The bank has also retained its four incumbents - Madison Creative, Mudra, Interpublicity and Imageads - to work on a project basis. FCB Ulka and JWT were also involved in the pitch, but were knocked out at an earlier stage.
The bank is looking to reposition its brand and O&M and Rediffusion have been briefed to create a new look.
The appointments come as the Bank of India continues the review of its £10 million media account. Group M's Motivator, Madison Media and Lodestar are competing for the business.