BOI FULL FORM
Full Form of BOI : The full form of BOI is Bank of India.
What is the full form of BOI?
No:1. The full form of BOI is Bank of India.
No:2. BOI is a commercial bank with its head office is located in Mumbai’s Bandra Kurla Complex Established in 1906, after nationalization in 1969, it’s been government-owned.
No:3. As of 31 March 2019, BOI has 5,316 branches, with 56 branches outside India, comprising five subsidiaries, five representative offices, and one joint – ventures.
No:4. BoI is a founder partner of the SWIFT, which promotes the delivery of cost-effective money processing and transmission facilities.
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A brief history of BOI
No:1. On 7 September 1906, the BOI was create by a group of prominent businessmen from Mumbai, Maharashtra, India.
No:2. Until 19 July 1969, when it was nationalized along with Thirteen other banks, the bank was under private control and ownership.
No:3. The Bank has expanded steadily over the years, beginning with one office in Mumbai with a paid-up capital of approximately five million & fifty employees, and has flourished into a powerful institution with a big national existence and substantial overseas operations.
No:4. The Bank holds a prime role among the banking institutions in terms of market size.
No:5. The bank has more than 5,100 offices in India, including specialized branches, distributed across all states/union territories.
No:6. These divisions are governed by fifty-four zonal offices. There are sixty offices, five branches and one international joint venture.
No:7. The Bank’s first public problem came out in 1997 and followed the positioning of qualified institutions in February 2008.
Some important points about BOI
No:1. In 1972 BoI sold its Uganda operation to Bank of Baroda. The next year BoI opened a representative office in Jakarta.
No:2. In 1974 BoI opened a branch in Paris. This was the first branch of an Indian bank in Europe.
No:3. In 1976 the Nigerian government acquired 60% of the shares in Bank of India (Nigeria).
No:4. In 1978 BoI opened a branch in New York. Also in the 1970s, BoI opened an agency in San Francisco.
No:5. In 1980 Bank of India (Nigeria), changed its name to Allied Bank of Nigeria to reflect the fact that it was no longer a subsidiary of Bank of India.
No:6. In 1986 BoI acquired Parur Central Bank in (Ernakulam District, Kerala State) in a rescue.
No:7. Parur Central Bank had been found in 1930, and at the time of its failure had 51 branches.
No:8. BoI amalgamated Parur Central Bank in 1990.
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