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Central Bank of India Company History and Annual Growth Details

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.
Oct 24, 12:00 am
Oct 24, 12:00 am
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