BLUE REVOLUTION

"You cannot discover new oceans unless you have the courage to lose sight of the shore"

Bank of India associated itself with the Blue Revolution by financing on a large scale the trawler units for deep-sea fishing. As the technology further improved, the Bank has financed the state of the art processing units for processing of the sea catch to be made fit for exports. The Bank has a lion's share in seafood industry exports, which constitutes more than 3% of Indian exports. Bank's branches have also actively associated themselves with financing for development of inland fisheries wherever potential exists.

The present exposure of the Bank to fisheries is of the order of Rs.103 crore spread over in 6233 accounts.

Towards food security :

" When two hands join together, they become a force to reckon with"

The Bank in its existence of 96 years has sown `seeds of prosperity' all along in developing our Priority Sector lending particularly in the field of agriculture. The `seed' has been an important ingredient in the field of developed agriculture and in our progress, partnering with us are two seed companies viz. Maharashtra Hybrid Seeds Company (MAHYCO) from Jalana and Ankur Seeds Company from Nagpur besides other companies. While these companies started with Bank of India, with small assistance, today both of them have become giants, bagging numerous prestigious awards in inventing new varieties of seeds of various crops suited best to various climatic zones and soils including the genetically modified crop like Bt.cotton for the first time in India.

While `seed' occupies almost 50% share in increased production and productivity of any agricultural crop, other important ingredients are fertilisers, micro-nutrients, plant protection chemicals like insecticides, pesticides etc. and growth regulators and hormones in fruit crops like mangoes, grape etc.

Bank of India has tailor-made schemes for financing the agro service centres providing all these inputs alongwith advice to farmers. Trained agricultural graduates run these centres at growth centres at towns and places of mandis (markets) to cater to ever growing needs of farmers.

Bank of India has also financed in a big way a large number of manufacturers of fertilisers and pesticides.

Other important factors in production of agro-horticultural crops are irrigation, farm mechanisation besides post harvest facilities. Bank has aggressively financed for creation of infrastructure such as irrigation, rural electrification, rural godowns and cold storages.

Helping hand to Small Scale Industries

"Size does not matter, as long as your goals are defined"


"Great heights, reached and kept by great men is not
attained by sudden great flight,
but, when their companions slept, they were toiling
upward in the night ".

Small Scale Industries sector has contributed significantly towards nation building. SSI sector recorded a growth of 8.1% in output and touched Rs 7crore at current price despite the slow down in industrial sector during the year ended 31.03.2002. Number of SSI units is estimated to have touched 35 lakhs as on 31.03.2002. The sector has provided livelihood to about 192 lakh persons. Exports from SSI sector are placed at Rs,623 crore.

Bank of India, being one of the oldest and premier banks of the country, has been playing a crucial role in promotion of Small Scale Industries through a strong network of branches spread over length and breadth of the country. These branches are actively participating in dispensation of credit to small scale industries, SSI sector constitutes a bulk of bank's credit portfolio. To give a further boost to SSI sector, the bank has opened 32 Specialised SSI branches all over the country. Bank has taken various steps to extend adequate and timely finance to SSI units by simplification of application form with check list, time norms for disposal of applications, working capital financing on turnover basis, participation in Gramodyog Rozagar (REGP) scheme of KVIC, Capital Linked Scheme for Technology Upgradation by Government of India. Bank has also launched credut rating model for SSI borrowers. We have floated SSI Star Suprime Scheme to assist SSI units to remove temporary mismatches in their finances at very competitive rate of interest. Lending to SSI sector was Rs.4588 crore spread over in 55415 accounts. The Bank has launched BOI Laghu Udhyami Credit Card (LUCC) and Artisan's Credit Card (ACC) to extend hassle free finance to small entrepreneurs.


ARTISAN, VILLAGE & COTTAGE INDUSTRY

"Hands that work wonders for self sufficiency "

"Success is one percent inspiration and ninety-nine percent perspiration

Historically Indian economy is characterised as rural economy, Artisans, Village and Cottage Industries form an important element of decentralised sector. Artisans are typically entrepreneurs who are engaged in traditional activities such as blacksmithy, carpentry, pottery etc. and acquire skills through an informal training mostly from family members. Village and Cottage Industries are industries, which are set up in rural areas, making use of locally available natural resources and/or human skills. These industries include khadi, handlooms, handicarafts coir etc. and do not normally use automotive power. The Bank also finances to organisations, which provide support to unorganised sector for inputs or marketing of outputs..

