Bank of India Opens 111 New Branches Across India

Bank of India (BoI), the state-owned bank, has expanded its network by adding 111 new branches across various regions in the country. This aims to increase the bank’s presence in urban and semi-urban areas and improve accessibility to banking services.

As of March 5, 11:48 AM, Bank of India Ltd is trading at ₹98.44, up 2.54 (2.65%) today, but down 8.76% over the past month and 31.50% in the past year.

Branch Expansion Details

The newly opened branches are spread across different Field General Manager Offices (FGMOs):

• Hyderabad FGMO – 17 branches
• Chennai FGMO – 14 branches
• Pune FGMO – 13 branches
• New Delhi FGMO – 12 branches
• Bhopal FGMO – 11 branches
• Chandigarh FGMO – 10 branches
• Lucknow FGMO – 10 branches

Other regions have also received new branches, contributing to the overall total.

Current Branch Network

As of December 2024, BoI operates 5,202 branches in India, divided into different categories based on location:

• 993 branches in metro cities
• 838 branches in urban areas
• 1,501 branches in semi-urban areas
• 1,868 branches in rural regions

Previous Expansion and Challenges

In the third quarter of FY25, BoI opened 11 new domestic branches. In Q2FY25, it added 36 new branches. As per the company, the latest expansion builds on this steady network growth.

BoI has implemented changes in its credit operations, setting up 450 underwriting centers for retail, agriculture, and MSME loans. These centres now handle underwriting, while branches focus on sales and marketing.

The bank has also launched the TechNext initiative, which includes IT, digital, and cybersecurity upgrades to automate routine tasks and improve efficiency.

Conclusion

BoI has identified over 100 branches where the focus will be on acquiring bulk deposits at daily published card rates. The newly added branches are to support the bank’s expansion strategy and service delivery across different regions.

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