Bank of India was founded on 7th September, 1906 and was under private ownership and control till July 1969 when it was nationalised. The Bank has over 5000 branches in India spread over all states/ union territories including specialized branches.
Presently, it has overseas presence in 18 foreign countries spread over 5 continents – with 45 offices.
In terms of senior leadership accountability, the responsibility for sustainability issues within the Bank of India lies within the board. Furthermore, it discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
Bank of India discloses the proportion of women in its total direct operations workforce for each employee category. In terms of financial inclusivity, the bank discloses the amount of finance it directs towards low-income groups.
Bank of India could disclose it links the remuneration of its executive or management teams to sustainability performance criteria. There is an opportunity for the bank to improve its performance on gender topics by disclosing a commitment to gender equality and women’s empowerment, the proportion of women in senior leadership roles, and how it addresses any gender pay gaps. Furthermore, women are underrepresented on the board of directors where only three out of nine board members are women. Moreover, Bank of India has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
Bank of India could disclose a target to reach net-zero financed emissions by 2050 as well as the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Although it is committed to financing renewable energy, it could disclose the aggregate amount devoted to it and related targets. Additionally, no evidence was found that the bank is committed to minimising its negative impacts or that it finances regenerative solutions.
Bank of India has an opportunity to disclose publicly available policy statements committing it to respect human rights, the ILO core labour rights, and the health and safety of workers. Moreover, there is no evidence that the bank describes the process for identifying its human rights risks and impacts through its relevant financing activities. Although it discloses the ages of the board members who joined in 2021 but has an opportunity to disclose this information for each employee category. To conclude, it could provide evidence of one or more channels accessible to all workers, external individuals, and communities to raise human rights complaints or concerns.
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Net income: INR 217.11 billion; Total assets: IDR 7.26 trillion