Central Bank of India

. Central Bank of India

Public BSE & NSE:CENTRALBK Financial Industry Commercial banks Founded 21 December 1911 (100 years ago) Headquarters Mumbai, India Key people Mr S Sridhar Type Revenue Website 16,485.61 crore (US$3.68 billion) (2010-11) www.centralbankofindia.co.in

Central Bank of India, Mumbai Main Branch

Central Bank of India , a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai The bank has 3,563 branches and 270 extension counters across 27 Indian states and three Union Territories. MR.M.V TANKSALE has been appointed as the Chairman and Managing Director of state-run Central Bank of India as on 2 March 2009. To improve the Bank's capital adequacy ratio and enable it to support the credit requirements of the productive sectors of the economy, the Centre has recently decided to infuse Rs 1,400 crore in the Bank. Under the proposed capital infusion plan, Central Bank of India will get Rs 700 crore by this month-end, while the balance amount will be made available to the Bank in next fiscal. Central bank of India is one of 18 Public Sector banks in India to get recapitalisation finance from the government over the next 24 months. The infusion of funds will improve the financial health of the banks as their capital adequacy ratio (CAR) will be raised more than desired level of 12 percent. The increase in CAR of the banks will also enable them to lend more money. The CAR of Central Bank of India was less than 12 percent as on 30 June 2006. The wholly owned public sector bank, based in Mumbai, will convert an amount of Rs. 800 crore out of its Rs. 1,124.14-crore total equity capital into perpetual non-cumulative preference shares.The preference shares would carry an annual floating coupon rate of eight per cent, which would be benchmarked to 100 basis points above the repo rate. It will shore up the balance-sheet of the bank and enable it to raise capital from the markets. According to an official statement, the equity capital restructuring would lead to an improvement in the bank's credit rating as also facilitate the adoption of Basel II norms. For financial year 2008-2009, Central Bank of India's Q3 standalone net profit went up at Rs 353.26 crore from Rs 201.01 crore (YoY). The bank's standalone net interest income, NII was up at Rs 671.94 crore versus Rs 544.85 crore (YoY) Central Bank of India has approached the Reserve Bank of India (RBI) for permission to open representative offices in five locations - Singapore, Dubai, Doha, London and Hong Kong. This is the first time the bank is venturing an independent overseas foray after the Sethia scam in the 1970s forced the bank to close down its London office. RBI had then asked the other two banks, who had operations in London, to close down As on 31 March 2011, the bank's reserves and surplus stood at Rs. 6,868.85 crore. Its total business at the end of the last fiscal amounted to Rs. 2, 09,757.33 crore.The banks had staff strength of 37,241 as on Nov 2006. Central Bank of India partnered with TCS[ Tata Consultancy Services ] for its Core Banking Solution The solution set to be implemented will include B@NCS from Sydney-based Financial Network Solutions (FNS), Exim Bills Trade Finance software from China Systems and eTreasury from TCS. With 703 banks in the core banking system (CBS), it was planned that by the end of March 2008 a total of 1,000 branches would be brought under the CBS

History
It was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozesha Mehta as Chairman and claims to have been the first commercial Indian bank completely owned and managed by Indians. In 1923, it acquired the Tata Industrial Bank in the wake of the failure of the Alliance Bank of Simla.

In 1969, the Indian Government nationalized the bank on 19 July, together with 13 others. 1. Retrieved 2008-07-05.

Banking in India
Central bank Reserve Bank of India NABARD Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Nationalised Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of banks Commerce Punjab & Sind Bank Punjab National Bank Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank State Bank Group State Bank of India State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Travancore State Bank of Saurashtra

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