Bank of Baroda (BoB) was founded by Maharaja Sayajirao Gaekwad in July 1908. The bank is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. Its headquarters is in Vadodara and it has a corporate office in the Mumbai. Vijaya Bank and Dena Bank amalgamated into Bank of Baroda with effect from April 1, 2019. The amalgamation provides significant long-term benefits to the Bank and its customers.
The bank has been investing in technology to improve customer experience. Initiatives such as digitising account opening through TAB Banking, revamping its mobile application, centralisation of back office operations, setting up an Analytics Centre of Excellence (ACoE) and Baroda Kisan platform for its farmers are efforts in that direction. It is expanding its digital focus even further with setting up of a dedicated Digital Lending Department which will exclusively cater to digital on-boarding and processing of loans for Retail and MSME customers using internal and external sources of information and state-of-the-art machine learning and algorithms.
The Bank is proactive in its approach towards empowering the unbanked segment by offering suitable financial products & services and making them financially literate. The Bank is consistently working towards strengthening the financial inclusion initiatives by leveraging the Government’s Digital programmes.
Business area of the bank
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
Awards and Accolades
2013-14:
Best Public Sector Bank under the category ‘Global Business Development’ by Dun & Bradstreet - Polaris Financial Technology Banking Awards 2013.
Banking Technology Excellence Award 2013 among PSBs by IDRBT.
MSME Banking Excellence Award-2013 as the Best Bank in MSME by the Chamber of Indian Micro Small and Medium Enterprises.
‘Excellence in Home Loan Banking’ Award by My FM Stars of the Industry.
2014-15:Bank was awarded ‘Best PSU for MSME’ by India SME Forum at New Delhi.
The Bank of Baroda awarded Skoch Order of Merit in India’s Best 2014 Financial Inclusion & Deepening Awards 2014 by Skoch Consultancy Services.
Bank Ranked 21st amongst Best Indian Brands 2014 in Brand Equity - The Economic Times.
2015-16:Bank of Baroda was conferred BML Munjal award in Public Sector Category for ‘Business Excellence Through Learning & Development – 2015’ at an award function held in New Delhi.
Bank was awarded HR Excellence Award by Businessworld for ‘Best initiative for Engaging Superannuated Employees’.
Bank was conferred the Best Public Sector Bank under the category ‘Global Business’ at the Dun & Bradstreet Banking Awards 2015.
Bank of Baroda was awarded as First Runner up for ‘Best Financial Inclusion Initiative’ in the category of Large Banks by IBA during Banking Technology Awards 2016 at Mumbai.
2016-17:Bank was awarded 2nd prize by Maharashtra State Level Bankers Committee in the area of Official Language Implementation during 2015-16 under Rajbhasha Shield Yojana under Public sector Category held in Pune.
Bank ranked 21st amongst Best Indian Brands 2016 in Brand Equity - The Economic Times.
2017-18:Bank was awarded ‘Makers of Excellence Award’ under APY by Pension Fund Regulatory and Development Authority (PFRDA), Government of India.
Finnoviti 2018 Award for Financial Inclusion by Banking Frontiers.
Winner Award in ‘Agricultural Banking’ in the Large Bank category by ASSOCHAM in Annual banking cum Social Banking Excellence Award of 2017.
Silver Award for Best Social Media Brands under Bank category for 2017 by Social Samosa an Indian knowledge repository website on Social Media.
2018-19:‘Best Banking & Finance Legal Team of the Year’ award at the 8th Annual Indian Legal Era Awards 2018-19.
Leadership Capital and Out Performers awards at Atal Pension Yojana Awards 2018-19.
‘Best Home Loan Products 2018’ at FE Best Banks Award 2018.
‘Best PSU Bank under MSME’ & Best Bank Agriculture’ finance at Divya Bhaskar Eminence Awards 2018.
Best Performing Bank at the UIDAI's Aaadhar Excellence Awards 2018.
2019-20:Bank awarded ‘National award for SHG bank linkage 2018-19’ by DAY-NRLM, Government at New Delhi.
Award from ‘Governance Now’ in 4th India Banking Reforms Conclave and BFSI Awards 2019 at Mumbai.
