31.03.2022.
? CASA deposits increased by 2.72% on YOY and stood at Rs. 252,149
crore. Share of low cost deposits (CASA), in domestic deposits stood at 44.73% as on
31.03.2023.
? TOTAL deposits increased by 2.95% and reached at Rs. 567.063 crore as
on 31.03.2023 from Rs. 550,833 crore as on 31.03.2022.
? Gross Domestic Advances registered growth of 9.56% YoY, reached at
Rs. 431,637 crore as on 31.03.2023 from Rs. 393,991 crore as on 31.03.2022.
? Share of RAM Advances to TOTAL advances is 55.11% (i.e. Rs. 237,884
crore) as on 31.03.2023 as compared to 53.77% (i.e. Rs. 211,843 crore) as on 31.03.2022.
? Priority Sector lending constituted 43.28% of Adjusted Net Bank
Credit and the share of Agricultural Credit to Adjusted Net Bank Credit was 19.00%.
? Retail Credit grew by 17.4% from Rs 80,675 crore as on 31.03.2022 to
Rs 94,716 crore as on 31.03.2023. The share of Retail Credit to TOTAL Domestic Credit was
21.94% as on 31.03.2023.
? MSME Credit grew by 9.31% from Rs 64,750 crore as on 31.03.2022 to Rs
70,777 crore as on 31.03.2023. The share of MSME Credit to TOTAL Domestic Credit was
16.40% as on 31.03.2023.
Overseas Business:
? Overseas business has increased by 33.30 % and reached at Rs. 186,738
crore as on 31.03.2023 as compared to Rs. 140,086 crore as on 31.03.2022.
? TOTAL Foreign Deposit registered a growth of 33.04 %, reached at Rs.
1,02,523 crore as on 31.03.2023 from Rs. 77.063 crore as on 31.03.2022.
? The Overseas CD Ratio stood at 82.14% as on 31.03.2023.
Global Business:
? Gross Business of the Bank registered a growth of 9.27 %, reached at
Rs. 11,85,438 crore as on 31.03.2023 from Rs. 10,84,910 crore as on 31.03.2022.
? TOTAL deposits increased by 6.64% and reached to Rs.669,586 crore as
on 31.03.2023 from Rs. 627,896 crore as on 31.03.2022.
?Gross Advances increased by 12.87% and reached at Rs. 515,852 crore as
on 31.03.2023.
? The Global CD Ratio stood at 77.04% as on 31.03.2023.
Financial Parameters:
? Operating Profit increased by 34.09% and reached at Rs. 13,393 crore
as on 31.03.2023 against Rs.9,988 crore as on 31.03.2022.
?Non-Interest Income decreased to Rs.7,100 cr in FY'23 from Rs. 7,879
crore as on 31.03.2022.
? The Bank registered Net profit of Rs.4,023 cr. In FY'23 as against
Net Profit of Rs. 3,405 crore for FY 22.
? Capital Adequacy Ratio stood at 16.28% as on 31.03.2023 as against
16.51% as on 31.03.2022.
?Net Worth increased by 11.35% to Rs. 41,127 crore from Rs. 36,933
crore as on 31.03.2022.
? Book value per share is Rs. 100.20.
?Gross NPA amount reduced by 17.36% (i.e. Rs. 7,920 crore) reached at
Rs 37,686 crore as on 31.03.2023 from 45,605 crore as on 31.03.2022.
? Gross NPA percentage reduced to 7.31% as on 31.03.2023 from 9.98% as
on 31.03.2022.
?Net NPA amount reduced by 18.25% (i.e. Rs. 1,798 crore) reached at Rs.
8,054 crore as on 31.03.2023 from Rs. 9,852 crore as on 31.03.2022.
?Net NPA percentage reduced to 1.66% as on 31.03.2023 from 2.34% as on
31.03.2022.
