NEW YORK, NY (TIP): Bank of India Chairperson & Managing Director Mrs. V.R. Iyer, Executive Director Mr. N. Seshadri and General Manager (International) Mr. S.K. Datta, are scheduled to visit New York on January 30th and 31st to meet US clients and attend an Investors’ Meet.
It will be Mrs. Iyer’s first visit to New York after she took over as CMD of Bank of India on November 5, 2012. Mrs. V. R. Iyer took over as Chairperson & Managing Director of the Bank of India on 5th November, 2012.
Prior to this assignment, Mrs. Iyer was Executive Director of Central Bank of India from September 01, 2010 till she joined Bank of India. Mrs. Iyer, born on June 1, 1955 is a post-graduate in Commerce with CAIIB. She started her career in Union Bank of India in 1975. In her long career spanning 33 years, has had good stint in branch banking having worked in very large and extra large branches.
She has extensive exposure in Credit Department, Credit Monitoring Department and has contributed significantly in setting up of Risk Management Department, rolling out CBS, alternate channels and various other e-initiatives. Mrs. Iyer served as Deputy General Manager (Information Technology) during 2006-07 before getting elevated as General Manager in January, 2008 and was holding the portfolios of Information Technology and Risk Management.
Mrs. Iyer was elevated as Executive Director of Central Bank of India with effect from 1st September, 2010 where she looked after Credit, Treasury, Forex, IT, CBS, Risk Management and Inspection & Audit portfolios. Mr. N. Seshadri took over as Executive Director of Bank of India on 1st November, 2010. Earlier, he was General Manager at the Canara Bank. Born on 30th April, 1953, Mr. Seshadri joined Canara Bank as an officer in 1975. He has held several distinguished positions in the Bank’s hierarchy in a career spanning 35 years. MBA and a certified Associate of the Indian Institute of Bankers, Mr. Seshadri has worked extensively throughout the country and abroad
About Bank of India in USA
Bank of India, US Center is having three offices. New York Branch and San Francisco Agency are in operation since December 1978 and December 1977 respectively, whereas Cayman Island branch has been functional since September 1980. In U.S., Bank of India’s activities cover businesses related to Letter of Credit, issuing guarantee and offering advisory services, ECB loans, acquisition finance, trade finance Certificate of Deposit and effecting remittances. New York Branch is the main contributor for the business of the Center.
The Branch is FDIC insured and offers various services as mentioned earlier. San Francisco Agency pursues trade finance and Wire Transfer as its main line of business. The US Center’s contribution was 6.45% in the total business mix of bank’s global operations. The Business mix increased by 32% in 2011-12, from USD 5.6 bn to USD 7.4 bn. The center contributed to 26% in the total business mix of bank’s foreign operations in the financial year 2011-12.
FACTORS FOR SUCCESS
Leveraging the India Advantage
As is estimated, by 2025, India’s economy is projected to be the third largest in the world. This provides a huge potential for business growth.
NRI Services The Bank has state of the art technology platform for NRI service and convenience. Funds from USA to India are remitted within one working day. Bank also provides free of cost remittances of funds to any of its branches for making various NRI deposits in India.
This is the Bank’s major thrust area and contributes substantially to both revenue and profit growth. The bank facilitates trade finance and funds credit needs of India -based businesses both in and outside India.
With implementation of Straight Through Processing software in 2008 at US Center, Bank of India is offering hassle-free state of the art money transfer facilities with competitive charges.
Strong parental support and strong local management
Bank of India has a strong customer base in India. Over 106 years old, the Bank has a network of over 4000 branches in India and 50 Offices abroad across all the continents.
All the branches of the Bank are fully computerized and domestic branches are under Core Banking network.
US Center has achieved a business growth of 24% in Customer Deposits and 23% in Advances during the three quarters of December 2012 over March 2012, and this robust growth is expected to continue in the coming years. In fact, American Continent is one of the priority areas for Bank of India. As part of the growth strategy in the Continent, Bank plans to open offices in Canada and Brazil and a Rep Office in New Jersey.
Leading from the Front
Bank Of India’s global operations are headed by the Chairperson-cum- Managing Director Smt. V.R. Iyer along with three Executive Directors Mr. N. Seshadri, Mr. M. S. Raghavan and Mr. B. P. Sharma. The US Center is making impressive strides under the able leadership of its Chief Executive Mr. Bhuwanchandra B. Joshi, who has been at the helm of US Center since June, 2012. An amiable person, he is always welcome in business, professional and social circles.