A project report on level of customer satisfaction of BOI in Kalyan - Dombivli region
CHAPTER I INTRODUCTION
Bank of India (BOI) is an Indian public sector bank and headquartered in Bandra Kurla complex, Mumbai.
founded in 1906 ,is one of the oldest and largest public sector banks in India. It has been government
owned since nationalisation in 1969. BOI is founder member of swift (society for worldwide inter bank
financial telecommunications), which facilitates provision of cost effective financial processing and
communication services. the earlier holders of the bank of India name had failed and were no longer in
existence by the time a diverse group of Hindus, Muslims, Parsees, and Jews helped establish the
present bank of India in 1906 in Bombay. at the time, banks in India were either owned by Europeans
and served mainly the interests of the European merchant houses, or by different communities and
served the banking needs of their own community. Bank of India is listed on the Bombay Stock
Exchange and the National Stock Exchange of India.
The bank provides a wide range of banking and financial products and services to individuals, small and
medium-sized enterprises, and large corporations. It offers a range of financial products and services,
including retail banking, corporate banking, and international banking. The bank also has a number of
subsidiaries and joint ventures in areas such as asset management, insurance, and credit cards. These
include deposit accounts, loans, credit cards, insurance, and investment products. Bank of India has a
network of branches and ATMs throughout India, as well as a presence in several countries around the
world. In addition to its banking operations, the bank also has subsidiaries that offer specialized financial
services, such as asset management and housing finance.
The lead promoter of the bank of India was sir Sassoon j. David (1849-1926). Sassoon j. David was a
member of the Sassoon family, who in turn were part of Bombay community of Baghdadi Jews that was
notable for its history of social service. sir David was a prudent banker and remained the bank's chief
executive from its founding in 1906 until his death in 1926.
The promoters incorporated the bank on India on 7 September 1906 under act vi of 1882, with an
authorized capital of 10 million (us$130,000) divided into 100,000 shares each of 100 (us$1.30). the
promoters placed 55,000 shares privately, and issued 45,000 to the public by way of ipo on 3 October
1906 the bank commenced operations on 1 November 1906.
In 1921, BOI entered into an agreement with the Bombay stock exchange to manage its clearing house.
BOI international expansion began in 1946 when the bank BOI opened a branch in London, the first
Indian bank to do so. this was also the first post world war ii overseas branch of any Indian bank.
HISTORY:
Bank of India was founded on September 7, 1906 by a group of eminent businessmen from Mumbai. In
July 1969 Bank of India was nationalized along with 13 other banks.
Beginning with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over
the years. It has evolved into a mighty institution with a strong national presence and sizable
international operations. In business volume, Bank of India occupies a premier position among the
nationalized banks.
Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank
has made rapid growth over years and blossomed into a mighty institution with a strong national
presence and sizable international operations. In business volume, the Bank occupies a premier position
among the nationalized banks.
While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of
introducing various innovative services and systems. Business has been conducted with the successful
blend of traditional values and ethics and the most modern infrastructure. The Bank has been the first
among the nationalized banks to establish a fully computerized branch and ATM facility at the
Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India.
It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit
portfolio.
Bank of India was the first Indian Bank to open a branch outside the country, at London, in 1946, and
also the first to open a branch in Europe, Paris in 1974. The Bank has sizable presence abroad, with a
network of 29 branches (including five representative office) at k banking and financial centers viz.
London, New York, Paris, Tokyo Hong-Kong and Singapore. The international business accounts for
around 17.82% of Bank's total business.
The Bank has over 5000 branches in India spread over all states/union territories including specialized
branches. These branches are controlled through 59 Zonal Offices and 10 NBG Offices. There are 45
branches/offices abroad which includes 23 own branches, 1 representative office and 4 Subsidiaries (20
branches) and 1 joint venture.
The Bank came out with its maiden public issue in 1997 and follow-on Qualified Institutions Placement
in February 2008.
Presently Bank has overseas presence in 18 foreign countries spread over 5 continents - with 45 offices
including 4 Subsidiaries, 1 Representative Office and 1 Joint Venture, at key banking and financial
centres viz., Tokyo, Singapore, Hong Kong, London, Paris, New York and DIFC Dubai.
In 1950s BOI open numerous branches abroad following are:
Tokyo and Osaka in 1950.
Singapore in 1951
Kenya and Uganda in 1953.
Aden in 1954
Tanganyika in 1955
After break in continuity, BOI returned to international expansion, opening a branch in Hong Kong in
1960. a branch in Nigeria followed in 1962.
Then they came up with nationalizations abroad. the government of Tanzania nationalised BOI
operations in Tanzania in 1967 and folded them into the government -owned national commercial bank,
together with those of bank of Baroda and several other foreign banks.
