Central Bank of India

Central Bank of India

Native name	सेन्ट्रल बैंक ऑफ़ इंडिया
Type	Public company BSE & NSE:CENTRALBK
Industry	Financial Commercial banks
Founded	21 December 1911 (1911-12-21)
Headquarters	Mumbai, Maharashtra, India
Key people	Shri. Rajeev Rishi, Chairman & Managing Director
Revenue	₹283,030 million (US$4.2 billion) (2014-15)
Number of employees	42000(approx)
Website	www.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.^[1] The bank has 4741 branches, 5000 ATM's and 4 extension counters across 27 Indian states and three Union Territories. At present, Central Bank of India has overseas office at Nairobi, Hong Kong and a joint venture with Bank of India, Bank of Baroda, and the Zambian government. The Zambian government holds 40 per cent stake and each of the banks has 20 per cent. Recently it has also opened a representative office at Nairobi in Kenya.

Central bank of India is one of 19 Public Sector banks in India to get recapitalisation ^[2] finance from the government over the next 24 months.

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 2015, the bank's reserves and surplus stood at ₹ 283030 million. Its total business at the end of the last fiscal amounted to ₹ 45,05,390(approx) million.

History

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.

Early-20th century

By 1918 it had established a branch in Hyderabad. A branch in nearby Secunderabad followed in 1925.

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.

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

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.

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. Central Bank of India announces that the financial results for the year ended 2013-Total Business Rs. 402000 Cr. Net Profit-Rs. 1015 Cr.

On 1 August 2013, Central Bank of India appoints new CMD Rajiv Rishi, who was previously ED of Indian Bank and General Manager of OBC and Raj Kumar Goyal as the new ED of the bank. On 1 November of the same year, the bank open its second representative office in Hong Kong.

See also

• Indian banking
• List of banks in India

Citations and references

Citations

References

• Raychaudhuri, Tappan, Irfan Habib, & Dharma Kumar, eds. (1983) The Cambridge Economic History of India: Volume 2, c.1751-c.1970. (CUP Archive). ISBN 9780521228022
• Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma. (NAIS Press). ISBN 9788776940409

External links

• Central Bank of India Official website

Banking in India
Reserve bank	Reserve Bank of India
Public sector banks	Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Bharatiya Mahila Bank Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Post Bank of India Punjab & Sind Bank Punjab National Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank
Private sector banks	Axis Bank Bandhan Bank Catholic Syrian Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDFC Bank IndusInd Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Nainital Bank RBL Bank (Ratnakar Bank) South Indian Bank Tamilnad Mercantile Bank Limited Yes Bank
Cooperative banks	Buldhana Urban Cosmos Bank Repco Bank Saraswat Bank Shamrao Vithal Co-op. Bank TNSC Bank Rajkot Nagrik Sahakari Bank
Foreign banks	ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Australia and New Zealand Banking Group Bank Internasional Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon The Bank of Tokyo-Mitsubishi UFJ Barclays Citibank India Credit Suisse Deutsche Bank HSBC The Royal Bank of Scotland Scotiabank Standard Chartered
Regional Rural Banks	Andhra Pragathi Grameena Bank Kerala Gramin Bank Bangiya Gramin Vikash Bank Gramin Bank of Aryavart North Malabar Gramin Bank Pallavan Grama Bank Pandyan Grama Bank Paschim Banga Gramin Bank Sarva UP Gramin Bank South Malabar Gramin Bank Uttar Bihar Gramin Bank Vananchal Gramin Bank List of regional rural banks in Uttar Pradesh
Interbank networks	BANCS Cashnet Cirrus IMPS UPI MITR NFS PLUS RuPay
Defunct banks	Alliance Bank of Simla Arbuthnot & Co Bank of Bombay Bank of Calcutta Bank of Chettinad Bank of Cochin Bank of Hindostan Bank of Madras Bank of Madura Bank of Rajasthan Bank of Thanjavur Bareilley Corporation Bank Bengal Central Bank Bharat Overseas Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Commercial Bank of India Dass Bank Exchange Bank of India & Africa Global Trust Bank Grindlays Bank Hindustan Commercial Bank Imperial Bank of India ING Vysya Bank Lakshmi Commercial Bank Lord Krishna Bank Madhavpura Mercantile Cooperative Bank Mercantile Bank of India, London and China Miraj State Bank Nath Bank Nedungadi Bank New Bank of India Oriental Bank Corporation Oudh Commercial Bank Palai Central Bank Pandyan Bank Sikkim Bank State Bank of Indore State Bank of Saurashtra Times Bank United Industrial Bank United Western Bank
Related topics	Banks Board Bureau Banking Codes and Standards Board of India ATM usage fees in India De-Materialisation (DEMAT) Foreign Exchange (FOREX) Indian Financial System Code (IFSC) List of banks in India National Electronic Fund Transfer (NEFT) National Payments Corporation of India Real Time Gross Settlement (RTGS) Structured Financial Messaging System (SFMS) Prepaid Payment Instruments in India