Banking sector serves as the backbone of any economy. In India banking sector is well-regulated. Public sector banks dominate almost 80% of the market. RBI is continuously trying to restructure the Indian banking sector to improve financial conditions of the country. The top Indian banks are State Bank of India, HDFC, ICICI, Axis Bank & Punjab National Bank along with brand names like Union Bank of India, Canara Bank, Bank of Baroda, Central Bank of India and Bank of India. Here is a list of the top 10 Banks in India 2016.
10. Bank of India
Bank of India was established in 1906 in Mumbai by a group of businessmen.
Image: company website
It was nationalized in 1969, with its headquarter is in Mumbai and M O Rego as the Managing Director and CEO of the bank. It offers products in retail banking, commercial banking, asset management, private banking having a strong network of 3100+ branches.
The bank have its offices in around 18 countries. It has branches in London, Tokyo, New York, Paris, Hong Kong, Singapore, etc. It has 48 zonal offices in India. Given the increasing pressure on quality of assets, S&P lowered its long-term issuer credit rating of the bank from BBB- to BB+.
Bank of India had a revenue of Rs. 25887.9 crore in latest financial year (2015-16). Its loss stood at Rs. 6089.19 crore. This is the maximum loss of any bank this financial year. It has total market capitalization of Rs. 8056.01 crore. The gross NPA of the bank jumped to Rs. 49,879 crore in the fourth quarter of financial year 2015-16. Bank of India is one the banks designated by RBI to collect income tax dues from people. Recently the bank decreased its corporate portfolio t0 51 percent from 56% and the retail loans increased to 49% from 44%.CEO Melwyn Rego wants to position Bank of India as a retail bank. The growth rate of corporate loans will be lower than that of retail loans. The bank promotes meritocracy while deciding for promotions. The high performing employees of the bank can have a chance of becoming Assistant General Manager within 12-14 years.