State-run, Bank of India (BoI) has finally appointed its new executive director after a gap of two months. B.A. Prabhakar has taken over the post with effect from October 15th.

K.R. Kamath was the former executive director of Bank of India. He had left his post for his current position as the Chairman and Managing Director of Allahabad Bank.

Prior to taking up the present position, Prabhakar was the General Manager with Bank of Baroda and looked after the treasury and credit operations of the bank. He has also served as the Chief Executive of Bank of Baroda's operations in the United Kingdom.

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. It is one of India's leading banks, with 2,982 branches outlets in India and 27 branches outside India. Beginning with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years. In September this year, BoI had opened two new branches at Alangudi and Kothamangalam in Pudukottai in Tamil Nadu.