State wise list of Bank of India IFSC code, MICR code and addresses of all branches in India
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To make swift and secure money transfers, Bank of India provides its customers with the facility of making electronic fund transfers via NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement). Both these services, which were introduced by the RBI, make the use of a unique code known as the IFSC (Indian Financial System Code) to facilitate individuals and banks to transfer money quickly and conveniently in a secure manner. This code which is issued to every bank participating in the NEFT network, is unique to every bank and its branches and helps identify the source and destination bank in the event of a transaction.
IFSC is an 11 digit alpha-numeric code which can be broken down into three parts. For example, the Bank of India IFSC code for the Dharwad branch is ‘BKID0008428’. Here ‘BKID’ denotes the name of the bank i.e. Bank of India, the fifth character is always zero and the following 6 characters ‘008428’ denote the specific branch address like district, state, etc.
To find out the IFSC code and MICR code for any BOI branch, you can take help from third party websites present online which provide such information. Also, IFSC & MICR codes for any branch can also be found on cheque book leaves issued by the bank. Another convenient way of finding out IFSC codes for Bank of India is to visit the BankBazaar website. At the bottom of the website’s main page, you will find the link labelled ‘Bank IFSC code’. Once you click on that you will be re-directed to another page, where you will find 4 drop down menus where you must select the bank whose IFSC code you’re looking for, along with the MICR code, state, district and branch of the bank that you’re searching for.
Bank of India has made it extremely easy for customers to transfer money using the NEFT and RTGS services of electronic money transfer. Both these facilities can be availed online by customers and are extremely quick and safe.
National Electronic Fund Transfer (NEFT):
Introduced by RBI, NEFT or National Electronic Funds Transfer is an online service allowing electronic funds transfers. With the help of this service, individuals and banks can transfer money to other bank accounts with the same bank or to accounts held with other banks. In order to carry out a NEFT transaction, the sender and receiver bank must be a part of the NEFT network. RBI issues unique IFSC codes to each partner bank under the NEFT network to help ensure security of all monetary transactions carried out between banks.
Real Time Gross Settlement (RTGS):
Similar to NEFT is RTGS or Real Time Gross Settlement. This is another mode of electronic money transfer which is used to process fund transfers of higher monetary value. RTGS transfers take place much quicker as they are processed in real time, i.e. a transaction is carried out as soon as it is received, one at a time. RTGS also involves the use of an IFSC code which identifies the source and destination banks.
Founded in the pre-independence period, Bank of India (BOI) is one of the frontier financial institutions of India. The bank was nationalized in the year 1969 and currently operates via a country wide network of over 4000 branches. Serving a diverse customer base, the bank offers a wide range of financial products and services like private banking, commercial banking, retail banking, asset management, mortgage and credit cards.
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54 zones have been chosen by the Bank of India as it targets the conversion of at least five villages into ‘digital villages’ come September this year. The bank defines digital villages as those wherein transactions take place in the domestic economy in cashless mediums through the use of e-wallets, mobile phone applications, debit cards and credit cards. The General Manager of Alternate Delivery Channels of the bank, Shyam Sundar Banik, said that they are targeting five villages in each zone and want to convert them into digital villages by September this year. The manager also revealed that the targets will be easier to achieve since the National Bank for Agriculture and Rural Development is now lowering the cost of allied digital infrastructure and POS machines. Due to this, digitisation is anticipated to progress at a quick pace.
13th April 2017
The Bank of India is planning to raise Rs.3,700 crore by the end of March 2017 by issuing Additional Tier-1 (AT-1) bonds to the tune of Rs.1,500 crore and the same amount through issuing Tier-2 bonds. The bank posted a profit of Rs.102 crore at the end of December 2016, after recovering from a loss of Rs.1,506 crore at the end of December 2015. The bank has seen a reduction in bad loans and improved recovery and upgradation. The bank has received Rs.1,338 crore of the planned Rs.1,784 crore infusion by the government. The bank hopes to raise the remaining Rs.446 crore by the end of this quarter. The bank plans to raise Rs.250-300 crore by selling its non-core assets, such as, real estate, stake sale and subsidiaries. In September the Bank of India raised Rs.495 crore through selling 18% of its stake in its life insurance subsidiary Star Union Dai-ichi Life Insurance. The bank is looking to boost its Capital Adequacy Ratio (CAR) significantly to meet the Basel-III requirements. At present, Bank of India’s CAR stands at 12.11%, which is within the Basel-III requirements of the CAR at 9%, but banks require a higher CAR for growth of the business.
