The existence of PT Bank of India Indonesia, Tbk formerly known as Bank Pasar Swadesi was established in 1968 in Surabaya. In 1984, the Bank's ownership was taken over by Chugani Family who grow and develop the bank, and on September 2, 1989, Bank Pasar Swadesi improve their status and formally became Commercial Bank operates under the name of Bank Swadesi.

In 1990, Bank Swadesi merger (merger) with PT Bank Perkreditan Rakyat Panti Daya Ekonomi which based in Surakarta to enable the Bank to open a branch office in Jakarta. In 1992 Bank Swadesi obtained permission from Bank Indonesia to operate as a money changer.

The process of growing and developing is continuesly on going under the new ownership and management and on 11 November 1994 Bank Swadesi obtained upgraded status issued by Bank Indonesia and officially operated as Foreign Exchange Bank. By having of foreign exchange status it strengthening the Bank Swadesi position as an institution of trust that provides more diverse banking services based on customer needs. 

As a strategic step to anticipate the future as development, specifieclly in the capital, in 2002 Bank Swadesi listed its shares on the Jakarta Stock Exchange and listed as the 22th banking institutions that become 'go public'. In line with the program of activities of the Indonesian Banking Architecture (API), Bank Swadesi have met the criteria as a Focus Bank with a capital of at least Rp 100 billion and with the available sufficient capital condition, if will provide Bank Swadesi with a competitive advantage by utilizing all available opportunities. 

In order to achieve the vision, mission and at the same time strengthening its position in banking industry nationwide, Bank Swadesi deems it necessary to establish a strategic alliance by inviting sound investors. That effort is implemented by signing of the acquisition deed between the majority shareholder of Bank Swadesi with Bank Of India in line with the acquisition of shares ammouning of 235.6 million shares, which representing 76% of the total shares of Bank Swadesi on 22 June 2007. Henceforth, Bank of India has officially become the majority shareholder and become controlling shareholder of Bank Swadesi. With this acquisition, in 2011 the Bank Swadesi changed the name to PT. Bank of India Indonesia, Tbk.