PUBLIC SECTOR BANKS IN INDIA – CENTRAL BANK OF INDIA
PUBLIC SECTOR BANKS OF INDIA – CENTRAL BANK OF INDIA
Central Bank of India a government-owned bank, 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 of Central Bank of India as in March 2009.
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, which 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.
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.