Central Bank Marks 113th Foundation Day: A Historic Milestone for India’s First Indigenous Bank

Central Bank of India, a venerable financial institution with the distinction of being the first ‘Swadeshi Bank’ and a cornerstone of India’s banking history, marked its 113th Foundation Day with a grand celebration at the NCUI Auditorium in New Delhi. The event showcased the bank’s rich heritage and unwavering commitment to serving the nation, embodying the principle of nationalism at its core.

MD & CEO Shri M.V. Rao graced the occasion as the chief guest, extending heartfelt congratulations to the current and former staff members on the bank’s 113th anniversary. Reflecting on the early days of his banking career, he shared insights from the era of non-CBS banking, shedding light on the challenges faced during that period.

Zonal Manager J.S. Sahni paid tribute to the bank’s visionary founder, Sir Sorabji Pochkhanawala, who, in a time before independence, established the bank as an integral part of the struggle for economic independence. The event also recognized and honored esteemed customers with appreciation plaques, acknowledged the outstanding performance of 17 managers in the Delhi region, and celebrated the service of former General Managers.

The festivities encompassed a variety of cultural performances, including drama, dance, songs, stand-up comedy, music, and qawwali. Shri Alok Srivastava, former Executive Director of the Central Bank of India, graced the occasion as the guest of honour.

Amid the celebration, the bank showcased its commitment to modernization by expanding its digital reach, ensuring a seamless and efficient banking experience for its 5.6 crore active customers.

In a notable demonstration of financial prowess, the Central Bank unveiled its Q1 and Q2 results, reporting a surprising 78% rise in net profit to Rs 418 crore in the first quarter and a remarkable 90% year-on-year net profit increase to ₹605 crore in the second quarter. Strong net interest income (NII) played a pivotal role in this commendable performance.

Additionally, the bank reported a 1.64% reduction in net non-performing assets (NPAs), marking a positive trend. The bank’s significant turnaround is evident, with an 82.17% increase in net profit compared to the same period last year, reaching ₹621.95 crore in Q2 2023-2024.

As a government-owned institution, the Central Bank of India remains a key player, accounting for over 60% of India’s banking system in terms of assets and deposits.

Also read: I-T Department Notifies ITR Forms 1 And 4 For Assessment Year 2024-25

Established on December 21, 1911, under the chairmanship of Sir Firozshah Mehta, the bank continues to stand as a testament to India’s financial legacy, being the first commercial Indian bank entirely owned and managed by Indians.