Bank of India, keeping in view the socio-economic importance of this sector started financing artisans and village and cottage industries to help these entrepreneurs to realise their potential. The theme was "finance for development of rural sector." Bank of India has outstanding advances of Rs.331.79 crore to artisans, village and cottage industries numbering 12432.


EMPLOYMENT GENERATION AND POVERTY ALLEVIATION

"To make oneself strong, willed and decisive you must have a determined approach"

With nationalistion of Banks in 1969, the Bank expanded network of branches. Rural and semi-urban centres were the main thrust areas for branch expansion to accelerate overall growth of the economy in these areas. The Bank has been associated with implementation of several Government sponsored schemes like Small Farmers' Development Agency (SFDA), Marginal Farmers and Agricultrual Labours Development Agency (MFAL), Antyodaya Gram Vikas Yojana, Integrated Rural Development Programme (IRDP), SwarnaJayanti Gram Swaroj Yojana (SGSY), Self Employment to Educated Unemployed Youth (SEEUY), Prime Ministers' Rojgar Yojana (PMRY), Self Employment to Urban Micro Entrepreneurs (SEEUY), Prime Ministers" Rojgar Yojana (PMRY) , Self Employment to Urban Micro Entreprenuers (SUME), Swarna Jayanti Shahari Swarozgar Yojana (SJSRY) etc. The statistical compilation reveals a staggering figure of over 2 million beneficiaries (20 lakh) assisted over the years with total financing of Rs 2093 crore. This has helped check migration of rural youth to urban areas to some extent. Large number of weaker section families who have received the credit facilities, benefited from the scheme have started generating additional income to support the family while many have crossed the poverty line. Branches have also financed large number of women folk enabling them to rise above their relegated status and bring about their empowerment.

PMRY and SGSY schemes are being implemented in more systematic way for upliftment of rural populace vis-à-vis employment creation.

In States like Maharashtra, Gujarat, Karnataka, Madhya Pradesh and Andhra Pradesh, the Bank has implemented scheme for financing the labourers who are engaged in harvesting, transportation of sugarcane to sugar factories. Every year, Bank is assisting nearly 3 lakh labours who migrate from their places/dates for 4-6 months in the fields to meet their consumption needs.

The Bank right from early seventies involved itself in extending helping hand to the tribal families in deep forests by way of consumption finance during the period of collection of minor forest produce such as tendu leaves (leaves for rolling beedis), gum, shellac, honey, tamarind/mangoes, medicinal plants and its products in raw form etc.

Bank is assisting the needy persons to start their own activity under farm/non-farm sector under industry, service and business category.

Schemewise number of beneficiaries assisted since inception of the schemes

PMRY
SJSR
SLRS
SGSY

MICRO FINANCE

"From Backward to Forward"

Two decades prior to SHG movement was initiated, Bank of India started identifying and financing under such schemes. Bank of India started in a big way financing tribals from deep forests in the districts of Chandrapur and Gadchiroli in Maharashtra nd keonjhar and Mayurbhanj in Orissa. The Scheme for cultivation of Tussar silk worms was so unique that the small assistance ranging between Rs.250/- to Rs.500/- for buying tussar silk cocoons as seed and for livelihood of the family of the rearer who were required to camp in jungles throughout the growth period of the worms on trees of `Arjun' and `Ain' that it was lapped up by the tribals. The financing was undertaken directly going into deep forests camping at forest guest houses, getting executed the documents in jungles and disbursing loans in cash to these tribals. Starting with financing for 10 such rearers in the year 1973, the Bank had covered all the 3000 silk worm rearing families in Vidarbha by 1977. Group concept has taken roots in the Bank since then, in various other activities particularly of women. Same movement has now picked up in the form of micro finance or SHGs. Providing finance to the poor after organising them into homogenous groups, commonly known as Self Help Groups (SHGs). The Bank/branches were actively involved in Maharashtra Rural Credit Project, Pilot Project through International Fund for Agricultural Development (IFAD).

Presently, the Bank is catering to the need of ----- Self Help Groups involving finance of Rs.-- crore to ----- groups and plans to link another 25000 groups to Bank finance which are in nurturing stage.

