Central Bank of India
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This article relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (December 2008) |
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| Type | Public BSE & NSE:CENTRALBK |
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| Industry | Financial Commercial banks |
| Founded | 21 December 1911 |
| Headquarters | Mumbai, India |
| Key people | MR.M.V TANKSALE |
| Revenue |  16,485.61 crore (US$3.63 billion) (2010-11) [1] |
| Website | www.centralbankofindia.co.in |
Central Bank of India (Marathi: सेंट्रल बँक ऑफ इंडिया), a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai.[2] The bank has 3,563 branches and 270 extension counters across 27 Indian states and three Union Territories.
MR.M.V TANKSALE [3] has been appointed as Chairman & Managing Director, Central Bank of India with effect from June 29, 2011.Prior to his appointment as Chairman & Managing Director, Central Bank of India Shri Tanksale was the Executive Director, Punjab National Bank since March 2009. Central Bank of India, one of the leading Public Sector Banks in the country has paid a Dividend of Rs.192.66 crore to the Government of India for the Financial Year 2010-11. Shri M V Tanksale, Chairman & Managing Director, Central Bank of India has handed over the Dividend Cheque of Rs.192.66 crore to (Centre) Hon’ble Union Finance Minister Shri Pranab Mukherjee on 19/08/2011 at New Delhi.
Central bank of India is one of 18 Public Sector banks in India to get recapitalisation[4] finance from the government over the next 24 months. The infusion of funds will improve the financial health of the banks as their capital adequacy ratio (CAR) will be raised more than desired level of 12 percent. The increase in CAR of the banks will also enable them to lend more money. The CAR of Central Bank of India was less than 12 percent as on 30 June 2006.
The wholly owned public sector bank, based in Mumbai, will convert an amount of Rs. 800 crore out of its Rs. 1,124.14-crore total equity capital into perpetual non-cumulative preference shares.The preference shares would carry an annual floating coupon rate of eight per cent, which would be benchmarked to 100 basis points above the repo rate. It will shore up the balance-sheet of the bank and enable it to raise capital from the markets.
According to an official statement, the equity capital restructuring would lead to an improvement in the bank's credit rating as also facilitate the adoption of Basel II norms.
For financial year 2008-2009, Central Bank of India's Q3 standalone net profit went up at Rs 353.26 crore from Rs 201.01 crore (YoY). The bank's standalone net interest income, NII was up at Rs 671.94 crore versus Rs 544.85 crore (YoY).[5]
Central Bank of India has approached the Reserve Bank of India (RBI) for permission to open representative offices in five locations - Singapore, Dubai, Doha, London and Hong Kong. This is the first time the bank is venturing an independent overseas foray after the Sethia scam in the 1970s forced the bank to close down its London office. RBI had then asked the other two banks, who had operations in London, to close down.[6]
As on 31 March 2011, the bank's reserves and surplus stood at Rs. 6,868.85 crore. Its total business at the end of the last fiscal amounted to Rs. 2,09,757.33 crore.The bank had a staff strength of 37,241 as on Nov 2006.
Central Bank of India partnered with TCS[ Tata Consultancy Services ] for its Core Banking Solution.[7] The solution set to be implemented will include B@NCS from Sydney-based Financial Network Solutions (FNS), Exim Bills Trade Finance software from China Systems and eTreasury from TCS. With all of its branches in the core banking system (CBS).
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[edit] History
It was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozesha Mehta as Chairman,[8] and claims to have been the first commercial Indian bank completely owned and managed by Indians.
In 1923, it acquired the Tata Industrial Bank in the wake of the failure of the Alliance Bank of Simla.
In 1969, the Indian Government nationalized the bank on 19 July, together with 13 others.
[edit] See also
[edit] References
- ^ http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=532885
- ^ https://www.centralbankofindia.co.in/site/MainSite.aspx?status=1&menu_id=9
- ^ http://www.centralbankofindia.co.in/
- ^ "18 govt banks to be recapitalised". Business-standard.com. 2009-02-18. http://business-standard.com/india/storypage.php?autono=349393. Retrieved 2010-08-02.
- ^ indiaearnings.com. "IndiaEarnings.com | Central Bank of India >> Results >> Central Bank of India Q3 net profit up at Rs 353.26 cr". Moneycontrol.com. http://www.moneycontrol.com/india/news/results/central-bankindia-q3-net-profitat-rs-35326-cr/382067. Retrieved 2010-08-02.
- ^ "Central Bank of India to expand overseas". Rediff.com. http://www.rediff.com/money/2008/nov/20bcrisis-central-bank-of-india-to-expand-overseas.htm. Retrieved 2010-08-02.
- ^ "Tata Consultancy Services (TCS) | Central Bank of India partners with TCS for its Core Banking Solution". PRdomain.com. http://www.prdomain.com/companies/T/TCS/newsreleases/200561722024.htm. Retrieved 2010-08-02.
- ^ "Central Bank IPO to open on 24 July". Chennai, India: The Hindu. 2007-07-14. http://www.hindu.com/2007/07/14/stories/2007071456682000.htm. Retrieved 2008-07-05.
[edit] External links
- Central Bank of India Official website
- [1]
- [2]
- Find IFSC Code of all CentralBank Of India branches in India, or Branch Details by IFSC Code
- Central Bank of India MICR code of all branches
- Central Bank of India ATM Locations
