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The Bank of India (BoI) was founded on September 7, 1906, in Mumbai by a group of notable businessmen, initially operating under private ownership and control with a modest single office. This structure changed fundamentally on July 19, 1969, when the Government of India nationalised the institution, along with thirteen other major commercial banks, integrating it into the public sector framework. Today, the Bank of India maintains its status as an Indian public sector bank, headquartered in Mumbai, with the Government of India holding the majority ownership. The institution is publicly traded on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

BoI’s general significance in the Indian financial system is derived from its substantial scale and historical role as an innovator. Post-nationalisation, the bank rapidly grew to occupy a premier position among nationalised banks in terms of business volume and national presence, which includes a network of over 5,000 branches across all states and union territories. Internationally, it has a sizable operation, including overseas branches, subsidiaries, and a joint venture across various countries. Furthermore, the Bank of India was a founding member of the Society for Worldwide Inter Bank Financial Telecommunications (SWIFT) and holds the distinction of being one of the first nationalised banks to introduce computerised branches and ATMs, underscoring its historical commitment to prudent practice and technological advancement in the banking industry.