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Bank of India

BSE Code : 532149 | NSE Symbol : BANKINDIA | ISIN:INE084A01016| SECTOR : Banks |

NSE BSE
 
SMC down arrow

54.30

-0.55 (-1.00%) Volume 280564

30-Nov-2021 EOD

Prev. Close

54.85

Open Price

55.20

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

54.30(12321)

 

Today’s High/Low 56.35 - 54.10

52 wk High/Low 101.40 - 45.10

Key Stats

MARKET CAP (RS CR) 22282.36
P/E 8.7
BOOK VALUE (RS) 114.0600475
DIV (%) 0
MARKET LOT 1
EPS (TTM) 6.24
PRICE/BOOK 0.476065030570849
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 26.8
4

News & Announcements

26-Nov-2021

Bank of India - Bank Of India - Loss of Share Certificates

18-Nov-2021

Bank of India - Bank Of India - Loss of Share Certificates

16-Nov-2021

Bank of India drops for fifth straight session

11-Nov-2021

Bank of India - Bank Of India - Copy of Newspaper Publication

23-Oct-2021

Bank of India to conduct board meeting

19-Oct-2021

Bank of India EGM scheduled

22-Sep-2021

Bank of India receives ratings action from CRISIL

31-Aug-2021

Bank of India allots 40.54 cr equity shares under QIP issue

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Allahabad Bank(Merged) 532480 ALBK
Andhra Bank(Merged) 532418 ANDHRABANK
Bank of Baroda 532134 BANKBARODA
Bank of Maharashtra 532525 MAHABANK
Canara Bank 532483 CANBK
Central Bank of India 532885 CENTRALBK
Corporation Bank(Merged) 532179 CORPBANK
Dena Bank(Merged) 532121 DENABANK
Indian Bank 532814 INDIANB
Indian Overseas Bank 532388 IOB
Oriental Bank of Commerce(Merged 500315 ORIENTBANK
Punjab & Sind Bank 533295 PSB
Punjab National Bank 532461 PNB
State Bank of Bikaner and Jaipur(Merged) 501061 SBBJ
State Bank of India 500112 SBIN
State Bank of Mysore(Merged) 532200 MYSOREBANK
State Bank of Travancore(Merged) 532191 SBT
Syndicate Bank(Merged) 532276 SYNDIBANK
UCO Bank 532505 UCOBANK
Union Bank of India 532477 UNIONBANK
United Bank of India(Merged) 533171 UNITEDBNK
Vijaya Bank(Merged) 532401 VIJAYABANK

Share Holding

Category No. of shares Percentage
Total Foreign 43819723 1.07
Total Institutions 482507370 11.76
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 15253716 0.37
Total Promoters 3340861720 81.41
Total Public & others 221123541 5.40
Total 4103566070 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

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. As on 31 December 2020, the bank had a strong network of 5083 domestic branches, 23 overseas branches and 5690 ATMs across the country. The bank has raised Rs 750 crore through BASEL III compliant additional tier 1 bonds on 28 January 2021.

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 25th 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 31,2021.

2.The year 2020-21 has been an unprecedented year in our living memory. The pandemic on global scale leading to health emergency and the lockdown that followed caused loss of lives and livelihood for countless people. No nation and no economic sector remained unaffected by the great pandemic. Moreover, the duration and intensity of pandemic was elongated by multiple mutant varieties of virus resurfacing in quick succession. This has brought in severe social and economic strain. More than economic loss, it is the human loss and the psychological impact of the pandemic that has created an environment of anxiety and uncertainty.

3.However, human responses to the pandemic have been equally remarkable and the entire globe fought unitedly and relentlessly with great fortitude. As a result, we now have multiple varieties of vaccines and vaccination drive is in full swing across all the countries. With coordinated and cooperative effort, the Government and Monetary Authorities of several countries have resorted to liberal stimulus packages and conventional/unconventional monetary measures, which have lessened the economic distress to a great extent. In this regard, India has been a front runner.

4.The IMF, in its recent World Economic Outlook has estimated global output to have contracted by 3.3% in 2020, with the GDP of Advanced economies contracting by 4.7% and that of Developing economies by 2.2%. However, on a positive note, IMF has forecast global growth to rebound to 6.0% in 2021.

