4.b.i The particulars of organization functions and duties The Bank was founded in September 1906 as a private entity and was nationalised in July 1969. Now, Bank Of India, is a Body Corporate constituted under The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, with its Head Office at Star House, Plot No.C-5, G Block, Bandra-Kurla Complex, Bandra East), Mumbai 400 051. The Bank is doing the business of banking which means the accepting of deposits for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise. In additions to the business of banking Bank is also engaged in other forms of business as contemplated under Sec. 6 (1) of the Banking Regulation Act,1949. The information about Bank’s subsidiary, joint venture and associates etc. can be viewed by the public in the Bank’s website www.bankofindia.com under the icon of “Bank’s Network.
b.ii The powers and duties of its officers and employees All the officers from JMGS I to TEGS VII grade of the bank, have certain discretionary lending and administrative powers depending upon their positions. The delegation of such powers of various grades of officials is decided by Board of Directors of the Bank. These powers are revised periodically, depending upon the organization's requirement and also Government / RBI guidelines. Whether to sanction a loan or not, is within the absolute discretion of the concerned sanctioning authority of the bank and such discretion is exercised, after taking into consideration the relevant facts, circumstances and on merits of each case
.b.iii The procedure followed in the decision making process, including channels of supervision and accountability. There is a well defined system in the Bank for decision making process. Lending and administrative decisions are taken at various levels from JMGS I to Top Executive grade Scale VII and also by Executive Director and Chairman & Managing Director based on the powers delegated to them by the Board. Branches receive applications for credit facilities and recommend to the appropriate sanctioning authority. In the case of major retail loan products applications are processed at branches and Centralised Credit Processing Cells at select centers. There is a well defined organizational structure and clear system of accountability based on RBI / CVC guidelines. All credit decisions approved by any sanctioning authority are reported to the next higher authority for control purpose. The system of exercising proper delegation of power and submission of control reports is in place and they are monitored by control officer and through internal inspection.
All the functions of the Bank are subjected to Internal/Concurrent Audit/Statutory Audit as well as supervision of RBI u/s 35 of Banking Regulation Act 1949, every year. The important policies of the Bank i.e. (a) Fair Lending Practices Code, b) Code of Bank’s Commitments to Micro & Small Enterprises, (c) Fair Practices Code, (d) Saving Bank & Current Deposit Rules, (e) Term Deposit Rules, (f) Cheque Collection Policy, (g) Compensation Policy, (h) Grievances Redressal Policy, (i) Policy on Collection of dues and repossession of security, Bank’s various schemes on priority sector/ Social Banking etc. can be viewed from the Bank’s website under the icon of ‘Customer Corner’. Under the icon of ‘Investor’s Corner’ of Bank’s website, the shareholding pattern of the Bank, financial results, annual reports, Annual General Meeting, Auditors of the Bank etc. are available. 4.b.iv The norms set by the Bank for the discharge of its functions. Head Office decides the rates to be offered by the Bank for the deposits, for different tenures which are displayed in the Bank's website and also at the branches. Regarding the advance, again the Head Office takes a decision on introduction of various loan products and details of which are also available in the website as well as at the branches. Head Office also decides about the rates of interest for various advances which again are available on our website and also at the offices / Branches of the Bank.
b.v The rules, regulations, instructions, manuals and records, held by the Bank or under its control or used by its employees for discharging its functions. Bank has notified its BOI (Shares and meetings) Regulations 2003 through Gazette Notification dated 22.11.2003 for the information of shareholders and General Public. Those who desire the information on the issues relating to the said matters may refer to the said notification. Bank has its own internal rules and regulations and scheme of delegation that are decided at appropriate level for the smooth functioning of the Bank. Head office also through its internal circulars periodically inform the branches of its new schemes, procedures for implementation, changes occurring in the banking scenario and steps to be taken to move with the developments in the Banking Industry. These are all meant only for internal circulation of Bank. 4.b.vi A statement of the categories of documents that are held by the Bank or under its control The documents being obtained at the time of lending are available with branches of Bank. A brief description of Bank's procedure of lending is already on its website. Bank otherwise maintains register of share holders and record of proceedings of the Board meeting.