The Financial performance of the Bank for the year 2022-23 is
summarized below:
(Amount in crore)
Particulars |
2021-22 |
2022-23 |
Growth (%) |
Net Interest Income |
14062 |
20,275 |
44.18 |
Non-Interest Income |
7879 |
7100 |
-9.89 |
Operating Expenses |
11952 |
13982 |
16.98 |
Operating Profit |
9988 |
13393 |
34.08 |
Provisions / Contingencies |
6584 |
9370 |
42.32 |
Net Profit/ Loss |
3405 |
4023 |
18.16 |
Earnings per share (Rs.) |
8.84 |
9.80 |
|
Book Value per share (Rs.) |
89.99 |
100.20 |
|
Return on Equity (%) |
10.55 |
10.31 |
|
Return on Average Assets (%) |
0.43 |
0.49 |
|
Key Financial Ratios are presented below:
(Percentage) (%)
Particulars |
2021-22 |
2022-23 |
Yield on Advances |
6.76 |
7.37 |
Yield on Investments |
6.32 |
6.51 |
Yield on Funds |
5.21 |
6.15 |
Cost of Deposits |
3.69 |
3.67 |
Cost of Funds |
3.29 |
3.53 |
Net Interest Margin |
2.36 |
3.01 |
Non Interest Income to Operating Expenses |
65.92 |
50.78 |
Other Income to Average Working Fund |
1.0 |
0.86 |
Operating Expenses to Average Working Fund |
1.64 |
1.80 |
Staff Expenses to Average Working Fund |
0.97 |
1.08 |
Other Operating Expenses to Average Working
Fund |
0.67 |
0.72 |
Asset Utilisation Ratio |
1.37 |
1.73 |
Non Interest Income to TOTAL Income |
17.14 |
12.97 |
Non Interest Income to Net Income |
35.91 |
25.94 |
Cost to Income Ratio |
54.48 |
51.08 |
CAPITAL:
During the financial year 2022-23, Bank has raised Rs.1,500 Crore by
issue of Basel III compliant Additional Tier I bonds on 02.12.2022.
CAPITAL ADEQUACY:
? As per Basel III framework, the Bank's Capital Adequacy Ratio was
16.28% which is higher than the regulatory requirement of 11.5 %.
? Details of Capital Adequacy (BASEL III) are :
(Rs. in crore)
Particulars |
BASEL-III |
|
31.03.2022 |
31.03.2023 |
CET1 CRAR |
42,695 |
13.49% |
48,232 |
13.60% |
AT1 CRAR |
1,352 |
0.44% |
2852 |
0.80% |
Tier I Capital |
44,047 |
13.92% |
51,084 |
14.41% |
Tier II Capital |
8,206 |
2.59% |
6,643 |
1.87% |
TOTAL Capital |
52,253 |
16.51% |
57,727 |
16.28% |
Risk Weighted Assets |
3,16,395 |
|
3,54,534 |
|
BUSINESS INITIATIVES:
? "Star Suvidha Express Personal Loan scheme (SSEPL)" launched
exclusively for salaried class and pensioners drawing pension through our Bank.
? Bank has launched "Supply Chain Finance solution customer
portal" to increase business through Channel Financing.
?The Co-Lending solutions is under customization with Cred Avenue whereas
Knight Fintech is under integration & customization for Pool & Co-Lending
solutions.
? Integration of TReDS platform has been implemented with our
Supply Chain finance.
? Forex business transactions are centralised at GIFT City,
Gandhinagar for faster processing and better compliance.
? Bank is under process of on boarding "GST Sahay App for
invoice financing" and "GEM Sahay App Order Based financing".
?Bank has launched "Star CPSU Scheme" for catering to
the requirements of CPSUs & Central Government
? Bank has completed "Technical Integration for leads
generation" sourced by - housing.com, cardekho.com, 4B Network and CIBIL
triggers.
?Bank has formulated a Comprehensive Policy on "Syndicated
Loans, External Commercial Borrowings and Foreign Currency Loans" with an
objective to regulate and achieve uniformity in syndication lending at all foreign
centres.
? Bank has taken various staff welfare initiatives to improve cordial
working atmosphere under ESG (Environmental Social Governance) progarmme launched
by Human Resources.
? Bank has started Digital processing of PMMY MUDRA Loans product
in MSME segment; Personal, Vehicle and Pensioner loan in Retail Segment; Gold
Loan and KCC in Agriculture segment through e-platform.
? Special schemes to lend for augmentation of Ethanol Production
Capacity launched under Corporate Credit.
