Bodhishwar Rai is an eminent Banker and has occupied important positions with State Bank of India in the country and abroad. He retired as Chairman and Managing Director of Allahabad Bank in 1994. He was earlier the Managing Director of SBI Mutual Fund. He joined the Board of the company in the 1995 as State Bank of India's Nominee and was later appointed as an independent director in the year 1999.

Bodhishwar Rai is a Director in several other Indian Public Limited Companies viz. Suven Pharmaceuticals Ltd., Madhya Bharat Papers Ltd., Oriental Carbon and Chemical Ltd., Texmaco Ltd., Hindustan Wires Ltd., Magma Leasing Ltd., NRC Limited, West Coast Paper Mills Ltd., Domino's Pizza India Ltd., Sunil Synchem Limited, HB Estates Ltd., Sutlej Industries Ltd. and Dhir & Dhir Asset Reconstruction & Securitisation Co. Ltd.