5 Facts About Bank of India

1. In 2008 the Reserve Bank of India introduced a system to allow cheque truncation—the conversion of checks from physical form to electronic form when sending to the paying bank—in India, the cheque truncation system as it was known was first rolled out in the National Capital Region and then rolled out nationally.

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2. At the time, banks in Bank of India were either owned by Europeans and served mainly the interests of the European merchant houses, or by different communities and served the banking needs of their own community.

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3. Bank of India was founded on 7 September 1906 by a group of eminent businessmen from Mumbai, Maharashtra, India.

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4. Bank of India has 5100 branches as on 31 January 2017, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture.

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5. Bank of India is commercial bank with headquarters at Bandra Kurla complex, Mumbai and it is one of the top 5 nationalised banks in India.

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