Bank of Baroda

Bank of Baroda Ltd.

Type	Public
Traded as	BSE: 532134 NSE: BANKBARODA
ISIN	INE028A01039
Industry	Banking Financial services
Founded	20 July 1908 (1908-07-20)
Founder	Sayajirao Gaekwad III
Headquarters	Vadodara, Gujarat , India
Number of locations	8,400+ branches 10,000+ ATMs & CRs (September 2025)
Area served	India & Worldwide
Key people	Debadatta Chand (MD & CEO)
Products	Retail banking Corporate banking Investment banking Mortgage loans Private banking Wealth management Asset management Investment management Credit cards Insurance
Revenue	₹12,710,131 lakh (US$13 billion) (2024)
Operating income	₹2,488,961 lakh (US$2.6 billion) (2024)
Net income	₹1,778,878 lakh (US$1.8 billion) (2024)
Total assets	₹2,101,502 crore (US$220 billion) (2024)
Total equity	₹11,222,358 lakh (US$12 billion) (2024)
Owner	Government of India (63.97%)
Number of employees	75,008 (2026)
Website	bankofbaroda.bank.in
Footnotes

Bank of Baroda (BOB or BoB) is an Indian public sector bank headquartered in Vadodara, Gujarat. It is the second-largest public sector bank in India after State Bank of India. Based on 2025 data, it is ranked 455 on the Forbes Global 2000 list.

The Maharaja of Baroda, Sayajirao Gaekwad III, founded the bank on 20 July 1908 in the princely state of Baroda, in Gujarat. The Government of India nationalized the Bank of Baroda, along with 13 other major commercial banks of India, on 19 July 1969, and the bank was designated as a profit-making public sector undertaking (PSU).

History

Sayajirao Gaekwad III, the founder of Bank of Baroda

Bank of Baroda International Banking Branch at MG Road, Bengaluru, formerly Vijaya Bank Head Office

In 1908, Sayajirao Gaekwad III set up the Bank of Baroda (BoB), along with other stalwarts of industry such as Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thakersey, Lallubhai Samaldas, Tulsidas Kilachand, and N. M. Chokshi. Two years later, BoB established its first branch in Ahmedabad. The bank grew domestically until after World War II. In 1953, it expanded overseas to serve the communities of Indians in Kenya and Uganda by establishing branches in Mombasa and Kampala. The following year, it opened a second branch in Kenya, in Nairobi, and in 1956, it opened a branch in Tanzania at Dar es Salaam. In 1957, BoB established a branch in London, the center of the British Commonwealth and an international banking hub. In 1958, BoB acquired Hind Bank (Calcutta; est. 1943), which became BoB's first domestic acquisition.

1960s

In 1961, BoB acquired New Citizen Bank of India, increasing its branch network in Maharashtra. BoB also opened a branch in Fiji and, the following year, opened a branch in Mauritius.

In 1963, BoB acquired Surat Banking Corporation in Surat, Gujarat. The next year, BoB acquired two banks: Umbergaon People's Bank in southern Gujarat and Tamil Nadu Central Bank in Tamil Nadu.

In 1965, BoB opened a branch in Guyana. That same year, BoB lost its branch in Narayanganj (East Pakistan) due to the Indo-Pakistani War of 1965. In 1967, the Tanzanian government nationalized BoB's three branches there (in Dar es Salaam, Mwanga, and Moshi), transferring their operations to the state-owned National Banking Corporation.

In 1969, the Indian government nationalized 14 major banks, including BoB. BoB incorporated its operations in Uganda as a 51% subsidiary, with the Ugandan government owning the remainder.

1970s

In 1972, BoB acquired Bank of India's operations in Uganda. Two years later, BoB opened branches in Dubai and Abu Dhabi.

In India, in 1975, BoB acquired majority shareholding and management control of Bareilly Corporation Bank (est. 1954) and Nainital Bank (est. 1922). Since then, Nainital Bank has expanded to Uttarakhand, Uttar Pradesh, Haryana, Rajasthan, and Delhi. Currently, BoB holds a 98.57% stake in Nainital Bank.

International expansion continued in 1976 with the opening of branches in Oman and Brussels. The Brussels branch served Indian firms from Mumbai engaged in the diamond trade in Antwerp.

In 1978, BoB opened branches in New York and the Seychelles, followed by a branch in Nassau, Bahamas, in 1979.

