Bank of India, one of India’s leading public sector bank with a rich history of banking services spanning over 114 years, inaugurated its new National Banking Group (NBG) in Bhopal.
In order to facilitate effective business management, better control over the Zones in Madhya Pradesh State & effective monitoring, efficient management of issues associated with business complexities and overall growth Bank of India has created new NBG MP& Chhattisgarh) with its Head Quarters at Bhopal to be functional from 01st of April 2021.
Madhya Pradesh is the second largest in terms of area and often referred to as the heart of India, is one of the fastest-growing states of India. A power surplus and mineral-rich state, its hosts 100+ industrial areas, 7 smart cities, and a robust multimodal transportation system.
The new NBG – Madhya Pradesh & Chhattisgarh will be with a total of 6 Zones viz Bhopal (97 Branches), Indore (100 Branches), Khandwa (86 Branches), Ujjain (111 Branches), Jabalpur (45 Branches) & Raipur (61 Branches) totaling 500 Branches. The present Business Mix of NBG- Madhya Pradesh & Chhattisgarh is more than Rs 67,875 Crs. The share of Agriculture, MSME and total Retail to total Advances is 43%, (against regulatory target of 18%) and RAM (Retail, Agriculture & MSME) which is priority & thrust area is 76%. Further, this new NBG will also improve BOI’s functioning under the SLBC framework.