5.Domestically, GDP contracted by 7.3% during FY 2020-21, with deep negative growth rate in the first half. The CPI inflation remained elevated, above RBI's tolerance level of 6.0% for most of the period, except for the last quarter, because of both food and fuel inflation as well as core inflation.

6.The Banking industry witnessed higher deposits growth of 11.4% during 2020-21 against 7.9% growth during 2019-20. On the otherhand, advances growth remained subdued, particularly, during the first half of the year although it gathered pace towards later part of the year. For the full year, the bank credit registered a growth rate of 5.6% against 6.1% during 2019-20. The G-Sec yield which was relatively high in the initial period of the year sobered down later but hardened later towards August 2020. Following several measures by RBI, yield moved downwards and during the second half it remained range bound, except towards end when the yield again rose on account of higher borrowing target by the Government during 2021-22, increase in US treasury yield and rise In crude oil prices.

7.Several monetary measures Including special dispensation meant for alleviating economic stress were announced by the RBI, which the Bank implemented fully with right earnest. Notably among them are-reduction in policy rates i.e. Repo rates and Cash Reserve Ratio, moratorium on term loan instalment and deferment of interest repayment, applying stand still clause, refund of interest on interest for the moratorium period, liquidity support under TLTRO, onetime restructuring scheme for the stressed sectors.

8.Apart from the RBI, several stimulus packages were also announced by the Government of India under Atma Nirbhar Bharat Abhiyan, which have been major sources of financial support to the needy sectors. These are: ECLGS, Subordinate debt schemes for MSME Sector, PCGS for NBFCs, PMSVANidhi for street vendors, Schemes for promoting Agri infra, animal husbandry and fisheries etc.

9.The Banking Sector during FY 2020-21 displayed an overall improvement with rise in profits and reduction in NPA ratios. For most of the PSBs, there was rise in operating profits and the banks posted Net profits against losses in 2019-20. The Gross NPA and Net NPA, both amount and percentage wise also stood lower in March 2021; of course with the support from the RBI's measure of regulatory dispensation, among others. With capital infusion by the Government and capital raising by banks, the capital adequacy position of PSBs also stood higher in March 2021 compared to March 2020.

10.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 FY 2020-21.

• The Bank made turn around with a Net profit of Rs.2160 crore for the full year FY21.

• Cost of Deposits (Global) came down from 4.57% during FY20 to 4.10% in FY21, i.e. by 47 bps.

• CASA Deposits (Domestic) of the Bank rose by 13.61% YoY and CASA ratio stood at 41.27% in March 2021.

• Advances to Retail, Agriculture and MSME (RAM) segments increased by 10.57% and its share improved from 47.15% in March 2020 to 51.60% in March 2021. Retail Credit went up by 11.87% YoY and MSME by 12.74%.

• Gross NPAs came down from Rs.61,550 crore in March 2020 to Rs. 56,535 crore in March 2021.

• Gross NPA ratio improved from 14.78% in March 2020 to 13.77% in March 2021. Net NPA ratio also improved from 3.88% in March 2020 to 3.35% in March 2021.

• Provision Coverage Ratio (PCR) stood higher at 86.24% in March 2021 compared to 83.74% in March 2020.

• Credit Cost substantially improved from 4.06% in FY 20 to 1.80% in FY 21.

• Slippage ratio came down from 4.61% in March 2020 to 2.40% in March 2021.

• The Capital Adequacy Ratio improved to 14.93% against 13.10% in March 2020.

• However, there has been drop in Net Interest Margin (NIM) from 2.93% in FY20 to 2.48% in FY21, primarily because of higher growth in deposits, reduction in MCLR and migration of accounts from MCLR to RBLR. The Bank's strategic focus during the current year remains directed towards improved operative efficiency, towards margin improvement, apart from sound asset quality.

11.Initiatives

Your Bank has been taking various initiatives for improvement in various functional and operational areas so as to enhance competitive strength of the Bank. Notably among them are:

• Launching of COVID Emergency Credit Support Schemes (CESS) for stressed sectors encompassing Corporate, MSME, Agriculture as well as personal loan scheme and sanctioning around Rs. 9000 crore under the various schemes.

