New Delhi, 26 December 2023: The Central Bank of India, recognized as one of the nation’s oldest financial institutions and the first ‘Swadeshi Bank’, celebrated its 113th Foundation Day at the NCUI auditorium in New Delhi, echoing the bank‘s rich legacy and commitment to serving the nation. Established with a vision deeply rooted in nationalism, the Central Bank of India has always resonated with the ethos “For the Indians, By the Indians, and Of the Indians”.
Mr. M. V. Rao, MD & CEO, graced the occasion as the Chief Guest. In his keynote address, he extended heartfelt congratulations to all the current and former staff members on the 113th anniversary of the Bank. Reflecting on his journey, he shared insights and experiences from the era of non-CBS banking, shedding light on the challenges encountered during that period.
On this occasion, Zonal Manager J.S. Sawhney paid homage to the founder of the bank, Sir Sorabji Pochkhanawala. At a time before independence when few dared to challenge the British, Sorabji established this bank, making it an integral part of the struggle for economic freedom.
In a grand event, the bank recognized 13 esteemed customers with tokens of appreciation and applauded 17 star-performing managers from its Delhi Zone. Sri Alok Srivastava, Former Executive Director of Central Bank of India, graced the occasion as the Guest of Honour. Additionally, the event included the recognition of former general managers for their outstanding service along with drama, dance, song, stand-up comedy, musical band performances, and qawwali.
In a significant initiative, case studies are being undertaken to delve into the entrepreneurial journeys of iconic figures from both pre and post-independent India who have laid the foundation for renowned institutions. Furthermore, plans are underway to inaugurate a specialized lab aimed at addressing real-world challenges. Additionally, a Chair Professorship is set to be established at IIM Mumbai to further academic pursuits in this domain. The bank has reaffirmed its commitment to achieving net-zero emissions by 2028. The bank has been enhancing its digital accessibility to cater to its 5.6 crore active customers, ensuring a seamless and efficient banking experience for all.
In a remarkable display of fiscal prowess, Central Bank unveiled its Q1 results, registering a staggering 78% surge in net profit, reaching an impressive Rs 418 crore. The momentum did not wane as Q2 results rolled in, showcasing an even more commendable performance with a 90% Year-on-Year net profit escalation to ₹605 crore. This impressive growth trajectory was largely attributed to a robust Net Interest Income (NII). Additionally, the bank showcased its resilience with a reduction in net Non-Performing Assets (NPA) to a favourable 1.64%. The Central Bank of India reports a loss of Rs 1,396 crore for the fiscal year 2016. Marking a remarkable turnaround, the Central Bank of India witnessed an impressive surge in its net profit, soaring by 82.17% compared to the same period last year, reaching ₹621.95 crore in the second quarter of 2023-2024. Government owned banks still account for over 60% of India’s banking system by assets and deposits.
The Central Bank of India, founded on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as its Chairman, stands as a monumental institution in banking history. Notably, it was the first commercial Indian bank to be entirely owned and managed by Indians.