After BOI's operations in Tanzania in 1967. two years later, in 1969, the government of India
nationalized the 14 top banks, including bank of India. in the same, the people's democratic republic of
Yemen nationalised BOI's branch in Aden, Nigerian and Ugandan governments forced BOI to incorporate
its branches in those countries.
SCOPE
The present study was undertaken to know the preference of the customer toward the BANK OF INDIA
(BOI). The problem of the customer is they are not aware of the services provided by their bank. The
study also forces on the customer perception that how the banking services can be improved.
• In my study I have used both primary sources of data as well as secondary sources of data.
• The study has been conducted on behalf of BANK OF INDIA.
• The study is confined to the Bareilly (UP) region.
• The study covers the service providers and users of BANK OF INDIA.
• The study has put forward the Customers as well as acceptability behaviour for the services.
• The scope of the study is to find out the -Customer Satisfaction
OBJECTIVES
1] To understand the major attributes of customer satisfaction.
2] To determine the main factors influencing the level of customer satisfaction in BANK OF INDIA.
3] To assess the level of customer satisfaction with the quality of services provided by the BANK OF
INDIA.
4] To study consumer perception of the BANK OF INDIA.
What is the mission of Bank of India (BOI)
Bank of India (BOI) is a public sector bank headquartered in Mumbai, India. As a public sector bank,
BOI is owned by the Government of India and operates under the supervision of the Reserve Bank
of India (RBI).
BOI's mission is to provide banking and financial services to individuals, businesses, and other
organizations in India and around the world. The bank's services include savings and current
accounts, loans, credit cards, investment and wealth management products, and various types of
insurance. BOI also offers specialized services such as international banking, export and import
financing, and rural banking.
In addition to its core banking services, BOI is also committed to contributing to the development of
India's economy and society. The bank supports various initiatives in the areas of education,
healthcare, social welfare, and infrastructure development, among others.
Overall, BOI's mission is to provide a wide range of banking and financial services to its customers
and to contribute to the development of India's economy and society.
Vision of Bank of India (BOI)
The vision of the Bank of India (BOI) is to become a leading financial services provider in India and
to play a major role in the development of the country's economy. The bank aims to achieve this
vision by providing a wide range of financial products and services that meet the needs of its
customers, including individuals, small businesses, and large corporations.
BOI also aims to be a socially responsible organization, working to improve the lives of people in the
communities it serves. This includes initiatives to promote financial inclusion, support small and
medium enterprises, and promote sustainable development.
In addition to its focus on providing high-quality financial services, BOI also aims to be a reliable and
trustworthy partner to its customers and stakeholders. The bank seeks to maintain strong
relationships with its customers and to build trust through transparent and ethical business
practices.
Overall, the vision of BOI is to be a leading financial services provider in India that is known for its
reliability, innovation, and commitment to improving the lives of its customers and the
communities it serves.
About Topic:
Customer Satisfaction
• The report contains a brief description of the Bank of India. It contains the finding and analysis of the
survey conducted to gather primary data to judge the importance of various attributes that influence
the satisfaction of the customer differently and the different extent. An attempt has been made to know
the overall satisfaction of the customer.
• Customer satisfaction, a term frequently used in marketing, is a measure of how products and services
supplied by a company meet or surpass customer expectations.
Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose
reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction
goals". Customer service proves to be one of the most important factors governing business. Customer
service is the provision of service to customers before, during, and after a purchase.
• According to Turban et al (2002), "Customer service is a series of activities designed to enhance the
level of customer satisfaction that is, the feeling that a product or service has met the customer
expectation."
Customer Satisfaction in Banking
Customer satisfaction in the banking industry plays a vital role to create a healthy business status as
being a service-based industry. In any service-based industry, customer service is at highest priority.
Customer service can be provided by well-planned self-service. In banking industry customer are more
directly linked with the bank's personnel for any kind of services or product. Therefore, banks should
always focus on training its front desk staff to provide quality service knowing their expectation and
wants.
Customer satisfaction is an ambiguous and abstract concept and the actual manifestation of the state of
satisfaction will vary from person to person and product/service to product/service. The state of
satisfaction depends on a number of both psychological and physical variables which correlate with
satisfaction behaviour such as return and recommend rate. The level of satisfaction can also vary
depending on other options the customer may have and other products against which the customer can
compare the organization's services.
At the same time, several banking institutions are experiencing increasing level of retail customer
dissatisfaction.
Research suggests that customer dissatisfaction is still the major reason of bank customers for which
they switch to other banks. This dissatisfaction could be because of a variety of reasons. Excellent
service quality is not an optional competitive strategy which may, or may not, be adopted to
differentiate one bank from another: today it is essential to corporate profitability and survival. The
connection between service quality and corporate profitability is now seen to depend on high levels of
customer satisfaction, the successful targeting of "quality" customers and the retention of those
customers.
