Central Bank of India

By: EconomyWatch Content   Date: 30 October 2009

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The Central Bank of India is one of India’s oldest banking institutions which offers core banking solutions that cater to varied clients and domains such as:

  • Retail

  • Rural

  • Corporate

  • Government

  • Enterprise clientele

Its corporate clientele includes:

  • ICICI

  • IDBI

  • HDFC

  • LIC

  • UTI

  • Several well known financial brands in India.

About Central Bank of India

Established in 1911, the Central Bank of India pioneered many banking products and services throughout the country. In 1921, it opened the home savings safe deposits scheme and established an exclusive banking department for women in 1924. India’s most popular ‘Recurring deposit scheme’ was the brainchild of the Central Bank of India. Inevitably, the bank was included in the list of 13 Indian banks which were nationalized by the Indian government in 1969. The bank was also a pioneer in merchant banking and credit card services. 

The Central Bank of India enjoys solid presence in 27 states and four Union Territories in India with a total customer base of 25 million. It has 3542 branches plus 218 extension counters throughout the country as per the 2009 data.

Central Bank of India: Products and Services

The Central Bank of India classifies its products and services as follows:

Deposits: The bank has several deposits schemes to cater to varying financial needs of its customers.

The Central Bank’s deposits account offers:

  • nomination facility

  • transferability option

  • income tax benefits

  • loan approval benefits

The bank has special deposits schemes for senior citizens and minors.

Other services: Under this section, the bank offers:

  • credit card products

  • cash management services

  • depository services

  • mutual funds

The Central Bank of India issues cards called CentralCards. The bank is associated with the MasterCard for credit card services and with Visa for debit-cum-ATM card services.

International banking: The bank offers global banking services to cater to non-resident Indians (NRIs). The Central Bank of India allows the NRIs to open bank accounts and avail remittances services or foreign exchange services.

Loans: The Cent Loans are available in different versions to meet the financial needs of retail, corporate, rural and enterprise clients.

In 2009, the Central Bank of India was listed among the country’s top three nationalized banks in the Economic Times ‘Brand Equities List of Service Brands.’

                                                                                                                             


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