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Friday, May 27, 2022

Cental Bank Of India: Central Bank of India, which is facing financial crisis, is considering closing 600 branches

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Central Bank Of India: Public sector bank Central Bank of India is planning to close 13 per cent of its bank branches so that the bank’s deteriorating financial condition can be improved. The central bank is contemplating to close its 600 branches across the country by March 2023 or merge the loss making branches with each other. Central Bank has 4594 branches across the country.

In 2017, many such banks, including the Central Bank of India, which were going through a phase of poor financial condition, were put in the Prompt Corrective Action (PCA) list of RBI, giving an opportunity to improve the financial condition with restrictions on many types of banks. Went.

Among the banks placed in PCA, except the Central Bank, all other banks came out of this list as the financial condition had improved. But the condition of the Central Bank did not improve. After which the closure of 13 percent branches of the Central Bank is being considered so that the financial condition can be improved.

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