❖ BANKING SYSTEM IN INDIA:
• Without a sound and effective banking system in India it cannot have a healthy economy. The banking
system of India should not only be hassle free but it should be able to meet new challenges posed by the
technology and any other external and internal factors.
For the past three decades India's banking system has several outstanding achievements to its credit.
The most striking is its extensive reach. It is no longer confined to only metropolitans or cosmopolitans
in India. In fact, Indian banking system has reached even to the remote corners of the country. This is
one of the main reasons of India's growth process.
❖ BANKING STRUCTURE IN INDIA
• In India the banks are being segregated in different groups. Each group has their own benefits and
limitations in operating in India. Each has their own dedicated target market. Few of them only work in
rural sector while others in both rural as well as urban. Many even are only catering in cities. Some are
of Indian origin and some are foreign players.
• All these details and many more is discussed over here. The banks and its relation with the customers,
their mode of operation, the names of banks under different groups and other such useful information's
are talked about.
• One more section has been taken note of is the upcoming foreign banks in India. The RBI has shown
certain interest to involve more of foreign banks than the existing one recently. This step has paved a
way for few more foreign banks to start business in India.
Awards & Accolades
Bank of India
Relationship beyond banking.
☐ Bank of India has been adjudged as the Second Best in Category-I Public Sector Banks for Excellence
in Financial Reporting by ICAI for the year ended 31.03.2022
☐ Bank of India has been awarded with "Best Innovative Bank- Winner" and "Best Bank For Promoting
Social Scheme- -Runner Up" in "MSME Banking Excellence Award- 2022" by CIMSME-New Delhi.
☐ Bank has been recognized as "3rd best performing bank in Agriculture Infrastructure Fund Scheme"
under Atmanirbhar Scheme, a flagship programme of GOI.
☐ Bank of India has secured "2nd position among all banks( Public and Private) under NPS Diwas
Recognition Programme" conferred by PFRDA.
☐ Bank of India has won "Shine & Succeed" award from PFRDA for good performance in APY Campaign.
☐ Bank of India has secured 3rd rank under Digidhan Mission setup by MeitY (Ministry of Electronics
and Information Technology) for promotion of Digital Payments.
List of Products and Services by Bank of India (BOI)
Bank of India (BOI) offers a wide range of financial products and services to its customers, including:
1) Retail banking: BOI offers a range of products and services for individual customers, including
savings accounts, fixed deposits, loans (such as home loans, personal loans, and car loans), debit
cards, and credit cards.
2) Corporate banking: BOI offers a range of products and services for businesses, including working
capital finance, term loans, trade finance, and foreign exchange services.
3) International banking: BOI has a presence in several countries around the world and offers a range
of products and services for international customers, including foreign exchange services, trade
finance, and remittances.
4) Agricultural banking: BOI offers a range of products and services for farmers and rural customers,
including loans for agricultural purposes, crop insurance, and other financial services.
5) Other products and services: BOI also offers other financial products and services, such as wealth
management, insurance, and pension plans.
Types of Accounts in Bank of India (BOI)
There are several types of accounts that you can open at Bank of India (BOI). Some of the most common
types of accounts include:
Savings account: This is a basic account that allows you to deposit and withdraw money as needed.
Savings accounts typically offer a modest interest rate on deposits, and may have certain requirements
such as a minimum balance or a maximum number of transactions per month.
Current account: This is an account designed for businesses and organizations, and is often used for
transactions such as paying bills and receiving payments from customers. Current accounts do not
typically earn interest on deposits, but may have lower fees and requirements than other types of
accounts.
Fixed deposit account: This is an account where you deposit a fixed amount of money for a specified
period of time, typically ranging from a few months to several years. Fixed deposit accounts typically
offer a higher interest rate than savings accounts, but the money cannot be withdrawn until the term of
the deposit is complete.
Recurring deposit account: This is an account where you deposit a fixed amount of money on a regular
basis, typically monthly. Recurring deposit accounts typically offer a higher interest rate than savings
accounts, and the money can be withdrawn at the end of the term of the deposit.
NRI account: This is an account specifically designed for non-resident Indians, and allows them to
deposit and withdraw money while living abroad. NRI accounts may have different features and
requirements than other types of accounts.
There are other types of accounts available at Bank of India as well, depending on your needs and
financial goals. It is a good idea to speak with a bank representative to discuss your options and
determine which type of account is best for you.
Types of Loans in Bank of India (BOI)
The Bank of India (BOI) offers a variety of loan products to meet the diverse needs of its customers.