10th February 2017
With a capital of US$15 million, Bank of India has set up base in Vietnam with the opening of its first branch in Ho Chi Minh City. With an aim to aid trade activities between the two countries, this branch is the 61st overseas branch of BoI.
The trade between India and Vietnam clocked $7 billion last year and is expected to reach $15 billion by 2020. Vietnam hosts 56 branches of foreign banks which includes 6 with foreign ownership. The Government of India owned bank is on a fund raising spree with divestment of stakes in Mutual Fund and Insurance businesses undertaken earlier this year.
Headquartered in Mumbai, this BSE listed banking company was founded in 1906.
24th July 2016
Bank of India allotted 2 crore shares to LIC (Life Insurance Corporation of India). The total value was Rs. 264.12 crore. The shares were allotted on a preferential basis at the price of Rs. 132.06 per share. Bank of India is headquartered in Mumbai, Maharashtra and was founded in 1906. The bank is a government-owned commercial bank which was nationalised in 1969. Bank of India recently raised Rs. 3,000 crores through Basel-III compliant bonds. The coupon rate is 8.52 per cent and tenor is 10 years. Bank of India operates through a network of 4828 branches in India which includes 56 offices abroad. The IFSC codes for these branches can be found online.
2nd February 2016
Bank of India has announced that they will raise up to INR 3000 crore by delivering tier-II bonds/ stakes. The bank plans to issue unsafe, non-convertible, exchangeable, Basel III-compliant tier-II bonds for a sum of INR 1500 crore with a green-shoe choice of INR 1500 crore at a suitable time. This was mentioned in a filing to BSE. Bank of India did not explain a lot on the usage of returns. Stakes of the bank retailed at INR 117.45 each on BSE, up 0.86 percent. One can also perform online money transfer easily via NEFT and RTGS using IFSC Code to any account.
28th December 2015
As a part of foundation day celebrations, Bank of India (BOI) has launched two new bank branches. Currently, BOI has 109 branches in Patna zone. Recently, Bank of India was recognized as the Best Performing Bank by the Times of India. The two new branches have been set up at Keshri Nagar and Khemnichak areas of Patna.
Bank of India caters to the ever-growing banking needs of Indians by offering a suite of innovative banking solutions. Also, to meet the banking requirements of modern generation, BOI has come up with internet banking platform through which the customer can make an instant fund transfer by mentioning the IFSC code of the beneficiary bank.
9th September 2015
In an effort to add an extra layer of security to all its card related transactions and businesses, Bank of India has recently launched a fraud risk management system for its customers. As per a statement issued by the bank, tailor made solutions would be provided by BoI in collaboration with Worldline India, which is an Atos subsidiary. The fraud risk management solution will detect and prevent fraud using various tools, along with the support of a customer service team.
This new introduction will be yet another feather added to BoI’s cap. Bank of India is well-known for providing convenient banking services and custom made retail products to suit every customer’s needs. BoI’s Fraud Risk Management solution will provide yet another avenue for customers to use their cards without any hassles during purchases and online transactions. Customers can additionally enjoy the use of internet banking and mobile banking services offered by Bank of India, anywhere, anytime. Some of the key features of Bank of India’s net banking services include online transfers using IFSC codes, account management, e-statements, etc.
7th September 2015
Bank of India, a public sector bank in India, is set to receive a high capital infusion from the Indian government in the near future. Up to Rs. 2455 crore is to be invested in the bank through preferential allotment of equity shares. This has increased the Bank’s market share value by 3% on the BSE. The bank had experienced a low net profit of Rs 130 crore in the first quarter of the current financial year, compared to the profit of Rs 806 crore reported in Q1 of the last financial year. The Bank is popular for its various banking solutions and services, especially its user-friendly net banking services with quick and easy money transfer facility. A customer has to add the person as a beneficiary and enter relevant bank details including the bank's IFSC code, to remit money.
1st September 2015
