Bank of India opens 111 new branches across the country

Mumbai: Bank of India (BOI) has expanded its network with 111 new branches across the country. The virtual inauguration was led by managing director and chief executive officer Rajneesh Karnatak, reinforcing the bank’s focus on financial inclusion and customer accessibility. The new branches span multiple cities, strengthening BOI’s presence in urban and semi-urban areas.

The expansion is spread across the bank’s various field general manager offices (FGMOs). Hyderabad FGMO saw the highest increase with 17 new branches, followed by Chennai FGMO with 14, Pune FGMO with 13, and New Delhi FGMO with 12. Bhopal FGMO added 11 branches, while Chandigarh and Lucknow FGMOs each expanded by 10. Other FGMOs also saw additions, contributing to BOI’s growing nationwide presence. Karnatak said, “Our branch expansion strategy is aligned with our goal of strengthening banking accessibility across key regions. By increasing our physical presence, we are ensuring that customers in both urban and semi-urban areas have easier access to financial services.”

During the bank’s quarterly earnings call, Karnatak said BOI has identified over 100 branches where the focus will be on acquiring bulk deposits at daily published card rates. The bank is also working to improve branch efficiency through its TechNext initiative, which includes IT, digital, and cybersecurity upgrades. He said automation is reducing routine tasks, allowing staff to focus on sales, marketing, and collections.

BOI has restructured its credit operations by setting up 450 underwriting centers for retail, agriculture, and MSME loans, completely delinking branches from the underwriting process. Branches handle sales and marketing, while underwriting is conducted at these centers, improving operational efficiency, Karnatak said.


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