Indian Banks

Bank of India has tied up with Reliance Mutual Fund to distribute and market the latter’s products through its branches. The public sector lender would use its pan-India network of over 3,000 branches to sell the products of the leading private fund house, a release said. “For BoI, it will be one more product to offer to its clients and thus meet customers’ investment needs in a growing financial market,” BoI Executive Director M Narendra said.

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Public sector lender Bank of India (BoI), which is targeting a business Rs 12,00,000 crore in the next five-six years, plans to implement a business process re-engineering (BPR) initiative to streamline its growing business.

Seven consultants, including Ernst &Young, Boston Consulting Group (BCG) and McKinsey, have expressed interest to take up the job of evaluation and restructuring of the organisational set-up of the bank.

The bank was currently short-listing consultants and its board of directors would take a decision on the matter in its next meeting, a top executive of the bank said here.

“The board has in principle decided to adopt the BPR initiative to face competition. The evaluation of the proposals is on and a decision will taken in the next board meeting,” said the bank’s Chairman and Managing Director Alok Misra here.

In an interaction with press persons a day before the board meet, which is being held for the first time in Bhubaneswar, Misra said, the bank had a branch network of 3,159, which would be raised to 5,000-7,000 over the next five years, he said.

To meet the credit need of the corporate sector and help faster decision-making for loans, the bank plans to set up one corporate branch in every state.

The bank would recruit 3,295 employees in next two months, including 2,250 officers in various departments such as agriculture, statistics and marketing among others.

Similarly, the bank has obtained an approval for opening a subsidiary branch in New Zealand, which is going to be launched soon. It has also applied for opening a branch in Canada. Towards financial inclusion, the bank has opened 40 lakh no-frills accounts and issued one lakh bio-metric cards.

(BS)

Popularity: 1% [?]

The public sector Bank of India (BoI), which targets to take its business to about Rs 12 lakh crore in next 5-6 years, mulls to implement Business Process Re-engineering (BPR) initiates to streamline its growing business.

Seven consultants, including Ernst &Young, Boston Consulting Group (BCG) and McKinsey, have expressed interest to take up job of evaluation and restructuring of the organisational set up of the bank.

The bank is currently short-listing the consultants and its board of directors would soon take a decision on the matter in its next meeting, a top executive of the bank said here.

“The board has in principle decided to adopt the BPR initiative to face competition. The evaluation of the proposals is going on and a decision is going to be taken in the next board meeting of the bank”, Alok Misra, chairman-managing director (CMD), Bank of India (BoI) said here.

Talking to the media a day before the board meeting of the bank, which is being held first time in Bhubaneswar, Misra said, the bank has a branch network of 3159 at present. This would have to be increased to about 5000-7000 over the next five years.

To meet the credit need of the corporate sector and help in faster decision making on the loans, the bank would set up one corporate branch in every state. Accordingly, a corporate branch of the bank would come up in Bhubaneswar soon.

The bank would recruit 3295 employees in next two months which would include 2250 officers in various departments like agriculture, statistics, and marketing among others.

Similarly, the bank has obtained the approval for opening a subsidiary branch in New Zealand and this is going to be launched soon. It has also applied for opening a branch in Canada. As a measure towards financial inclusion, the bank has opened 40 lakh no-frills accounts and issued 1 lakh bio-metric cards.

On Orissa, the BoI chief said, five more braches are proposed to be opened by March this year taking the total to 134. This would further be increased to 150 by September and all the districts would be covered in the next 2-3 years, he added. It may be noted, the bank has a business of Rs 5250 crore with a branch network of 129 in Orissa.

(BS)

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Bank of India believes that Human Resource is the most crucial element for the success of a service oriented organization like Bank. The entire service delivery and the performance results ride on the backbone of Bank’s staff. Therefore appropriate HR policies and constant recruitment and grooming of required personnel become imperative. The Bank has taken care in this direction by framing very practical and pro-active Recruitment and Promotion Policies. The same also provide for an excellent career path for performers.

The present Manpower Plan and Recruitment Policy take care for recruitment of deserving and talented personnel in the clerical cadre as well as Junior Management and Middle Management grade in the Officers cadre.

Keep on watching this section for the incoming Recruitment Projects.

On Contract basis initially for a period of two years extendable on satisfactory service on Bank’s discretion. For Application / Challan & Other details, please click on below links.

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