Indian Banking Industry Essay
Chapter 1
Banking Industry
The history of banking starts from ‘Bank of Hindustan’ which was established in 1770 in Calcutta. After some years in ‘General Bank’ was established in 1786 on the same place. In that time Calcutta was the main trading point in India because of the trade of the British Empire that’s why Calcutta became a banking centre. Three presidency banks were setup under the privilege of British East India Company those were- Bank of Calcutta, Bank of Bombay and the Bank of Madras. The Bank of Calcutta established in 1806 which was immediately became ‘Bank of Bengal’. In 1921 these three banks merged with each other and became ‘Imperial Bank of India’ and now it is known by “State Bank of India”, which is the oldest bank of
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The Industry has recorder a consistent rise in the number of reporting offices in last few years. With Reserve Bank of India stressing the policy of Financial Inclusion, there has been a renewed emphasis on rural expansion. However, a large part of Indian village population still remains without banks. It will require further expansion from Indian banks to raise the penetration level of banking services in the country, especially in rural areas, which population is more than 65% of the total …show more content…
The bank was under private ownership and control till 1969 when it was nationalized along with 13 banks. Bank of India is an Indian state-owned commercial bank with headquarter in Mumbai. Government owned bank as well as India’s 4th largest PSU banks after State Bank of India, Punjab National Bank and Bank of Baroda.
Beginning with a paid-up capital of Rs. 50 lakh and 50 employees, the bank has made a rapid growth over the year. BOI occupies a premium position among the nationalized bank. Presently Bank of India has 4293 branches in India spread over all state including 93 specialized branches and more than 52 branches outside the India. These branches are controlled through 50 Zonal Offices. There are 29 offices (including five representative offices) and 3 Subsidiaries and one joint venture abroad. The bank comes out with its maiden public issue in 1997 and follows on Qualified Institutions Placement in February 2008. Bank of India is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications) which facilitates provision of cost effective financial processing and communication
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