CENTRAL BANK OF INDIA - RAIYAM Branch - Darbhanga

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Central bank of India is one of 20 Public Sector banks in India to get recapitalisation [3]finance from the government over the next 24 months. Central Bank of India has approached the Reserve Bank of India (RBI) for permission to open representative offices in five more locations - Singapore, Dubai, Doha and London.[4] As on 31 March 2015, the bank's reserves and surplus stood at ₹ 283030 million. Its total business at the end of the last fiscal amounted to ₹ 45,05,390(approx) million. HistoryEdit The Central Bank of India was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as Chairman,[5] and claims to have been the first commercial Indian bank completely owned and managed by Indians.[citation needed] Early-20th centuryEdit By 1918 it had established a branch in Hyderabad. A branch in nearby Secunderabadfollowed in 1925.[citation needed] In 1923, it acquired the Tata Industrial Bank in the wake of the failure of the Alliance Bank of Simla. The Tata bank, established in 1917, had opened a branch in Madras in 1920 that became the Central Bank of India, Madras.[citation needed] Central Bank of India was instrumental in the creation of the first Indian exchange bank, the Central Exchange Bank of India, which opened in London in 1936. However, Barclays Bank acquired Central Exchange Bank of India in 1938.[6] Also before World War II, Central Bank of India established a branch in Rangoon. The branch's operations concentrated on business between Burma and India, and especially money transmission via telegraphic transfer. Profits derived primarily from foreign exchange and margins. The bank also lent against land, produce, and other assets, mostly to Indian businesses.[7] Post-World War IIEdit In 1963, the revolutionary government in Burma nationalized Central Bank of India's operations there, which became People's Bank No. 1.[8] In 1969, the Indian Government nationalizedthe bank on 19 July, together with 13 others. In the 1980s the managers of the London branches of Central Bank of India, Punjab National Bank, and Union Bank of India were caught up in a fraud in which they made dubious loans to the Bangladeshi jute trader Rajender Singh Sethia. The regulatory authorities in England and India forced all three Indian banks to close their London branches. Central Bank of India was one of the first banks in India to issue credit cards in the year 1980 in collaboration with MasterCard. Central Bank of India announces that the financial results for the year ended 2013-Total Business Rs. 402000 Cr. Net Profit-Rs. 1015 Cr. On 1 August 2013, Central Bank of India appoints new CMD Rajiv Rishi, who was previously ED of Indian Bank and General Manager of OBC and Raj Kumar Goyal as the new ED of the bank. On 1 November of the same year, the bank open its second representative office in Hong Kong.