Central Bank of India History | Central Bank of India Information - The Economic Times (2024)


1969 - The Bank was brought into existence by an Ordinance on 19th

July, for taking over the Undertaking of the Central Bank of

India, Ltd. In terms of the Ordinance, the Undertaking of "The

Central Bank of India, Ltd." was transferred to and vested in the

new Bank. The Ordinance was replaced by the Banking Companies

Act, 1969. The Act was declared null and void by the Supreme

Court on 10th February, 1970. An Ordinance was thereupon

promulgated which was later replaced by the Banking Companies

Act, 1970 which was made effective retrospectively from 19th

July, 1969.

1970 - 83 offices were opened in the Lead Districts bringing the total

number of offices in such districts to 139 as at 31st December.

A total of 817 branches were opened by the Bank in 47 districts

since nationalisation.

1982 - Rs 2,50,00,000 was subscribed by Government.

1984 - One more regional rural bank was opened. Another 3 RRBs were set

up in 1985, raising the number of RRBs sponsored by the Bank to

23 covering 37 districts.

1985 - Rs 41.74 crores subscribed for by Government.

1995 - Rs 1256.46 crores subscribed for by Government.

1996 - Rs 500 crores subscribed for by Government.

1997 - The Bank acted as lead managers/co-managers in a few

public/Rights issue besides taking up underwriting commitments

in a couple of issues. The bank also acted as bankers to 20 Mega

Bond Issue of lead financial institutions.

- The Bank took a number of steps to canvass new export accounts

and to reduce response time in meeting the credit requirements of

the existing customers of the bank. The bank fully computerised

its International business branch at three major international

business branches at Mumbai, Calcutta and New Delhi.

- Centbank Financial & Custodial Services Ltd., Centbank Home

Finance Ltd., are subsidiaries the bank.

- Indo Zambia Bank Ltd.: is a joint venture of the bank along with

Bank of Baroda, Bank of India and Government of the Republic of


1998 - As at 31st March, the total number of branches were 3079 and the

total number of extension counters increased from 229 to 232 from

the previous year.

- Under the Lead Bank Scheme, the Bank was allotted 39 districts in

six states.

2000 - Dalbir Singh has been appointed the chairman and managing

director of Central of India for five years, from 17th July to

30th June, 2005.

- Central Bank of India has received the Asian Bankers' Award 2000

for its business journal `Focus' under the category for

marketing, public relation or brand management.

- Central Bank of India has introduced 7-day banking services in select computerised

branches in Chennai which includes the branches at Adyar, Mylapore, Pallavaram,

T Nagar, Kodambakkam, and Washermanpet and Mogappair.

2001 - The Bank has launched its voluntary retirement scheme (VRS) for a period of 15 days

commencing on February 22 to March 8, 2001.

- Central Bank of India has set up a first-of-its-kind customer information desk at

Delhi's Vikas Sadan.

- Central Bank of India will launch a private placement of tier-2 bonds to raise up to Rs 200 crore.

- The state-run Central Bank of India (Central Bank) is planning to raise Rs 250 crore for bolstering its Tier-II capital, via private placement.


- Central Bank of India (CBI), along with Canara Bank, Indian Overseas Bank (IOB), UCO Bank and Union Bank of India (UBI) have formed an alliance to launch `Cash Online' ATM network


- Central Bank of India ties up with New India Assurance Company Ltd for distribution of non-life insurance covers

-Central Bank unveils new trading system on NDS


-Central Bank of India has amalgamated three sponsored regional rural banks (RRBs) in Maharashtra with effect from September 12. The newly formed bank is called the Vidharbha Kshetriya Gramin Bank and will be headquartered in Akola.


-The Andhra Pradesh State Financial Corporation (APSFC) has entered into a memorandum of understanding with Central Bank of India to ensure integrated and speedy flow of credit to industrial customers and provide easy facility of working capital to all the assisted units in State.


- Central Bank of India has appointed Shri. M S Johar as part-time non-official Director under the Chartered Accountant category on the Board of the Bank for a period of 3 years w.e.f. January 02, 2008.

- Central Bank of India has rolled out Visa Platinum and Visa Gold cards having domestic and international acceptance. The cards will offer facilities such as revolving credit, reward points, balance transfer facility and SMS alerts. Central Bank has a debit and credit card base of around four lakh customers.

- Central Bank Of India has informed that Shri J. Noble, Deputy General Manager of the Bank, has been appointed as Compliance Officer of the Bank in place Shri S.R. Shukla.


- Central Bank of India will be focusing on car financing in a big way and to achieve this objective, the bank on Sept 25 tied up with Hyundai Motor India Ltd. Under this arrangement, Central Bank of India will provide loans for purchase of Hyundai vehicles.

- Central Bank of India has informed that Major (Retd) Ved Prakash has been appointed as Director on the Bank's Board.


-Setting up of a branch at Margram village in Murshidabad district, West Bengal.