• Rolling out of various financing Schemes under Atmanirbhar Bharat Abhiyan such as ECLGS and Subordinate debt Schemes for MSME sector, PCGS for NBFCs, financing under KCC saturation, Agri Infrastructure, Animal husbandry infra and Matsya Sampada Yojana and above all financing under PMSVANidhi Scheme.

• Door Step Banking (DSB) through Universal Touch Points (Call Centre, Website and an App) introduced for providing banking services to the needy customers.

• For improving credit appraisal, credit quality and reducing TAT, special processing centres in Agriculture, MSME and Retail segments are being increased by your Bank. Already agriculture processing centres (Krishi Vikash Kendras) have been increased from 57 in March 2020 to 77 in March 2021 and Retail Business Centres from 60 to 73. MSME processing centres which are 60 in March 2021 is being expanded to over 90.

• Tech-driven Credit Monitoring System for tracking of

‘Early Warning Signals' was rolled out during the year for ensuring assets quality and building in safeguards.

• In the area of IT, the upgradation of technology platform to Finacle 10 is in final stage and will be rolled out during 2021-22. E-platform is being instituted for providing our customers an end-to-end digital journey in lending process, apart from enabling the Bank to widen customer outreach through improved MIS system and data analytics,

• Document Management System (DMS) by which execution, storage and retrieval of contract documents are undertaken digitally has been rolled out in select states, which will quicken the process of credit delivery.

• Banking, being an essential service to the public at large, the field level staff are more prone to Covid-19 infections. Keeping this in view, the Bank has formulated comprehensive SOP/advisories for implementation, not only to ensure safety and well-being of the staff but also to ensure continuity of services. Apart from this, in order to alleviate the financial stress on account of infection and treatment, the Bank has formulated various employee oriented schemes and measures,

• Your Bank, in order to upgrade skill and nurture talent, has been adopting best HR practices. The Performance Management system which was rolled out earlier has been further improvised during the year. The ‘Employee Engagement & Connect', the survey on employee engagement (Star Anveshan) was concluded during the year, Your Bank has put in place a system of Succession Planning and Talent Management for providing key managerial and leadership positions across all verticals,

12.I wish to place on record the valuable contribution made by the Directors on your Bank's Board including Shri G Padmanabhan, the Non-Executive Chairman, Shri C.G.Chaitanya, Executive Director, Shri D. Harish, NonExecutive Director and Shri D. Sarkar, Non-Executive Director who demitted office during the year 2020-21. 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 Stakeholders, Financial Institutions and Correspondent Banks for their trust, faith and active association. We look forward to their continued patronage, guidance and support. Last, but not the least, I also place on record my appreciation for the sincere and unstinted efforts put in by our committed staff members, in the most trying circumstances and in the true spirit of frontline Covid Warriors.

With warm regards

A. K. Das

MD & CEO

   

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. As on 31 December 2020, the bank had a strong network of 5083 domestic branches, 23 overseas branches and 5690 ATMs across the country. The bank has raised Rs 750 crore through BASEL III compliant additional tier 1 bonds on 28 January 2021.

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 2021.

PERFORMANCE:

Domestic Business:

• Overall Domestic Business of the Bank increased by 8.72% and reached at Rs. 913,496 crore as on 31.03.2021 from Rs. 840,209 crore as on 31.03.2020.

• CASA deposits increased by 13.61% on Y-O-Y and stood at Rs. 224,669 crore, SB deposits and CD deposits grew by 14.44% and 8.14% respectively. Share of low cost deposits (CASA), in domestic deposits stood at 41.27% as on 31.03.2021.

• Total deposits increased by 14.22% over last year and reached at Rs. 551,135 crore as on 31.03.2021 from Rs. 482,539 crore as on 31.03.2020.

• Gross Domestic Advances registered growth of 1.31 %, reached at Rs. 362,361 crore as on 31.03.2021 from Rs. 357,670 crore as on 31.03.2020. The domestic CD ratio stood at 65.75% as on 31.03.2021.

• Share of RAM Advances to Total advances is 51.60% (i.e. Rs. 186,993 crore) as on 31.03.2021 as compared to 47.28% (i.e. Rs. 169,110 crore) as on 31.03.2020.

• Priority Sector lending constitute 41.25% of Adjusted Net Bank Credit and the share of Agricultural Credit to Adjusted Net Bank Credit was 17.50%.

