Bank of India

Bank of India (BoI) was founded on 7th September, 1906 by a group of eminent businessmen in Mumbai (previously known as Bombay), India. Prudence and high standard of customer service have been the corner stones of the Bank's growth during these 104 years. Today, the Bank ranks as a premier bank with over 3207 branches in India and 29 foreign branches/offices. Singapore Branch was established as the fourth foreign branch of the Bank in 1951. Over fifty years of experience in global banking has endowed the Bank with strong asset and correspondent relations with leading International Banks.

As a Full Banks in Singapore, Bank of India may provide the whole range of commercial banking business approved under the Banking Act. BoI provide a wide range of corporate banking and treasury management services in Singapore and across Asia including: short-term borrowing, trade finance, short term investing, treasury management, and foreign exchange solutions.

Besides commercial banking, which includes deposit taking, the provision of cheque services and lending, BoI may also carry on any other business which is regulated or authorized by MAS, including financial advisory services, insurance broking and capital market services.

At Singapore, Bank of India specializes in trade finance, loan syndications, forex dealing, derivative products, remittance and India related business. The Bank commands the trust of local depositors who have been supporting the Bank since inception. Commercial banks in Singapore are licensed under and governed by the Banking Act. They may undertake universal banking. Besides commercial banking, which includes deposit taking, the provision of cheque services and lending, the banks may also carry on any other business which is regulated or authorised by MAS, including financial advisory services, insurance broking and capital market services. (Section 30 of the Banking Act defines the permissible activities). Commercial banks and their representatives do not have to be separately licensed to carry out such activities, but must comply with the business conduct requirements prescribed in the Financial Advisers Act (FAA), Insurance Act (IA) and Securities and Futures Act (SFA) accordingly.