Some of the types of loans offered by BOI include:
Home Loans: BOI offers home loans for the purchase or construction of a new home, as well as for the
repair, renovation, or improvement of an existing home.
Personal Loans: BOI offers personal loans for various purposes such as travel, education, wedding, or
medical expenses. These loans are generally unsecured, meaning they do not require collateral.
Auto Loans: BOI offers auto loans for the purchase of new or used vehicles, including cars, motorcycles,
and commercial vehicles.
Education Loans: BOI offers education loans to help students finance their higher education, including
tuition fees, living expenses, and other related costs.
Business Loans: BOI offers various types of business loans for small and medium-sized enterprises
(SMEs) and larger companies, including term loans, working capital loans, and project loans.
Agricultural Loans: BOI offers loans to farmers and agribusinesses for various purposes such as crop
production, irrigation, animal husbandry, and agriculture-related infrastructure development.
Housing Finance: BOI offers housing finance products to help individuals and families finance the
purchase or construction of a new home.
Gold Loans: BOI offers gold loans to individuals who want to borrow money using their gold as collateral.
These loans are generally offered at a lower interest rate than personal loans.
Microfinance: BOI offers microfinance loans to individuals and small businesses in rural and semi-urban
areas. These loans are designed to help individuals and businesses with limited access to formal financial
services meet their financial needs.
How to apply for Loan in Bank of India (BOI)
To apply for a loan at Bank of India (BOI), you can follow these steps:
1. Determine your loan eligibility: The first step in applying for a loan is to determine whether you are
eligible for a loan and, if so, how much you can borrow. Bank of India has a loan eligibility calculator
on its website that you can use to determine your loan eligibility based on factors such as your
income, age, and credit score.
2. Choose a loan product: Bank of India offers a wide range of loan products, including home loans,
personal loans, car loans, and business loans. It is important to choose the loan product that best
meets your needs and financial circumstances.
3. Gather required documents: To apply for a loan, you will need to provide certain documents to the
bank, such as proof of income, proof of identity, and proof of residence. It is a good idea to check
with the bank to find out which documents are required for the specific loan product you are
interested in.
4. Submit the loan application: You can apply for a loan at Bank of India online, by visiting a branch, or
by contacting the bank's customer service center. When submitting your application, be sure to
provide all of the required documents and any other information requested by the bank.
5. Wait for a decision: Once you have submitted your loan application, the bank will review your
application and consider your loan request. This process can take some time, so it is important to
be patient. If your loan application is approved, the bank will provide you with details about the
terms and conditions of the loan, including the interest rate and repayment schedule
Benefits of opening bank account in Bank of India (BOI)
There are several benefits to opening a bank account with Bank of India (BOI), including:
Convenience: BOI has a large network of branches and ATMs across the country, making it convenient
to access banking services.
Safety: BOI is a government-owned bank and is subject to regulatory oversight, making it a safe choice
for storing your money.
Variety of account options: BOI offers a range of account types, including savings accounts, current
accounts, and fixed deposit accounts, to suit different banking needs.
Interest rates: BOI offers competitive interest rates on its savings accounts and fixed deposit accounts.
Online banking: BOI offers online banking services through its internet banking platform, which allows
you to access your account and conduct transactions from anywhere with an internet connection.
Debit card: BOI provides a debit card with its savings accounts, allowing you to make cashless
transactions and withdraw money from ATMs.
Credit facilities: BOI offers credit facilities such as loans and overdrafts to account holders, subject to the
bank's lending policies and creditworthiness of the borrower.
Financial inclusion: BOI is committed to financial inclusion and offers special accounts and services to
disadvantaged and underserved segments of the population, such as farmers and small businesses.
What is the organizational structure of Bank of India (BOI)
The organizational structure of Bank of India (BOI) is hierarchical, with a clear chain of command and a
division of responsibilities. At the top of the organization is the Chairman and Managing Director (CMD),
who is responsible for the overall management and direction of the bank. The CMD is supported by a
team of executive directors, who are responsible for various functional areas such as human resources,
finance, and operations.
Below the executive directors are the general managers, who are responsible for specific business units
or regions. These business units may include retail banking, corporate banking, and international
banking, among others. The general managers are supported by a team of deputy general managers,
assistant general managers, and other senior managers, who are responsible for managing the day-to-
day operations of the bank.
At the operational level, the bank is divided into a number of branches, each of which is managed by a
branch manager. The branch manager is responsible for the day-to-day operations of the branch and is
supported by a team of officers and other staff.
Overall, the organizational structure of Bank of India is designed to ensure that the bank's operations
are efficient and effective, and that it is able to meet the needs of its customers in a timely and
responsive manner.
