The Hindu Business Line : `Central Bank trying to regain its lost glory'

Central Bank of India, the country's first `swadeshi bank', is increasing its presence in the foreign exchange, retail and SME sectors and giving renewed importance to para-banking to regain its `lost glory', said its Chairperson-cum-Managing Director, Ms H.A. Daruwalla, here on Tuesday.

Addressing a news conference after a series of meetings with officials, corporates, businessmen, exporters and investors, she admitted that the bank had lost its pre-eminence after nationalisation. "Before nationalisation, we were second only to the State Bank of India (SBI). Even now, in terms of the number of branches and customer care, we retain that position."

Increasing presence

Central Bank, which completed 95 years, is increasing its presence not only in banking activities but also in insurance sector, having tied up with the Life Insurance Corporation of India (LIC) and New India Assurance Company Ltd to market their life and non-life insurance products under the bancassurance scheme. Besides, the bank has recently tied up with UTI Assets Management Company for selling their mutual fund Products.

In order to boost the growth of small and medium-enterprise sector by ensuring timely credit delivery, it has designated 39 new branches as specialised SSI branches during the current year, bringing the total number of such branches to 60.

Ms Daruwalla pointed out that her bank is heading for robust growth and had set its deposit target at Rs 78,371 crore and advances target at Rs 52,108 crore for the year 2006-07. Central Bank of India Zonal Manager for Gujarat, Mr P. Sreedharan, informed that the bank had 217 branches in the State, including two lending corporate finance branches and six SSI specialised branches.

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