1980s

In 1980, BoB opened a branch in Bahrain and a representative office in Sydney, Australia. BoB, Union Bank of India, and Indian Bank established IUB International Finance, a licensed deposit taker in Hong Kong, as equal partners. BoB eventually bought out its partners in 1999.

In 1985, BoB (20%), Bank of India (20%), Central Bank of India (20%), and ZIMCO (Zambian government; 40%) established Indo-Zambia Bank in Lusaka. That same year, BoB opened an Offshore Banking Unit (OBU) in Bahrain.

In India, in 1988, BoB amalgamated Traders Bank (established in 1947 in Delhi), which had a network of 34 branches in Delhi, following a directive from the Reserve Bank of India.

1990s

In 1992, BoB opened an OBU in Mauritius and closed its representative office in Sydney. The following year, BoB took over the London branches of Union Bank of India and Punjab & Sind Bank (P&S) at the direction of the Reserve Bank of India following losses connected to the Sethia fraud in 1987.

A Bank of Baroda branch at Dubai Creek

In December 1996, BoB entered the capital market with an initial public offering (IPO). The Government of India remained the largest shareholder.

In 1997, BoB opened a branch in Durban. The following year, BoB bought out its partners in IUB International Finance in Hong Kong, converting it into a wholly owned subsidiary named Bank of Baroda (Hong Kong). BoB also acquired Punjab Cooperative Bank in a rescue operation and incorporated a wholly owned subsidiary, BOB Capital Markets, for stockbroking business.

In 1999, BoB merged Bareilly Corporation Bank into its operations. In Guyana, BoB incorporated its branch as a subsidiary, Bank of Baroda Guyana. BoB added a branch in Mauritius and closed its Harrow branch in London.

2000s

In 2000, BoB established Bank of Baroda (Botswana), opening offices in Gaborone and Francistown. In 2002, BoB converted its Hong Kong subsidiary into a Restricted License Bank.

In 2002, BoB acquired Benares State Bank (BSB) at the request of the Reserve Bank of India. BSB had been established in 1946, tracing its origins to the treasury office of the Benares state in 1871. The acquisition added 105 branches to BoB's network. That same year, BoB listed Bank of Baroda (Uganda) on the Uganda Securities Exchange (USE) and opened an OBU in Mumbai.

In 2004, BoB acquired South Gujarat Local Area Bank, established a subsidiary in Dar es Salaam, Tanzania, and opened representative offices in Kuala Lumpur, Malaysia, and Guangdong, China.

In 2005, BoB constructed a Global Data Centre in Mumbai to run its core banking solution (CBS). It also opened a representative office in Thailand. In 2006, BoB established an OBU in Singapore.

In 2007, its centenary year, BoB's total business crossed ₹2.09 trillion, its branch network reached 2,000, and its global customer base grew to 29 million. In Hong Kong, the bank obtained a full banking license.

In 2008, BoB opened branches in Guangzhou, China, and Kenton, Harrow, United Kingdom. It also formed a joint venture life insurance company, IndiaFirst Life Insurance Company, with Andhra Bank and Legal & General.

In 2009, Bank of Baroda (New Zealand) was registered. It operates branches in Auckland and Wellington.

2010s

In 2010, Malaysia granted a commercial banking license to India International Bank Malaysia Berhad (IIBM), a joint venture owned by Bank of Baroda (40%), Indian Overseas Bank (35%), and Andhra Bank (25%).

In 2011, BoB opened an Electronic Banking Service Unit in Sharjah, UAE, along with new branches in Uganda, Kenya, and Guyana. It also acquired Mumbai-based Memon Cooperative Bank.

On 17 September 2018, the Government of India proposed the merger of Dena Bank and Vijaya Bank with Bank of Baroda. The merger was approved on 2 January 2019 and came into effect on 1 April 2019. Following the merger, Bank of Baroda became the third-largest bank in India after State Bank of India and HDFC Bank, with a combined business of ₹14.82 trillion, over 9,500 branches, 13,400 ATMs, and 85,000 employees serving 120 million customers.

In May 2019, Bank of Baroda announced plans to rationalise 800–900 branches to reduce duplication and improve operational efficiency post-merger.