? Schemes like Star Kisan Ghar, Star Bio Energy Scheme, Star Kisan
Sahayata Loan has been launched in Agriculture segment.
? Bank has launched BOI BIZ Pay app.
? "MissCallPay" is digital payment offline solution
that provides all the functionality of UPI based mobile payments over a feature phone
using Missed Call. It does not have any dependency on internet connection. Hence it is
suitable for rural and urban under-served population of India.
? Digi Locker has been launched. It is an online service
provided by Ministry of Electronics and IT (MeitY), Government of India, under its Digital
India initiative.
? Cheque Deposit Kiosks has been deployed for providing facility
to the customers to deposit cheques in the selfoperated Kiosks without intervention of
bank staff.
? ICCW (Interoperable Cardless Cash Withdrawal), To Facilitate
bank's customers who are live on UPI, to withdraw cash from any participating banks' ATMs
without using their card.
? Regional Language implementation at ATM.
? Bank has inaugurated two DBUs in East Singhbhum and Khurda to
deliver the Digital Banking products & services.
? E-PLATFORM solution is being implemented for Straight Through
Origination and process up all Banking products.
? Bank has enabled branches for opening of RBI Floating Rate Saving
Bond, 2020 (Taxable).
? Bank has successfully completed phased implementation of
Electronic Cash Ledger (ECL) in Customs.
? Robust Recovery mechanism through initiatives like "Intensive
Recovery Day", "Branch Adalat" monthly mega E-auction and involving
in-house staff such as "Sanjeevani", "Saksham-2" put in place.
? Non-discriminatory and Non-discretionary OTS Schemes, namely "Star
Sanjeevani" and "BOI OTS 2021" were made more customer friendly
with greater reach for quick resolution of NPAs.
? Document Management System (DMS) has been implemented for
digital retrieval of documents and also digitally storing, tracking, managing and
accessing data in a more flexible and hassle freeway.
? Security Solutions- Bank has procured and implemented security
solutions for strengthening ecosystem of the bank as per guidelines on "Cyber
Security Framework in Banks".
? "Tech-driven Credit Monitoring System" for tracking
of "Early Warning Signals" effectively used for SMA and SASCL management.
? "Enterprise wide Fraud Risk Management" framework
for real-time fraud monitoring is being effectively used for fraud monitoring and
management
? Star Hunt scheme- Interested Officers have an opportunity to
work in their chosen vertical and their selection is based on written examination and
interview. After selection, such officers are trained in the vertical they are selected
for and are posted in identified fields.
? Additional National Banking Group and Zonal Offices created to
give good service to customers and more business Growth.
AWARDS:
? Bank of India has been adjudged as the "Second Best in
Category-I Public Sector Banks for Excellence in Financial Reporting" by ICAI for
the year ended 31.03.2022
? Bank of India has been awarded with "Best Innovative Bank-
Winner " and "Best Bank For Promoting Social Scheme- -Runner Up"
in "MSME Banking Excellence Award-2022" by CIMSME-New Delhi.
? Bank of India has been awarded "Dr. Ambedkar Business
Excellence Award" for lending to SC Entrepreneurs awarded by IFCI Venture Capital
Ltd.
? Bank has been recognized as "3rd best performing
bank in Agriculture Infrastructure Fund Scheme" under Atmanirbhar Scheme, a
flagship programme of GOI.
? Bank of India has secured "2nd position among all
banks( Public and Private) under NPS Diwas Recognition Programme" conferred by
PFRDA.
? Bank of India has secured 3rd rank under Digidhan
Mission setup by Meity (Ministry of Electronics and Information Technology) for
promotion of Digital Payments.
? Bank of India has awarded with "Best Fintech collaboration
(Runner-up)" and "Best IT risk and management (Runner- up)" at
IBA's 18th Annual Banking Technology Conference.
? Bank has been awarded with "NUMERO UNO EXEMPLARY AWARD OF PAR
EXCELLENCE" from PFRDA for best performance in PFRDA APY CAMPAIGN in SHINE &
SUCCEED 2022.
? Bank has won "AWARD OF EXCELLENCE" from PFRDA for
best performance in PFRDA APY CAMPAIGN MAKERS OF EXCELLENCE 5.0.
