Bank of Baroda
(BoB)
Description
Centenary of credibility Indian banking Bank of Baroda
Bank Of Baroda (BoB) is a classic illustration of public sector banking in India with immense popularity and rating among its users and clients. More than a hundred years, it has contributed to the economic development of this country. From providing initial support to small scale industries and the agriculture sector, today it has evolved into a bank catering daily needs of millions of Indians by extending comprehensive modern banking services.
A Look Back in Time
The Bank of Baroda started its operations in 1908 at the princely state of Baroda, now Vadodara located in Gujarat. The institution was founded by Maharaja Sayajirao Gaekwad III, a progressive ruler who believed that economic development is an integral part of building a powerful nation. He initiated this bank to extend credit facilities to common masses and small traders’ communities who were beyond the reach of banking networks.
The bank added more services as it grew and set up branches all over India. The Government of India took over Bank of Baroda in 1969, which made it a part of the public sector and meant serving the common public with full support from the government.
Baroda Bank is among the finest public sector banks in India nowadays. It owns more than 9,500 branches and over 13,000 ATMs across India. Other subsidiaries are also located in more than twenty other countries among them the UK, US, UAE, Kenya, and Singapore.
It serves above one hundred fifty million customers with several products including digital banking services, and savings accounts among others on home loans and business loans.
People, companies, and farmers may receive much support from Bank of Baroda. Some of its top services include :
Individual Banking Savings Accounts
Deposits that are fixed
Loans for homes
Loans for Individuals
Loans for School
Cards for debit and credit
Banking on the Internet and on phone
Business Banking Checking Accounts
CREDIT N CASH ADVANCES
LOANS FOR A SET TIME
FINANCING FOR TRADE
MSME LOANS
CROP LOANS AND RURAL BANKING
KISAN CREDIT CARDS
AGRI INVESTMENT LOANS
Banks for Self-Help Groups
Online Banking
Bank has walked along with the stride of time and now provides digital services. People can see their balances, send money, apply for loans, pay bills and do a lot more using the BoB World app on their phones.
Putting Together and Getting Bigger
In April 2019, Bank of Baroda was merged with Dena Bank and Vijaya Bank thereby making it the third largest public sector bank in India. This became a very great lever for BoB to tap more customers while enhancing banking services across the nation with special consideration in rural belts.
Bank of Baroda is known for its customer centric approach. It has facilitated account opening, loan processing, and digital services among villagers sitting at the remotest pockets.
There are exclusive schemes for women, senior citizens and students also in this bank. It provides lower interest rates on home and education loans to women, higher returns on fixed deposits for senior citizens.
BoB takes part in CSR.
It aids health camps, learning, schemes that bring well-being to the community, and efforts to raise knowledge about financial management. The bank assists in running such government plans as,
- Plan Jan Dhan
- Stand Up India
- Loans from Mudra
- The PM Awas Yojana
These steps prove that Bank of Baroda is an entity with a heart; it seeks more than just earning profits.
The Government of India owns BoB, a public sector bank.
This makes it secure where one can place his or her deposits. The Reserve Bank of India (RBI) governs the bank with very close supervision to ensure the safety of customers' funds.
Another safety measure is that Deposit Insurance and Credit Guarantee Corporation (DICGC) insures bank deposits up to ₹5 lakh.
Employment at Bank of Baroda is also nice.
It keeps on taking people in for the posts of Probationary Officers (PO), Clerical, and Specialists through written exams and interviews. BoB gives a steady job, good pay, and the opportunity to serve people.
Offering products with an easy customer journey and at lower interest rates
By doing this, BoB prepares itself for a futuristically better tomorrow while pursuing the path of delivering the true essence to every Indian.
Bank of Baroda is not just a bank. It is a part of India’s growth story. With a proud past, solid values and an updated approach to thinking, this is why people from all parts of the country continue their trust with it.
If you are studying or farming or working or running your own business, Bank of Baroda has something for you. Right bank for now and right bank going forward.