Central Bank Of India

Central Bank of India, established on December 21, 1911, by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as chairman, holds the distinction of being the first commercial bank in India wholly owned and managed by Indians. This pioneering institution was founded with the vision of serving the financial needs of the Indian community and promoting economic self-reliance during the pre-independence era.

Early Expansion and Milestones

In its early years, Central Bank of India expanded its operations by establishing branches in key locations such as Hyderabad in 1918 and Secunderabad in 1925. A significant milestone in its growth was the acquisition of the Tata Industrial Bank in 1923, which strengthened its presence in the banking sector. The bank also played a crucial role in promoting international banking by facilitating the creation of the Central Exchange Bank of India in London in 1936.

Innovations in Banking Services

Throughout its history, Central Bank of India has been at the forefront of introducing innovative banking services. It was among the first banks to permit withdrawals by cheques from savings accounts and to set up India's first safe deposit vault. The introduction of cash certificates is another testament to its commitment to providing diverse financial products to its customers.

Nationalization and Growth

The bank's journey mirrors the evolution of the Indian banking sector. In 1969, it was nationalized by the Government of India, along with 13 other major commercial banks, to extend banking services to a broader segment of the population and support the country's socio-economic development.

Branch Network and Accessibility

As of March 31, 2021, Central Bank of India boasts a vast network of 4,608 branches and 3,644 ATMs across the nation, ensuring its presence in all 28 states and seven out of eight union territories. This extensive reach underscores its commitment to providing accessible banking services to diverse communities.

Technological Advancements

The bank has also embraced technological advancements to enhance customer experience. On its 108th Foundation Day, it introduced "MEDHA," a robot designed to assist customers, marking its first step towards robotic banking.

Public Sector Role

Central Bank of India operates as a public sector bank constituted by the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, with 93.08% of its shares held by the Government of India.