• Retail Credit grew by 11.87% from Rs. 60,834 crore as on 31.03.2020to Rs. 68,058 crore as on 31.03.2021. The share of Retail Credit to Total Domestic Credit was 18.78% as on 31.03.2021.

• MSME Credit grew by 12.74% from Rs. 56,092 crore as on 31.03.2020to Rs. 63,237 crore as on 31.03.2021. The share of MSME Credit to Total Domestic Credit was 17.45% as on 31.03.2021.

Overseas Business:

• Overseas business has de-grown by 5.89% and stood at Rs. 124,053 crore as on 31.03.2021 as compared to Rs. 131,817 crore as on 31.03.2020.

• Total Foreign Deposit registered a growth of 4.13%, reached at Rs. 75,978 crore as on 31.03.2021 from Rs. 72,966 crore as on 31.03.2020.

• The Overseas CD Ratio stood at 63.27% as on 31.03.2021. Global Business:

• Gross Business of the Bank registered a growth of 6.74 %, reached at Rs. 1,037,549 crore as on 31.03.2021 from Rs. 972,026 crore as on 31.03.2020.

• Total deposits increased to Rs. 627,114 crore as on 31.03.2021from Rs. 555,505 crore as on 31.03.2020.

• Gross Advances stood at Rs. 410,436 crore as on 31.03.2021.

• The Global CD Ratio stood at 65.45% as on 31.03.2021.

Financial Parameters:

• Operating Profit stood at Rs.10,872 crore as on 31.03.2021 against Rs. 11,519 crore as on 31.03.2020.

• Non Interest Income increased by 10.85% (Rs. 728 crore) reached at Rs. 7,441 crore as on 31.03.2021 on Y-O-Y basis.

• The Bank registered Net Profit of Rs. 2,160 crore for Current FY 21 as against Net Loss of Rs. 2,957 crore for previous FY 20.

• Capital Adequacy Ratio stood at 14.93% as on 31.03.2021 as against 13.10% as on 31.03.2020.

• Net Worth increased by 28.75% and reached at Rs. 27,611 crore as on 31.03.2021 from Rs. 21,445 crore as on 31.03.2020.

• Book value per share is Rs. 84.24.

• Gross NPA amount reduced by 8.15% (i.e. Rs. 5,015 crore), reached at Rs. 56,535 crore as on 31.03.2021 from Rs. 61,550 crore as on 31.03.2020.

• Gross NPA percentage reduced to 13.77% as on 31.03.2021 from 14.78% as on 31.03.2020.

• Net NPA amount reduced by 14.37% (i.e. Rs. 2,058 crore) reached at Rs. 12,262 crore as on 31.03.2021 from Rs. 14,320 crore as on 31.03.2020.

• Net NPA percentage reduced to 3.35% as on 31.03.2021 from 3.88% as on 31.03.2020.

• The Financial performance of the Bank for the year 2020-21 is summarised below:

(Amount in crore)

Particulars 2019-20 2020-21 Growth (%)
Net Interest Income 15,257 14,270 -6.47
Non-Interest Income 6,713 7,441 10.85
Operating Expenses 10,451 10,839 3.71
Operating Profit 11,519 10,872 -5.61
Provisions / Contingencies 14,476 8,712 -39.82
Net Profit/ Loss -2,957 2,160
Earnings per share (Rs.) -9.10 6.59
Book Value per share (Rs.) 65.43 84.24 20.75
Return on Equity (%) -12.41 8.81
Return on Average Assets (%) -0.43 0.28

Key Financial Ratios are presented below

Particulars 2019-20 2020-21
Yield on Advances 8.62 7.48
Yield on Investments 7.24 6.58
Yield on Funds 6.61 5.87
Cost of Deposits 4.40 4.10
Cost of Funds 4.23 3.81
Net Interest Margin 2.93 2.48
Non Interest Income to Operating Expenses 64.23 68.65
Other Income to Average Working Fund 0.97 0.98
Operating Expenses to Average Working Fund 1.63 1.57
Staff Expenses to Average Working Fund 0.96 0.94
Other Operating Expenses to Average Working Fund 0.67 0.63
Asset Utilisation Ratio 1.80 1.57
Non Interest Income to Total Income 13.68 15.49
Non Interest Income to Net Income 30.56 34.27
Cost to Income Ratio 47.57 49.92

CAPITAL

During the current financial year, 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.