? Bank of India has been certified with "ISO 27001:2013 for
Information Security Management System" and "ISO 22301:2019 for Business
continuity Management System".
? Bank was awarded with "Runners-Up Award" in Finacle
Innovation Awards 2021 from M/s Infosys in Large Bank Segment for Category "COVID
Response Innovation"
VISION, STRATEGY AND FUTURE OUTLOOK:
Expand the Bank's Retail, Agriculture and MSME (RAM) lending
profile by leveraging its existing customer base.
Continue to contain funding cost by sourcing low cost deposits
such as CASA.
Focus on improving asset quality and containing NPA levels.
Leverage technology to increase cross selling opportunities,
reduce cost and enhance customer experience.
Improving Risk Management Systems to ensure long-term
sustainability of our business.
DIRECTORS? RESPONSIBILITY STATEMENT:
The Directors confirm that in the preparation of the annual accounts
for the year ended March 31, 2023:
a) The applicable accounting standards have been followed along with
proper explanation relating to material departures, if any,
b) The accounting policies framed in accordance with the guidelines of
the Reserve Bank of India were consistently applied. Reasonable and prudent judgements and
estimates were made so as to give a true and fair view of the state of affairs of the Bank
at the end of the financial year and of the profit and loss of the Bank for the year ended
March 31, 2023.
c) Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of applicable laws governing banks in
India for safeguarding the assets of the Bank and for preventing and detecting fraud and
other irregularities,
d) Annual accounts have been prepared on a going concern basis,
e) Internal financial controls system to be followed by the Bank were
laid down and that such internal financial controls are adequate and were operating
effectively,
f) Proper systems have been devised to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
Bank of India
Company Background
Incorporation Year | 1906 |
Registered Office | Star House 8th Flr C-5 G Block,Bandra-Kurla Complex Bandra(E) Mumbai,Maharashtra-400051 |
Telephone | 91-22-66684444,Managing Director |
Fax | 91-22-66684491 |
Rajneesh Karnatak Company Secretary | Rajesh V Upadhya |
Auditor | V Sankar Aiyar & Co/Laxmi Tripti & Associates |
Face Value | 10 |
Market Lot | 1 |
Listing | BSE,MSEI ,NSE, |
Registrar | Bigshare Services Pvt Ltd Office No 56-2 ,Pinnacle Busine.Park,Mahakali Caves Road ,Mumbai - 400093 |
Bank of India
Company Management
Director Name | Director Designation | Year |
---|
Subrata Das | Nominee (RBI) | 2023 |
P R Rajagopal | Executive Director | 2023 |
Rajesh V Upadhya | Company Sec. & Compli. Officer | 2023 |
Swarup Dasgupta | Executive Director | 2023 |
M Karthikeyan | Executive Director | 2023 |
Veni Thapar | Director (Shareholder) | 2023 |
Bhushan Kumar Sinha | Nominee (Govt) | 2023 |
Subrat Kumar | Executive Director | 2023 |
Rajneesh Karnatak | Managing Director & CEO | 2023 |
Munish Kumar Ralhan | Non-Official Director. | 2023 |
V V Shenoy. | Director (Shareholder) | 2023 |
Bank of India
Listing Information
Listing Information |
---|
BSE_500 |
BSE_200 |
BSEDOLLEX |
BSE_PSU |
CNX500 |
BSEMID |
CNXMIDCAP |
PSUBANK |
CNX200 |
CNXDIVIDEN |
BSEALLCAP |
BSEFINANCE |
MID150 |
LMI250 |
MSL400 |
BSEEVI |
NFTYLM250 |
NFTYMC150 |
NFTYMSC400 |
NF500M5025 |
NFTYTOTMKT |
Bank of India
Finished Product
Product Name | Unit | Installed Capacity | Production Quantity | Sales Quantity | Sales Value |
---|
Interest/Discount on Adv/Bills | Rs. | 0 | 0 | 0 | 33367.607 |
Income on Investments | Rs. | 0 | 0 | 0 | 11943.1951 |
Interest on bal with RBI | Rs. | 0 | 0 | 0 | 1666.3845 |
Others | Rs. | 0 | 0 | 0 | 670.5357 |