Central Bank of India

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Central Bank of India
Public
Traded asBSE532885
NSECENTRALBK
IndustryBanking, Financial services
Founded21 December 1911; 107 years ago (1911-12-21)
HeadquartersMumbai, Maharashtra, India
Key people
  • Tapan Ray
    (Non-Exe Chairman) [1]
  • Pallav Mahapatra
    (MD & CEO)
RevenueIncrease2,526.68 crore (US$350 million)(2018)[2]
Decrease2,733 crore (US$380 million)(2018)[2]
Decrease-5,105 crore (US$−710 million) (2018)[2]
Total assetsDecrease326,225.28 crore (US$45 billion) (2018)[2]
Number of employees
37,162 (2018)[2]
Capital ratio09.46% (2018)[2]
Websitewww.centralbankofindia.co.in

Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai which is the financial capital of India and capital city of state of Maharashtra.Cite error: A <ref> tag is missing the closing </ref> (see the help page).

Central Bank of India has approached the Reserve Bank of India (RBI) for permission to open representative offices in five more locations – Singapore, Dubai, Doha and London.[3]

As on 31 March 2018, Bank has network of 4685 branches, 4886 ATMs, 10 satellite offices and 1 Extension Counter. The pan India presence covering all 29 States, 5 out of 6 Union Territories and NCT Delhi, 574 District Head Quarters and 626 Districts out of 707 districts in the country.[2]

History[edit]

A 2010 stamp dedicated to Sorabji Pochkhanawala and the 100th anniversary of the Central Bank of India

The Central Bank of India was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as Chairman,[4] and claims to have been the first commercial Indian bank completely owned and managed by Indians.[citation needed]

Early-20th century[edit]

By 1918 it had established a branch in Hyderabad. A branch in nearby Secunderabad followed in 1925.[citation needed]

In 1923, it acquired the Tata Industrial Bank in the wake of the failure of the Alliance Bank of Simla. The Tata bank, established in 1917, had opened a branch in Madras in 1920 that became the Central Bank of India, Madras.[citation needed]

Central Bank of India was instrumental in the creation of the first Indian exchange bank, the Central Exchange Bank of India, which opened in London in 1936. However, Barclays Bank acquired Central Exchange Bank of India in 1938.[5]

Also before World War II, Central Bank of India established a branch in Rangoon. The branch's operations concentrated on business between Burma and India, and especially money transmission via telegraphic transfer. Profits derived primarily from foreign exchange and margins. The bank also lent against land, produce, and other assets, mostly to Indian businesses.[6]

Post-World War II[edit]

In 1963, the revolutionary government in Burma nationalized Central Bank of India's operations there, which became People's Bank No. 1.[7]

In 1969, the Indian Government nationalized the bank on 19 July, together with 13 others.

Nameboard of Central Bank of India, Shankar Sheth Road Branch, Pune

In the 1980s the managers of the London branches of Central Bank of India, Punjab National Bank, and Union Bank of India were caught up in a fraud in which they made dubious loans to the Bangladeshi jute trader Rajender Singh Sethia. The regulatory authorities in England and India forced all three Indian banks to close their London branches.

Central Bank of India was one of the first banks in India to issue credit cards in the year 1980 in collaboration with MasterCard.[citation needed]

On its 108th Foundation day Central Bank of India launched its first step towards robotic banking, a robot named "MEDHA".

See also[edit]

References[edit]

  1. ^ "Dena Bank, Punjab & Sindh Bank, Central Bank of India get new chairpersons". The Economic Times. 24 May 2018. Retrieved 3 September 2018.
  2. ^ a b c d e f g "Annual Report of Central Bank of India" (PDF).
  3. ^ "Central Bank of India to expand overseas". Rediff.com. Retrieved 2 August 2010.
  4. ^ "Central Bank IPO to open on 24 July". The Hindu. Chennai, Tamil Nadu India. 14 July 2007. Retrieved 5 July 2008.
  5. ^ Raychaudhuri, Tappan, Irfan Habib, & Dharma Kumar, eds. (1983) The Cambridge Economic History of India: Volume 2, c.1751-c.1970. (CUP Archive). p. 782. ISBN 9780521228022
  6. ^ Turnell, pp. 116–7.
  7. ^ Turnell, p. 226.

Cited sources[edit]

  • Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma. (NAIS Press). ISBN 9788776940409