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1st March 2016, 12:26 PM
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Join Date: May 2012
Re: Expert View on Central Bank of India

Central Bank of India, a government-owned bank was established in 1911and is one of the oldest and largest commercial banks in India. 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% stake and each of the banks has 20%. Recently it has also opened a representative office at Nairobi in Kenya.

History of Banking Activities

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 Scheme to 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 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.

Contact Detail:
Corporate Office :
Central Bank of India
Chander Mukhi, Nariman Point
Mumbai – 400 021
Tel.: 022 – 6638 7777


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