During the financial year, Bank has redeemed the following bonds by exercising call option

Particulars Amount (Rs. in crore) Date of redemption
8.48 % Upper Tier II Bonds Series-VI 1,000 11.06.2020
9.05% BOI — IPDI Bonds -Series VI 300 09.09.2020

capital adequacy:

• As per Basel III framework, the Bank's Capital Adequacy Ratio was 14.93% which is higher than the regulatory requirement of 10.875 %.

• Details of Capital Adequacy (BASEL III) are :

Particulars

BASEL-III

31.03.2020

31.03.2021

CET1 CRAR 29,059 9.88% 34,690 11.51%
AT1 CRAR 60 0.02 1,352 0.45%
Tier I Capital 29,119 9.90% 36,042 11.96%
Tier II Capital 9,419 3.20% 8,949 2.97%
Total Capital 38,538 13.10% 44,990 14.93%
Risk Weighted Assets 294,189 301,305

Business Initiatives:

During the current financial year the Bank has implemented various initiatives for a Prompt Turn Around. A few of them are mentioned as under:

• Concept of Area Managers and Star Prime implemented for being more customer focused and for business development, recovery, digitization at ground level and re-activation of branches.

• Strategy for re-balancing of portfolio in favour of Ram advances (Retail, Agriculture and MSME) and reducing exposure to Corporate sector.

• A non-discriminatory OTS Scheme called "Mission Samaadhan" formulated for quick resolution of NPAs.

• "Swarna Dhara" - Gold Loans have been intensified.

• "War Room" and "Watch room" formed in each Zone for Recovery, NPA reduction and credit monitoring/trigger management.

• On boarded the Contactless Platform (psbloansin59minutes. com)

• Launched GST based financing to MSME Borrowers.

• Actively participating in the Udyami Mitra Portal - marketplace for new MSME loans.

• Digi Branches: 254 Select Branches converted to Digi Branches for meeting the demands of Next Gen Customers.

• Focus on Digitisation and Alternate Delivery Channels.

• Activation of Growth Centers through Business Correspondents (BCs) called "Star Points" for expanding our outreach.

• In line with the GOI initiative for cashless and digital nation, Payment gateway solutions provided for various government, PSU and autonomous organization (such as NHAI, National Seeds Corporation, RITES India Ltd, BHEL etc).

• Dashboard created for monitoring of accounts opened for two project (STRIVE, NIESBUD) started by Ministry of Skill Development and Entrepreneurship.

• VISA Signature Debit Card which is a contactless metal card having multiple benefit for customers launched.

• PM SVANidhi AtmaNirbhar loan to "Street Vender" launched.

• Selected as an "Authorized bank for Yen credit transaction by GOI-MOF".

• Star Anveshan- For Employee Engagement & Connect, a special Survey is launched. Also various HR initiative like Job Family, PMS already implemented.

• End to end digitization of Retail, Agri and MSME loan process is in progress.

• Digital Document Execution rolled out, with Retail Loan process made automatic by e-signing and e-stamping.

• additional specialized credit processing centres for Retail, MSME and Agriculture advances being opened for improvement in credit quality as well as TAT.

• Lead generation system upgraded with activation of leads through all Digital channels viz. missed call, SMS, mobile banking, website, call center and also introduction of Analytics based offers to Retail and MSME clients.

• Star Mahashakti- Upgradation/ migration of IT platform from FINACLE 7 to FINACLE 10 is on advanced stage.

• Web-based - Retail Online module: launched to improve productivity and customer service by reducing turnaround time.

• Cardless Cash withdrawal using UPI QR (QRCash) has been launched by which our Bank Customers can withdraw cash from ATMs readily without the use of cards.

• mobile and Internet Banking system upgraded with enhanced features for better customer experience.

• Debit Card Control App & Credit Card Control App have been launched to enable customers to have a full control over the card activity.

• Document management System (DMS) has been introduced for retrieval of documents and also helps us to store, track, manage and access our data in a more flexible and hassle free way.