Bank awarded ‘The Experience Advantage for Delivering Lasting Moments’ (customer interactions) in the PSU category by Kantar IMRB.
Bank bagged Silver at SAMMIE 2019 - Best Social Media Brand Award (BFSI - banking category).
Bank was awarded the ‘Global - Lowest Gross Fraud (Issuer)’ by Visa at the Global Service Quality Awards 2018.
Bank received the IPE award for ‘Best Practices in CSR Awards-2020’ For Livelihood Initiative.
The Bank was awarded the FINNOVITI 2020 Award for its sound based payment system - ‘TONETAG’.
Bank of Baroda is one of India’s leading commercial banks, which was started on July 20, 1908. It provides the following solutions
Personal banking such as gen-next services, deposits, retail loans, debit cards services, credit cards, & lockers
Business banking such as loans and advances services, deposits, and lockers
Corporate banking such as deposits, wholesale banking, loans and advances and services
International business such as foreign currency credits, non-resident Indian (NRI) services, ECB offshore banking, import finance, export finance correspondent banking, trade finance and international treasury.
It also provides fee-based services like remittance & cash management services. Its head office is situated at Baroda. It is one of the largest banks in India with a strong domestic presence. It has a significant international presence with a network of 105 branches/offices subsidiaries across 23 countries. It has wholly-owned subsidiaries including BOB Capital Markets & BOB Financial Solutions Limited.
MERGERS AND ACQUISITIONS
Bank of Baroda has amalgamated with Dena Bank & Vijaya Bank.
SERVICES
Here are the services provided by the Bank of Baroda:
Retail banking provides products & services like credit and debit cards, deposits, loans, Demat services, ECS (electronic clearing services), remittances, government business, etc.
Rural and Agriculture banking: It provides products & services like agricultural loans, deposits, lockers services, & more to the agricultural sector & rural customers.
Corporate banking offers film finance, project finance, foreign currency loans, treasury products, working capital finance, & more to the corporate sector.
SME: It also provides products & services to the SME sector.
Wealth Management: It offers wealth management services to companies in areas of mutual funds & insurance.
AWARDS AND RECOGNITIONSIt ranked 21st amongst Best Indian Brands in Brand Equity 2016
Got Association of Business Communicators of India Awards
Received Bank of the year Award
Awarded Millennium National Rajbhasha Shield
Received 4 Awards of Association of Business Communicators of India for the year 2009
Got Skoch Challenger Award
Received Dalal Street- DSIJ PSU Award
Got the Best Bank Award in 2010
Received the Best Public Sector Bank Award
Received Dun & Bradstreet - Polaris Financial Technology Banking Awards
Received the prestigious Indira Gandhi Rajbhasha Shield
Got Award for Excellence in Financial Reporting
MILESTONESIn 1970: Bank of Baroda (U.K.) Nominees Ltd., London was a subsidiary of the Bank. Bob Fiscal Services Ltd., is also a subsidiary of the Bank that operates functions like equipment leasing, investment banking, merchant banking, inter-corporate deposit, etc. Bank of Baroda (Kenya) Ltd., Kenya is a subsidiary of the Bank.
In 1988: The erstwhile `Trades Bank Ltd.' was merged with the Bank.
In 1996: The Bank formulate new products, 2 new deposit schemes `BOB SUVIDHA', `BOB CAPITAL GAINS EXEMPTION DEPOSIT' was set up to suit the savings requirements of individuals, HUF, Association of pursuing, firms & companies.
In 1997: It received permission from the RBI to launch a branch at Durban in South Africa.
In 1998, it became the 1st public sector bank to execute the autonomy package announced by the finance ministry. BoBGLOBAL is the 1st Indian credit card launched for international usage with a VISA tie-up.
In 2000: It set up services like OmniBoB & BoBCash to assist the customer practice anywhere-banking at 18 branches with the `Smart Card'.
In 2005, it signed a contract with HP India Sales Pvt Ltd to execute the Bank's IT-enabled Business Transformation Process. It signs a Memorandum of Cooperation with EXIM Bank.
In 2010: It set up a Mobile Micro Loan Factory in Sultanpur district of Uttar Pradesh.
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