Central Bank of India history, profile and history video
Central Bank of India provides commercial banking products and services. The company main business is taking deposits, lending money and making investments. It offers a range of products, including fund-based, non fund-based, fee and commission based products and services, deposits and foreign exchange and derivative products. The company also provides loans and advances for housing, retail trade, automobiles, consumer durables, education and other personal loans and deposit services, such as current, savings and fixed deposits for the customers. It also provides term loans for acquisition, construction, or improvement of assets, as well as short-term loans, cash credit, export credit, and other working capital financing and bill discounting; and letters of credit and guarantees. The company retail banking business provides financial products and services to their retail customers. Its agricultural banking business offers direct financing to farmers for production and investment, as well as indirect financing for infrastructure development and credit to suppliers of agricultural inputs through agencies. The bank also provides commercial banking products and services to corporate and commercial customers, including mid-sized and small businesses and government entities. The company was founded on December 21, 1911 by Sorabji Pochkhanawala and is headquartered in Mumbai, India.“
“History of Central Bank of India
Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly ‘Swadeshi Bank’. In fact, such was the extent of pride felt by Sir Sorabji Pochkhanawala that he proclaimed Central Bank of India as the ‘property of the nation and the country’s asset’. He also added that ‘Central Bank of India lives on people’s faith and regards itself as the people’s own bank’.
During the past 102 years of history the Bank has weathered many storms and faced many challenges. The Bank could successfully transform every threat into business opportunity and excelled over its peers in the Banking industry.
Further in line with the guidelines from Reserve Bank of India as also the Government of India, Central Bank has been playing an increasingly active role in promoting the key thrust areas of agriculture, small scale industries as also medium and large industries. The Bank also introduced a number of Self Employment Schemes to promote employment among the educated youth.
Among the Public Sector Banks, Central Bank of India can be truly described as an All India Bank, due to distribution of its large network in 27 out of 29 States as also in 3 out of 7 Union Territories in India. Central Bank of India holds a very prominent place among the Public Sector Banks on account of its network of 4336 Branches, Asset Recovery Branches (ARB) 9,Retail Asset Branches (RAB) 15 and 26 extension counters along with satelite branches at various centres throughout the length and breadth of the country.
Customers’ confidence in Central Bank of India’s wide ranging services can very well be judged from the list of major corporate clients such as ICICI, IDBI, UTI, LIC, HDFC as also almost all major corporate houses in the country.”
*Information from Forbes.com and Centralbankofindia.co.in
**Video published on YouTube by “mycorner4u“