Details of Central Bank of India

Can you provide me the history and other details about the Central Bank of India as I am planning to purchase some shares of the Bank?

[Kiran Chandar]

Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai.

It has 4600 branches, 5000 ATM's and 4 extension counters across 27 Indian states and three Union Territories.

At present, it has overseas office at Nairobi, Hong Kong and a joint venture with Bank of India, Bank of Baroda, and the Zambian government.

History of the Bank

Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians.

The founding of the Bank was the vital realization of the dream of Sir Sorabji Pochkhanawala, founder of the Bank.

During the past 104 years of history the Bank has faced many challenges.

A number of innovative and unique banking activities have been launched by Central Bank of India and a brief mention of some of its pioneering services are as under:

1921 Introduction to the Home Savings Safe Deposit Schemeto build saving/thrift habits in all sections of the society.
1924 An Exclusive Ladies Department to cater to the Bank's women clientele.
1926 Safe Deposit Locker facility and Rupee Travellers' Cheques.
1929 Setting up of the Executor and Trustee Department.
1932 Deposit Insurance Benefit Scheme.
1962 Recurring Deposit Scheme.

Even after the nationalization of the Bank in the year 1969, it continued to introduce a number of innovative banking services as under:

1976 The Merchant Banking Cell was established.
1980 Centralcard, the credit card of the Bank was introduced.
1986 'Platinum Jubilee Money Back Deposit Scheme' was launched.
1989 The housing subsidiary Cent Bank Home Finance Ltd. was started with its headquarters at Bhopal in Madhya Pradesh.
1994 Quick Cheque Collection Service (QCC) & Express Service was set up to enable speedy collection of outstation cheques.

With the guidelines from Reserve Bank of India as also the Government of India, it is playing an increasingly active role in promoting the key areas of agriculture, small scale industries as also medium and large industries.

It has also introduced a number of Self Employment Schemes to promote employment among the educated youth.