Central Bank of India

This article is about an Indian commercial bank. For India's central bank, see Reserve Bank of India.

Central Bank of India is one of the oldest and largest commercial banks in India. It was established in 1911 by Sir Sorabji Pochkhanawala and was the first commercial Indian bank completely owned by Indians. The bank, with 13 others, was nationalized by the Indian Government on 19 July, 1969. The bank currently has 3,168 branches and 270 extension counters across 27 Indian states.

The present Chairperson and Managing Director, Ms. Homi. A. Daruwala, has initiated steps to bring this bank to a par with private-sector banks. She has taken decisions regarding computerisation, ATM services and core banking. The bank is planning to introduce core banking solutions (CBS) in 1,000 branches.

As of 31 March 2006, the bank achieved a landmark: crossing a business mix of Rs. 1,05,000.00 crores. The next target has been fixed at doubling this figure in the next three years. Krishnan Subharamaniam, Executive Director of the bank, in his message to staff members, has called upon them to achieve the target and suggested some steps. One of these steps is to change the manner in which employees extend service to customers across different delivery channels. He has advocated the adoption of the '3R' principles when dealing with customers - recognition, respect and response. This is asserted to be the path to make customers experience 'Customer Delight'. Subbaraman is of the view that to be able to achieve the coveted goal of at least Rs.2,00,000.00 crores in three years' time, it is urgent to add large numbers of new customers to the bank's existing portfolio. Central Bank also came with its IPO, which was oversubscribed 64 times. The bank has plans to change the bank's signboard across the country, trying to impart a new look to the bank after the IPO.

Recent News/ Initiatives

• Central Bank of India launched Visa Platinum and Visa Gold cards
• Central Bank of India was conferred with the 1st Award under National Awards for Excellence in MSE Lending based on its outstanding performance in lending to Micro and Small Enterprises during the year 2007-08.
• On December 29, 2008, Kotak Mahindra Asset Management Company, one of India's leading mutual fund houses, entered into a distribution tie-up with Central Bank of India. Under the agreement Central Bank of India will offer the entire bouquet of Kotak Mutual Fund products from the Bank's branches.
• The Bank has been in the forefront in business growth also. The total business of the Bank sharply increased by 124% touching the level of Rs.1,97,162/- as of 30th September, 2008 from Rs. 87,857 crore as of 30th June, 2005.
• The Core Banking System (CBS) of the Bank covers 77% of its business. And, all CBS Branches have been enabled for both RTGS and NEFT services.
• IT Enabled Financial Inclusion at Hoshangabad which will bring the financial services to the door steps of those who are living in remotest parts of the country. The Bank will deliver deposit, loan and other financial services by engaging Business Correspondent, who will use hand-held mobile devices and issue Smart Cards to the customers.
• In order to develop rural entrepreneurship, the Bank launched a Rural Development and Self Employment Training Institute (Rudseti) at Hoshangabad. This will provide intensive entrepreneurship training to the rural youth, to enable them to take to vocational activities. The Bank has already set Rudsetis at Kota and Muzaffarpur.
• A Financial Literacy and Credit Counseling Centre - Centsahyog was launched at Vadkun in Thane District. This will provide free counseling to the villagers on the various banking products, both deposits and loans and also counseling to distressed borrowers, irrespective of whether they are bank's clients or not.
• The Bank also launched its Brand Ambassador - a very vibrant, energetic and well known personality in the film industry - Perizaad Zorabian.

See also

• Indian banking

External links

• Central Bank of India Official website