Bank of India is a public sector bank majority-owned by the Government of India, one of 14 major banks nationalized in 1969. Unlike some peers, it hasn’t been involved in the government’s post-2020 mega-merger consolidation wave, retaining its own independent identity.
Quick Facts
| Bank | Bank of India |
|---|---|
| Majority Owner | Government of India |
| Nationalized | 1969 |
| Founded | 1906 |
| Category | Public Sector Bank (PSB) |
| Headquarters | Mumbai, India |
Ownership History
| Year | Development |
|---|---|
| 1906 | Founded in Mumbai by a group of Indian businessmen |
| 1969 | Nationalized by the Indian government, becoming one of the original 14 nationalized banks |
| 2019 | Bank of India is designated among the public sector banks retained as an independent entity, avoiding the mega-merger wave that consolidated several peer banks in 2020 |
| 2020s | Continues operating as a standalone public sector bank with an international presence, including branches in several countries outside India |
Key Ownership Highlights
- Bank of India was among the banks that survived the government’s 2019-2020 consolidation round without being merged into a larger entity, unlike Oriental Bank of Commerce and United Bank of India, which were absorbed into Punjab National Bank.
- The bank maintains an international footprint, with overseas branches and subsidiaries, a legacy of its historically outward-looking business strategy compared to many domestically focused peer banks.
- Like other public sector banks, ownership remains majority government-held, with periodic minority stake sales to raise capital.
FAQ
Is Bank of India government-owned?
Yes, it’s a public sector bank majority-owned by the Government of India, nationalized in 1969.
Was Bank of India merged with another bank?
No. Unlike several peer public sector banks, Bank of India retained its independent identity through India’s 2019-2020 banking consolidation round.
Related Reading
Bank of India remained independent through the 2019-2020 PSU bank mergers, alongside Central Bank of India.
Unlike India’s largest bank, State Bank of India, Bank of India remained a mid-sized independent PSU lender through the 2019-2020 consolidation.