BOB Full Form

It is one of the public sector banks of India which is owned by the Ministry of Finance under the Government of India. It is one of the largest banks in India with over 132 million customers and over US$218 billion of business. It is being traded on both BSE and NSE i.e Bombay Stock Exchange and National Stock Exchange respectively. It became the third-largest bank of India after its merger with the other two public sector banks. 

In this article, we will talk about this government-owned bank. We will cover BOB full form and description, mission & logo, and series of events in the past.

Full Form of BOB and Description

BOB Bank Full Form is the Bank of Baroda which is one of the important and largest banks of India in the Public Sector. It was founded on 20 July 1908 by Maharaja Sayajirao Gaekwad III. It was made a public sector bank with the Nationalisation of Banks in 1969. It started from a small building in Baroda to become a hi-tech center in Mumbai. The bank is characterized by diversity and it spreads over the domestic as well as an international geographical area with a lot of national and international branches. It spreads in both rural and urban areas and the customers come from all over the sectors such as households, corporates, industries, etc.

History and Series of Events

We have learned BoB bank full form. Let's go through series of events related to the bank which are given below:

• BOB was set up by Sir Sayajirao Gaekwad - III at Baroda in 1908 who was Maharaja of Baroda. The first branch was established in Mandvi (Baroda).

• After that, the first branch was established at Calcutta in 1937 and Delhi in 1949 whereas the first branch overseas was established in 1953 at Mombasa, Kenya. 

• The bank started its operations in 1957 in London, United Kingdom.

• Then, it established the Department of Agriculture Finance in 1968.

• With the Nationalisation of Banks in 1969, it became a public sector bank from a private bank.

• First 19 RRBs ie. Regional Rural Banks were opened in 1976 whereas it became one of the first nationalised banks to enter Capital Market by public issue of equity shares.

• It transferred its corporate headquarters in 2002 to the Baroda Corporate Centre in Mumbai at Bandra-Kurla Complex whereas for training the rural youth, it launched Baroda Swarajgar Vikas Sansthan in 2003.

• For Bancassurance, it tied up with various Life and Non - Life Insurance Companies from 2004 - 2006 whereas in 2005, it also launched The Baroda Sun which was a new corporate identity and signed a contract as a technology partner with Hewlett Packard. On the other hand, it also commissioned in 2005, the State of the art Global Data Center.

• It established the first Retail Loan factory of India in 2006 on innovative sales and delivery model and also launched core banking solution as well as internet banking and also opened the first SME loan factory in India on the same model.

• From 2006-09, it tied up with various AMC i.e. Asset Management Companies whereas it opened the First Gen - Next Branch in 2007 which was a Hi-Tech as well as High Touch bank and also interconnected networks of 24 hours ATM ( i.e. Automated Teller Machine ) in 2007.

• In 2007, as its Corporate Social Responsibility, it opened BGPK which refers to Baroda Grameen Paramarsh Kendra whereas, for Equity & Derivatives Trading, it tied up with India Infoline to provide an online platform for trading. Besides these, it also came up in Joint Venture with Pioneer Investments of Italy for mutual funds i.e Baroda Pioneer Asset Management Company Ltd.

• In 2009, 100% implementation of CBS i.e Core Banking Solution was done with a facility of Any time Anywhere Banking.

• It also launched the BPR Project in 2009 namely Project Navnirmaan which covers the BPR as well as restructuring of the organisations and modernization of the branches. On the other hand, it also set up a joint venture with Legal & General of UK & Andhra Bank for IndiaFirst Life Insurance Company Ltd.

• In 2010, it launched 'Stickman' which was the Brand Mascot of the Bank and launched Baroda M-Connect in 2011 in order to provide mobile banking services for all banking transactions through mobile phone and also launched Signature Tune in order to enhance the brand value. It had 3500+ global branches as well as 1700+ ATMs network by 2011.

• In 2013, it opened an overseas branch in Dubai which was its 100th branch and also launched Pilot Agri Loan Factory as well as E-Lobby in order to provide 24 × 7 banking facilities.

• In 2014, it opened a new branch which was on the innovative concept of engaging the villagers and it was Baroda Adarsh Grameen Branch. Along with it, also launched Door Step Banking Services and then it changed the brand Mascot of the bank as BOBMitra which means "Dost you can bank on". By now, it had more than 25000 customers touchpoints including 5000+ branches & 6250+ ATMs and 25 Countries.

• In 2019, amalgamation happened of erstwhile Dena Bank and Vijaya Bank with BOB. It also launched the Baroda Kisan Application as well as the Baroda Startup Banking initiative.

• It inaugurated the Bank of Baroda IIT Bombay Innovation Centre as well as launched BarodaINSTA SmartTrade in 2020.

Mission and Logo

The BOB Mission is :

"To be a top-ranking National Bank of International Standards committed to augmenting stakeholders' value through concern, care and competence."

(Image will be uploaded soon)

If we talk about the logo, the logo of the bank is considered as a unique representation of the Universal symbol. It consists of "dual B" along with rays of the rising sun and it is called the "Baroda Sun". The Sun is considered as the representation of the bank. As Sun is the only source of light as well as the energy that illuminates everything and removes darkness, similarly, the BOB seeks to be the source to help their shareholders in order to realise all of their goals and to be a reliable partner for the customers in order to help them in their financial needs whereas to offer rewarding career opportunities to the employees of the bank and focuses on providing maximum return on the Investments to their investors as well as business partners. The single colour of the logo stands for hope as well as energy and carefully chosen to represent the distinctiveness.

Subsidiaries of BOB

We have already covered the full form of BOB. Let's learn about the list of its subsidiaries which are given below:

• BOB Capital Markets (BOBCAPS)

• The Nainital Bank Ltd.

• BOB Financial Solutions Limited

• Baroda Asset Management India Limited

• India First Life Insurance Company Limited (44%)

• India Infradebt Limited (40.99%)

• BOB (UK) Limited

• Baroda Global Shared Services Limited

Conclusion

Thus, to end the discussion of the full form of BOB, we can say that it was established by the Maharaja of Baroda in 1908 and since then it has developed a lot and now it has become one of the largest banks of India. We have covered BOB full form, its whole history since establishment and its mission and logo along with the list of subsidiaries. It has millions of customers and more than 8000 branches and covers international geographical areas as well. After the merger in 2020 with the other two banks it became the third-largest bank of India after SBI and ICICI. This bank is continuously growing and also providing the latest facilities to its customers through new technology.