BANK OF INDIA IFSC Code

Bank of India (BOI) is one of India's leading public sector banks with a rich heritage spanning over 118 years. Established in 1906 in Mumbai, the bank has grown to become a major financial institution with over 5,100 branches across India and a significant international presence. Bank of India is known for its commitment to serving diverse customer segments and supporting national development.

Historical Background

Bank of India was founded on September 7, 1906, by a group of eminent businessmen from Mumbai. It was the first Indian bank to be established by Indians without any government assistance. The founding fathers included prominent industrialists who envisioned a bank that would serve Indian businesses and promote economic growth.

The bank was nationalized in 1969 as part of the Indian government's initiative to extend banking services to the masses. Over the years, Bank of India has expanded its network across India and internationally, becoming one of the most recognized Indian bank brands globally.

Comprehensive Banking Services

Bank of India offers an extensive range of banking products catering to individuals, businesses, and corporations. Personal banking services include various savings accounts like Star Suvidha, Star Saral, and Star Mitra, each designed for specific customer segments. The bank's fixed deposits offer competitive interest rates with flexible tenure options.

Loan products include home loans under the Star Home Loan scheme, car loans, personal loans, education loans, and gold loans. Bank of India is known for its quick loan processing and customer-friendly terms. The bank also offers specialized loan products for women entrepreneurs and first-generation borrowers.

Digital Banking Platform

Bank of India's digital banking is powered by the 'BOI Mobile' app and 'Star Connect' internet banking platform. The mobile app offers comprehensive banking services including account management, fund transfers, bill payments, UPI transactions, and loan applications. Customers can also apply for various products and track their applications through the app.

The bank has embraced digital transformation with features like video KYC for account opening, instant loan approvals, and AI-powered customer service. Bank of India continues to invest in technology to enhance customer experience across all channels.

Agricultural and Rural Banking

Bank of India has a strong commitment to agricultural lending and rural development. The bank provides crop loans, farm mechanization loans, irrigation loans, and loans for allied agricultural activities. The Star Kisan Gold Card provides farmers with convenient access to credit for their agricultural needs.

The bank operates numerous rural and semi-urban branches, ensuring banking services reach agricultural communities. Bank of India's Business Correspondents extend financial services to remote villages, supporting the government's financial inclusion agenda.

MSME and Business Banking

Bank of India actively supports the MSME sector with various loan products including working capital finance, term loans, and credit under government schemes like Mudra and Stand Up India. The bank has specialized MSME branches and dedicated relationship managers to support small business growth.

Corporate banking services include project finance, working capital finance, trade finance, forex services, and treasury solutions. The bank supports large industrial projects, infrastructure development, and capital investments through its corporate banking division.

International Operations

Bank of India has one of the largest international networks among Indian public sector banks, with offices in over 20 countries across five continents. The bank operates in major financial centers including London, New York, Tokyo, Hong Kong, and Singapore. This global presence facilitates international trade, remittances, and serves the Indian diaspora worldwide.

Financial Inclusion Initiatives

As a public sector bank, Bank of India plays a vital role in financial inclusion. The bank has opened millions of accounts under the Pradhan Mantri Jan Dhan Yojana and provides banking services in underserved areas. The bank implements various government welfare schemes, ensuring benefits reach intended beneficiaries efficiently.

Awards and Recognition

Bank of India has received numerous awards for its banking excellence, digital innovation, and contribution to financial inclusion. The bank has been recognized for its international operations, MSME lending, and implementation of government schemes.