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 realization 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'.
In 2008 Central Bank of India entered into distribution tie up with Kotak Mahindra Asset Management Company. Under this agreement it will offer entire products of Kotak Mutual Fund products from the bank's branches.
Central Bank of India has signed a Memorandum of Understanding with WMG, an Academic Department, University of Warwick. The MOU provides for several areas of cooperation including provision of fast-track loans for Indian students studying at WMG and the building of cooperative relationships between UK and Indian business and also the development of a low cost housing project.
Business area of the bank
Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The products and services offered by the bank includes Individual and NRI- under which the bank offers wide range of product and services such as saving account, deposits, mutual funds, debit card, credit card, NRI account, Money transfer facility, Remittance facility, various loan facilities, senior citizen account, etc.For corporates it offers various products and services such as corporate accounts, loans, RTGS, NEFT, CMS, etc.
Awards & Accolades
- During the Financial Year 2016-17, Bank received three first prizes for all three linguistic regions under “RBI Governor Shield Scheme.”
- Bank was awarded “Rajbhasha Kirti Puraskaar” by President of India
- Bank was also awarded first prize for Excellent Implementation of Official Language Policy of Government of India in Mumbai by a renowned organization “Ashirwad”
- During the financial year 2017-18, Bank was awarded for Excellent Performance in SHG Credit Linkage for the Financial Year 2016-17 by Ministry of Rural Development, Government of India.
- During the Financial Year 2017-18, the Bank was also awarded various prizes for Excellent Implementation of Official Language Policy of Government of India.
- As per the annual report published by Brand Finance, on the world’s most valuable Banking Brands 2018 in their February 2018 edition, the Bank stood at 9th Rank amongst PSU Banks in India and as per the annual ranking of most valuable 500 banking brands the Bank stood on 391th Rank amongst the 500 Banks in the world.
- As per the “Most Trusted Brands 2017” Survey of Economic Times published in their February 14-20, 2018 Issue, the Bank progressed to 5th position in 2017 against the 6th position in 2016 amongst PSU Banks. As per the same survey under the category of “Best Service Brands” the bank has improved its rank to 17th in 2017 from 20th in the year 2016.
- Acknowledging the initiatives taken by the bank in Cyber security domain, especially in “Education and Awareness” area, Bank has been awarded with Skoch Order-of-Merit award as well as Skoch Award Gold.
- The Bank received the Atal Pension Yojana Award from Department of Financial Services, Ministry of Finance, New Delhi for Leadership Capital to recognize the performance of Banks and their leadership in promoting the scheme in various geographical locations of the country.
- The Bank was awarded by Indian Bank’s Association (IBA) for Most innovative Product Category
- The Bank has been qualified for Warriors of Winning Wednesday campaign in August, October and November 2019.
- The Bank has been awarded winning shield in campaign MAKER OF EXCELLENCE-3, organised for Executive Directors, by enrolling 50000 APY as against target of 30000.
- In Rise above Rest, the Bank has received 3 shields as award of excellence and 20 certificate of excellence.
- LDM Amravati is qualified in Citizen Choice campaign