by NR INDRAN / INT

Bank of India announced the opening of its 4001st Branch in Pangei village of Imphal East District in Manipur; opening of 1501st Ultra Small Branch; launch of an Agriculture Products Innovation Cell – Apoorva and unveiling of the logo of its new joint venture with AXA, which will now be known as the BOI-AXA Investment Managers Private Limited, in a glittering function held in New Delhi on Monday. Honorable Union Finance Minister Shri Pranab Mukherjee, who was the Chief Guest, inaugurated the branches with the push of a button. He then launched the Apoorva and unveiled the BOI-AXA logo. Honorable Minister of State for Finance Shri Namo Narain Meena and Shri D.K. Mittal, Secretary, Department of Financial Services also graced the occasion with their presence, along with the Executive Directors of Bank of India – Shri N. Seshadri and Shri M.S. Raghavan; and Mr. Bruno Guiilloton, Shareholder Representative of AXA Investment Managers Asia–Pacific.

Started in 1906 by a group of eminent businessmen from Mumbai and the first Indian bank to open its branch in London, Europe, it has since then blossomed into a truly international bank. The Bank has come a long way since then and has now become a truly international Indian Bank. Bank’s branch expansion policy aims to bring even the remotest districts of India under the banking services umbrella. The inauguration of its 4001st Branch in Manipur State re-emphasizes the Bank’s commitment to proffer a wide range of best banking products and services to each and every citizen of India. Bank’s mission is to provide the best banking experience to everyone. Bank of India has introduced pioneering concept in the form of Ultra Small Branch which will have far reaching implications and will help the Bank in its efforts to extend various banking services to the under-banked populace of our country irrespective of the demographics. The 1501st Ultra Small Branch opened by the Bank as a part of its financial inclusion drive will prove to be very useful for the under-served sections of the society. This Ultra Small Branch would provide banking services to the rural public through B.C Model using hand held devices connected through the Bank’s CBS. The banking services to be extended would include opening of “No Frill” Savings Account with inbuilt Overdraft facility, Deposit and Withdrawal in the Account, Kisan Credit Card / General Credit Card to the eligible farm / non-farm families, Remittance of funds, Insurance products, etc.

The new joint venture of Bank of India – BOI-AXA Investment Managers Private Limited, in which the Bank has acquired the majority stake, will help it in gaining entry into the Mutual Funds market and enable it leverage its strong Brand Image, extensive geographical spread and reach; and huge experience in the service sector to provide new wealth creation opportunities for the public.

These efforts of Bank of India were lauded by Honorable Union Finance Minister Shri Pranab Mukherjee. He congratulated Bank of India on its initiatives and wished all the success for it in all its future endeavours. He was particularly pleased by the opening of the Bank’ Branch in a North-Eastern state and the pace at which the Bank is going on with its financial inclusion drive.

Bank of India’s CMD Shri Alok Misra reiterated the Bank’s commitment to the objectives of financial inclusion, development of the rural sector of the economy and providing the best banking services and products to each and every citizen of India.

On this auspicious day every staff member of the Bank of India family re-dedicates himself to the causes and the values that the Bank stands for.

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