Apart from individual SHGs, Bank also extends credit to the Self Help Groups promoting institutes and NGOs in this field. As a matter of Corporate policy, the Bank has decided to actively associate itself in this movement in financing the SHGs in tribal and backward areas covered through the network of branches as a main thrust area of financing by the rural and semi-urban branches mostly in these backward areas. The efforts in financing the SHGs by the Bank have been applauded at various forums.


FINANCING OTHER PRIORITY SECTOR

"To rise above the ordinary you need to tread the unbeaten path"

It is said that "Nothing succeeds like success". The success rate is very high in activities started by individuals on account of their determination, ambition to excel and hard work. Services and business sector is an important sector of our economy. Such ventures are mostly self-employment oriented floated by individuals for rendering broad spectrum of services. These services include Retail Trade, Small Business Enterprises, Professionals and Self Employed, Transport Operators. The number of beneficiaries availing bank's assistance and becoming successful is so large that it was decided to pick up stories of real achievers to motivate and enthuse others to excel in their endeavours.

Bank has launched 2 special products viz. BOI Laghu Udhyami Credit Card and BOI Laghu Udhyami Trade Card for the benefit of the Retail Traders & Small Business. The total number of such entrepreneurs who stand assisted as of now is 1.65 lakh with financial outlay of Rs.1155 crore in retail trade category and 78542 accounts in small business category with outstanding amount of Rs.308.29 crore. The Bank has also financed to large number of professionals and self employed who are serving the nation. Vast number of professional like engineers, doctors, architects have established their firms for rendering professional services to the community with the assistance from the Bank.

The Bank was first to finance dentists and Medical Practitioners even prior to nationalisation and continues to associate itself in actively financing all types of professionals numbering 49388 with outstanding level of Rs.229 crore. Another important segment is Small Road and Water Transport Operators. The Bank has unique scheme for the transport operators providing repayment by affordable EMIs and allowing repayment holiday during rainy/off season and permitting repayment over a period of 7 years. The scheme has in-built financing arrangement for recurring expenses such as taxes and insurance. Presently, the Bank has 20472 accounts of Road Transport Operators who are happily moving wheels of their business in association with the Bank with outstanding of Rs.266.02 crore.

Bank of India was the first Bank which started financing to needy and bright students for undertaking higher studies in India and abroad at the rate of 4% simple p.a. even prior to nationalisation when the concept of DRI lending was not introduced, thereby contributing in nation building through excellent human resources. There are as many as 22009 students pursuing higher studies in India and abroad with present exposure of Rs.269.63 crore.

WOMEN ENTREPRENEURS

"To soar freely in the open sky, you need to have strong wings."

Bank of India is keen on supporting women from all the sectors of the Society by way of schemes to give assistance to Rural Women in Non-farm Development (ARWIND) and Development of Women and Children in Rural Areas (DWCRA).

These schemes include small scale industrial undertakings, artisans, village & cottage industries, small road transport operators, small businesses, professionals and self employed, retail traders, agriculture & allied activities Swarnajayanti Gram Swarojgar Yojana (SGSY) and Self Help Groups (SHGs)

Thousands of women have availed benefits under these schemes and made immense financial progress. The Bank has been following innovative approaches for assisting such borrower by identifying the beneficiaries and activities which have the potential for generating better income.

The financial support of the Bank has transformed the quality of life of many women entrepreneurs and made them feel proud of their inherent strengths.

Total women beneficiaries financed by the Bank are 282503 with the outstanding finance of Rs.1439 crores which is -----% of Net Adjusted Credit.


REGIONAL RURAL BANKS

"For the unreached strata ….. a ray of hope"

With a view to enlarge the scope of Banking Services in rural and remote areas, Bank has sponsored 16 Regional Rural Banks which are located in five States. These RRBs cover 38 districts where our bank has been entrusted with the Lead Bank responsibility.

These RRBs, by and large, persue similar credit policies of that of sponsor Bank, particularly in the areas of priority sector lending and extending Banking Services in rural and remote areas where other Banks have virtually a restricted reach.

Many innovative need based schemes have been introduced by the RRBs to cover wide area of mass population so as to bring in social and economic development in their respective areas of operation.