Central Bank of India Cuts Base Rate
Online, April 27, 2012 (Newswire.com) - Central Bank of India has cut its base rate by 0.25 percentage points from 10.75 per cent to 10.50 per cent, with effect from May 1, 2012. The bank has also downwardly revised interest spread on base rate for transport operator to the extent of 2 per cent. It has revised interest rate on domestic term deposits for varied brackets between 5 per cent to 9.10 per cent. However, the bank has not made any change in its benchmark prime lending rate, which remains unchanged at 15.0 per cent.
About Central Bank of India
Incepted in 1911, Central Bank of India was the first Indian commercial bank which was fully owned and controlled by Indians. The formation 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 the Central Bank of India. The bank has successfully launched varied innovative and unique banking activities. In the year, 1924, the bank had launched an exclusive ladies department for catering bourgeoning needs of women's clientele. Similarly, in 1962, the bank had launched recurring deposit scheme
Since its establishment, the bank has faced many challenges and it has successfully transform every threat into profitable opportunity and excelled over its peers in the banking sector. In line with the guidelines from Reserve Bank of India, the Central Bank has been playing an active role in bolstering the key thrust areas of agriculture, small scale industries as well as various medium and large industries. The bank has also introduced varied self-employment schemes for promoting employment among the educated class. Even after the nationalization of the bank in the year 1969, it has continued to provide innovative banking services. In 1976, merchant banking cell was established. In the year 1994, the quick cheque collection service and express services was started to facilitate speedy collection of outstation cheques.
The Central Bank of India can be truly described as an All India Bank, due to its wide distribution of its large network in different states as well as Union Territories in India. The bank enjoys a very prominent place among the public sector banks due to its network of over 3967 branches and more than 27 extension counters at varied centres throughout the different parts of the country.
The confidence of customers in Central Bank of India's wide ranging services can be very well judged from the list of its major corporate clientele, including ICICI, IDBI, UTI, LIC and HDFC along with almost all leading corporate houses of the nation.
The Central Bank of India aims towards emerging as a strong, vibrant and pro-active financial super market and is positively contributing towards emerging needs of the economy through consistent harmonization of human, financial and technological resources and effective risk controlling systems. The bank aims towards leveraging technology for effective and efficient delivery of its vast banking services to its customers. Apart from providing basic banking services, it is also fulfilling personal loan, home loan needs of people. It enjoys pan-India presence as its branches are spread across all the state of the country.