The Bank of India (BOI) was founded on 7 September 1906 in Mumbai (then Bombay). It holds a distinguished place in Indian banking history as one of the earliest banks that was promoted and owned by Indians during the British colonial period.
Key Details about the Founding:
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Founders: A group of eminent businessmen from Mumbai, including well-known members of the trading and mercantile community, came together to establish a bank run by Indians at a time when most major banks were European-controlled.
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Objective: To serve Indian entrepreneurs, traders, and common citizens who often faced bias from foreign banks in terms of credit and services.
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Initial Capital: The bank started with a paid-up capital of ₹50 lakh and authorised capital of ₹1 crore.
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First Office: Located in Mumbai, which was then the commercial capital of India.
Growth & Development:
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BOI quickly expanded and became a trusted institution for Indian traders and businesses.
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In 1946, it became the first Indian bank to open a branch outside India—in London, establishing itself as an international bank.
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The bank was nationalised in July 1969, along with 13 other major Indian banks, to align banking with national development goals.
Present Status:
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Headquartered in Mumbai, Bank of India is now a public sector bank.
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It operates a strong domestic network of 5,000+ branches and has over 50 offices abroad spread across all major financial centres.
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It offers services in retail banking, corporate banking, international banking, treasury operations, and financial inclusion.
Legacy:
The establishment of Bank of India in 1906 was more than just the creation of a financial institution—it was a symbol of economic self-reliance and an assertion of Indian enterprise under colonial rule.
