Central Bank Genesis
Established in 1911, the Central Bank of India was the first Indian commercial bank completely owned and managed by Indians. Its inception was a step towards economic independence from British control.
Nationalization and Growth
In 1969, the Central Bank of India was nationalized, along with 13 other major commercial banks. This was part of Indira Gandhi's government strategy to ensure a stronger control over the economy.
Pioneering Financial Inclusion
The bank launched the 'Cent Kalyani' scheme to support women in starting their own enterprises, reflecting a commitment to empowering women entrepreneurs and promoting gender equality in business.
Technological Innovations
The Central Bank was a pioneer in introducing the Safe Deposit Locker facility and Recurring Deposit Schemes in India. They have consistently integrated technology to enhance customer service.
International Presence
Venturing beyond India, the Central Bank of India has extended its international presence with a joint venture in Zambia and branches in places like Hong Kong and Nairobi.
Digital Banking Transformation
Central Bank of India has embraced the digital age by launching mobile banking apps and internet banking services, significantly transforming the banking experience for its customers.
Rescue and Revival
Despite facing financial challenges, the bank has undergone a revival strategy. It has received capital infusion from the government, showcasing resilience and commitment to maintaining financial stability.
Who owned Central Bank of India in 1911?
British stakeholders
Indian entrepreneurs
Foreign investors
Company