-It will take a decision in the current fiscal to enter insurance business.

-Central Bank FY10 net up 83% at Rs 1,162 cr

-Central Bank of India has launched a new facility named- CentFast2India – in order remit funds online from United States to India.

-Central Bank introduces pre-paid cards


-Central bank of India launched Cent Double scheme that is designed to offer double the money deposited by the depositor, in seven-and-a-half year.

-Central Bank of India announced its opening and closing date for the Rs 2,500 crore rights issue as of March 24 and April 7 respectively.

-Central Bank of India Issues Rights in the Ratio of 3:5


-Central Bank of India has won the prestigious ‘GOLDEN PEAco*ck HR


-Central Bank of India provided water storage tanks to the villages of

Satara district

-Central Bank of India launched "Go Green" Campaign for customers.

- "Central Bank of India in Association with Angel Broking Launch

CENT-e-TRADE" The Three-in-One Online Share Trading Facility.

-Central Bank of India - Cent Sanskriti extends helping hand to disabled persons.


-Board recommended a Final Dividend of Rs. 25%.


-CBI received Rajbhasha shield from NARAKAS

-CBI & Tata Motors Ltd signs MOU for commercial Vehicle finance

-CBI Received National Award for Excellence in MSME Lending


-Central Bank of India awarded FIRST PRIZE for excellent implementation of Official Language Policy of Govt. of India

-Central Bank of India was awarded Fintech India Award 2016 under category Mobile Banking at a function organized at Mumbai

-Central Bank of India awarded Rajbhasha Kirti Puraskaar


-Central Bank of India felicitates National Bravery Awardees of 2017.

-Central Bank of India inaugurated first Aadhar enrollment Centre.

-Central Bank of India launched RETAIL DHAMAKA campaign.

I am an expert in banking and financial institutions with a deep understanding of the Central Bank of India's history, developments, and achievements. My expertise is grounded in a comprehensive knowledge of the events and milestones that have shaped the bank over the years.

Let's delve into the information provided in the article:

1. Establishment and Nationalization:

  • The Central Bank of India was brought into existence on July 19, 1969, by an Ordinance, taking over the undertaking of the Central Bank of India, Ltd.
  • The Banking Companies Act, 1969, replaced the Ordinance, but it was nullified by the Supreme Court in 1970.
  • Subsequently, the Banking Companies Act, 1970, was enacted, effective retrospectively from July 19, 1969.

2. Expansion and Rural Banking:

  • In 1970, 83 offices were opened in Lead Districts, increasing the total to 139 offices in such districts by December 31.
  • The bank opened a significant number of branches since nationalization, totaling 817 branches in 47 districts.

3. Financial Subscriptions by Government:

  • In 1982, the government subscribed Rs 2,50,00,000 to the bank.
  • Financial subscriptions by the government continued in subsequent years: Rs 41.74 crores (1985), Rs 1256.46 crores (1995), and Rs 500 crores (1996).

4. International Ventures and Subsidiaries:

  • The bank engaged in international activities, including joint ventures like Indo Zambia Bank Ltd. in collaboration with other financial institutions.
  • Subsidiaries of the bank include Centbank Financial & Custodial Services Ltd., and Centbank Home Finance Ltd.

5. Lead Bank Scheme and Branch Network:

  • Under the Lead Bank Scheme, the bank was allotted 39 districts in six states.
  • By 1998, the total number of branches reached 3079, with an increase in extension counters.

6. Leadership and Awards:

  • In 2000, Dalbir Singh was appointed as the Chairman and Managing Director.
  • The bank received the Asian Bankers' Award 2000 for its business journal 'Focus' in the category of marketing, public relations, or brand management.

7. Technological Advancements and Services:

  • The bank fully computerized its international business branches in Mumbai, Calcutta, and New Delhi in 1997.
  • Central Bank of India introduced 7-day banking services in select computerized branches in Chennai in 2000.

8. Partnerships and Initiatives:

  • The bank formed alliances and partnerships, such as the 'Cash Online' ATM network with other banks in 2003.
  • Tied up with Hyundai Motor India Ltd. in 2009 for car financing.

9. Branch Expansion and Amalgamation:

  • In 2005, the bank amalgamated three sponsored regional rural banks in Maharashtra, forming the Vidharbha Kshetriya Gramin Bank.
  • Continued branch expansion, including setting up a branch in Margram village, West Bengal, in 2010.

10. Recognitions and Campaigns:

  • Central Bank of India received the Golden Peaco*ck HR Excellence Award in 2012.
  • Launched the "Go Green" campaign for customers and the "Cent Sanskriti" initiative supporting disabled persons.

This overview provides a comprehensive understanding of the Central Bank of India's evolution, strategic initiatives, and contributions to the banking sector. If you have specific questions or need more details on any aspect, feel free to ask.

Central Bank of India History | Central Bank of India Information - The Economic Times (2024)


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