Governance

As of 2026, the company's Board of Directors includes

• Dr. Debadatta Chand - Managing Director & CEO
• Shri Lalit Tyagi - Executive Director
• Shri Sanjay Vinayak Mudaliar - Executive Director
• Shri Lal Singh - Executive Director
• Ms. Beena Vaheed - Executive Director
• Shri Ashish Madhaorao More - Director
• Shri Manoranjan Mishra - Director
• Smt. Nina Nagpal - Shareholder Director
• Shri Ravindran Menon - Shareholder Director
• Shri Vijay Dube - Shareholder Director

Subsidiaries

Domestic subsidiaries

Source:

• BOBCARD Limited: A wholly owned credit card subsidiary of Bank of Baroda.
• BOB Capital Markets Ltd.: A wholly owned investment banking subsidiary based in Mumbai, registered with SEBI. Services include IPO management, debt placement, corporate restructuring, and institutional brokerage.
• Nainital Bank Ltd. (98.57%): Established in 1922; Bank of Baroda assumed management at the RBI's direction in 1973.
• Baroda Global Shared Services Ltd.
• IndiaFirst Life Insurance Company Ltd.
• Baroda BNP Paribas Asset Management India Private Ltd.
• Baroda BNP Paribas Trustee India Private Ltd.
• BarodaSun Technologies Ltd.

Joint ventures

Source:

• India Infradebt Ltd.
• India International Bank Malaysia Berhad

Regional Rural Banks

• Uttar Pradesh Gramin Bank
• Gujarat Gramin Bank

Overseas subsidiaries

Source:

• Bank of Baroda Botswana Ltd.
• Bank of Baroda (Kenya) Ltd.
• Bank of Baroda (Uganda) Ltd.
• Bank of Baroda (Guyana) Inc.
• Bank of Baroda (New Zealand) Ltd.
• Bank of Baroda (Tanzania) Ltd.
• Bank of Baroda (UK) Ltd.

Overseas associate

Source:

• Indo-Zambia Bank Ltd. (Lusaka)

Shareholding

The shareholding pattern of the bank as of 30 June 2025 is as follows:

Shareholders	Shareholding %
Government of India	63.93%
Mutual Funds	8.61%
Foreign Holding	12.27%
Indian Public	7.76%
Others	7.40%

International presence

Bank of Baroda's worldwide operations

Bank of Baroda branch in Manchester

The bank has 107 overseas branches and offices across 24 countries, including 61 direct branches/offices, 38 branches across 8 international subsidiaries, and 1 representative office in Thailand. It also operates a joint venture in Zambia with 16 branches.

Bank of Baroda operates in major financial centers including New York City, London, Dubai, Hong Kong, Brussels, and Singapore. Retail banking operations are carried out through subsidiaries in Botswana, Guyana, Kenya, Tanzania, Uganda, and Mauritius (where it operates nine branches).

Affiliates

IndiaFirst Life Insurance Company is a joint venture between Bank of Baroda (44%), Andhra Bank (30%), and the UK's Legal & General (26%). Incorporated in November 2009 and headquartered in Mumbai, the company generated over ₹2 billion in first-year premiums within its first four and a half months of operation.

Controversies

South Africa corruption controversy

On 4 September 2017, the South Africa Financial Intelligence Centre fined Bank of Baroda ₹11 million for failing to comply with anti-corruption laws during transactions involving accounts owned by the Gupta family. Following the identification of 36 suspicious transactions valued at ₹4.2 billion over ten months, the bank moved to close the Gupta family's accounts. In February 2018, Bank of Baroda notified the South African Reserve Bank of its decision to exit the South African market.

According to an investigation by the Organized Crime and Corruption Reporting Project (OCCRP), Bank of Baroda's South African operations facilitated the transfer of offshore funds for Gupta-owned companies by issuing unapproved loan guarantees and bypassing compliance procedures.

Regulatory and security incidents

In October 2023, the Reserve Bank of India directed Bank of Baroda to suspend onboarding new customers on its "bob World" mobile application due to supervisory concerns regarding the unauthorized linking of mobile numbers. Following internal corrective measures, the RBI lifted the restriction in May 2024.

In July 2026, Bank of Baroda confirmed a data breach involving approximately 1 terabyte of customer files and audit records leaked via a compromised employee email account, while confirming that core banking systems remained secure.

See also

• Banking in India
• Indian Financial System Code
• List of banks in India

Further reading

• Tripathi, Dwijendra; Misra, Priti (1985). Towards a New Frontier: History of the Bank of Baroda, 1908–1983. New Delhi: Manohar. ISBN 978-0-8364-2882-7. OCLC 12839220.

External links

• Official website