Central Bank of India
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Native name | सेन्ट्रल बैंक ऑफ़ इंडिया |
|---|---|
| Public | |
| Traded as |
BSE: 532885 NSE: CENTRALBK |
| Industry | Banking, Financial services |
| Founded | 21 December 1911 |
| Headquarters | Mumbai, Maharashtra, India |
Key people |
Tapan Ray (Non-Exe Chairman) [1] Pallav Mahapatra (MD & CEO) Alok Srivastava (Executive Director) |
| Revenue |
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| Total assets |
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Number of employees | 37,685 (2016)[2] |
| Capital ratio | 10.41% (2016)[2] |
| Website |
www |
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.[3] Central Bank of India has 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.
Central bank of India is one of 20 Public Sector banks in India to get recapitalisation [4] 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.[5]
History
The Central Bank of India was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as Chairman,[6] 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.[7]
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.[8]
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.[9]
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.
See also
Citations and references
Citations
- ↑ "Dena Bank, Punjab & Sindh Bank, Central Bank of India get new chairpersons". 24 May 2018. Retrieved 3 September 2018 – via The Economic Times.
- 1 2 3 4 5 6 "Annual Report of Central Bank of India" (PDF).
- ↑ Central Bank of India. Central Bank of India (19 April 2011). Retrieved on 31 march 2014.
- ↑ "18 govt banks to be recapitalised". Business-standard.com. 18 February 2009. Retrieved 2 August 2010.
- ↑ "Central Bank of India to expand overseas". Rediff.com. Retrieved 2 August 2010.
- ↑ "Central Bank IPO to open on 24 July". The Hindu. Chennai, Tamil Nadu India. 14 July 2007. Retrieved 5 July 2008.
- ↑ Raychaudhuri et al., eds. (1983), Vol. 2, p.782.
- ↑ Turnell (2009), pp.116-7.
- ↑ Turnell (2009), p.226.
References