• COVID-19 related specific loans/working capital/scheme promotion has been done using SMS and custom URL, using our BOI website. It also helps us in monitoring to generate leads and facilitate timely credit to interested customer.

• BOI SEVA - OUR Chatbot is launched on website in Hindi and English Version.

• As an FI initiative, seamless ICT Technology based basic banking services enabled in Rural & unbanked areas.

• "Tech-driven Credit monitoring System" for tracking of ‘Early Warning Signals' implemented during the year.

• "Enterprise wide Fraud Risk management" framework for real-time fraud monitoring is implemented during the year.

• Rationalisation of Domestic/Overseas branches and ATMs being undertaken to reduce the Operational Cost.

• Special drive for opening of Government Accounts & Pension accounts among branches across the country.

• Door Step Banking (DSB) through Universal Touch points (Call Centre, Website and an App) has been introduced for providing banking services to customers from the Agents engaged by the Bank.

AWARDS:

The Bank has been conferred Awards in various fields as under:

• 2nd 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.

• Best Performing Public Sector Bank in APY Formation Day Campaign (FY2019-20) by PFRDA.

• ETBFSI Excellence Awards 2019- most Innovative large Size Bank of the Year for QR Cash.

• SKOCH Order of merit AWARD 2019 in GOLD Category for BOI Mobile.

• Bank of India has been conferred CSO-100 Award-2019 from IDG Media for Implementation of Best Information Security Practices.

• Bank has won Infosys Finacle Clients Innovation Award 2019.

• Infosys Finacle Client Innovation Awards in the category "Product Innovation" for QRCash, 2020.

• Best Performing Public Sector Bank in APY campaign leadership Capital 2.0 (Jan-2020) for MD &CEO.

• Best Performing Public Sector Bank in APY campaign makers of Excellence 3.0 (Nov-2019) for Executive Director.

• Bank has been awarded Rajbhasha Kirti Puraskar (1St prize) is "B" Reagion for the year 2019-20 for the excelent performance in official language implementation.

• 2nd most Trusted Brand Award in the category of Banks, both by the Reader's Digest as well as the Economic Times for 2020.

• Bank has won "APY Annual Award (2020-21)" for overall performance for achieving ‘per APY' target.

• Bank has awarded "Best performer under PSU category for Amazing Achievers of APY (AAA)" by PFRDA during 1st February 2021 to 31st March 2021.

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 our Risk Management Systems to ensure longterm sustainability of our business.

DIRECTORS' RESPONSIBILITY Statement:

The Directors confirm that in the preparation of the annual accounts for the year ended March 31,2021:

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 judgments 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, 2021.

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

Atanu Kumar Das
Incorporation Year1906
Registered OfficeStar House 8th Flr C-5 G Block,Bandra-Kurla Complex Bandra(E)
Mumbai,Maharashtra-400051
Telephone91-22-66684444,Managing Director
Fax91-22-66684491
Company SecretaryRajesh V Upadhya
AuditorChaturvedi & Co/V Sankar Aiyar & Co
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarBigshare Services Pvt Ltd
1st Flr Bharat Tin W,Makwana Road Marol ,Andheri (East) ,Mumbai - 400059

Bank of India Company Management

Director NameDirector DesignationYear
Atanu Kumar Das Managing Director & CEO 2021
Subrata Das Nominee (RBI) 2021
P R Rajagopal Executive Director 2021
P N Prasad Director (Shareholder) 2021
Rajesh V Upadhya Company Secretary 2021
Swarup Dasgupta Executive Director 2021
M Karthikeyan Executive Director 2021
Monika Kalia Executive Director 2021
Vandita Kaul Nominee (Govt) 2021

Bank of India Listing Information

Listing Information
BSE_500
BSE_200
BSEDOLLEX
BSE_PSU
CNX500
BSEMID
CNXMIDCAP
PSUBANK
CNXMID50
CNX200
BSEALLCAP
BSEFINANCE
MID150
LMI250
MSL400
BSEEVI
BSEQUI
NFTYLM250
NFTYMC150
NFTYMSC400
NF500M5025

Bank of India Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest/Discount on Adv/BillsRs.00028804.7398
Income on Investments Rs.00010704.149
Interest on bal with RBI Rs.0002431.5336
Others Rs.000412.8444

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