Wednesday, August 10, 2022
BusinessCentral Bank of India to close 600 branches by 2023?

Central Bank of India to close 600 branches by 2023?

Central Bank Of India: The Central Government has taken a key decision on the Central Bank of India. It seems that the decision has been taken to close or merge 13 per cent of the branches across the country. Information that it intends to close 600 branches across the country or to merge loss-making branches into nearby branches.   

The Central Government has taken a key decision on the Central Bank of India. It seems that the decision has been taken to close or merge 13 per cent of the branches across the country. 

Information that it intends to close 600 branches across the country or to merge loss-making branches into nearby branches. A leading news agency reported that the decision to cut branches was due to take effect by March next year. It seems that the Central Bank of India has decided to sell real estate and non-core properties to improve the situation of the bank. 

Despite the news that austerity measures have been taken in the past, the issue of closing the branches of the Central Bank of India has not come to the fore.

Central Bank of India Bank has a history of 100 years. There are 4,594 branches nationwide. It is learned that many public sector banking institutions have violated the guidelines issued by the RBI in 2017. Bank officials did not respond to requests for comment on the closure of Central Bank of India branches. 

In 2017, several banks, including the Central Bank of India, were added to the RBI Prompt Corrective Action (PCA) list. Following this, in 2018, 12 banks were added to the RBI and PCA.

In 2018, 12 banks were included in the PCA

Also in 2018, 12 banks will be placed in the RBI PCA framework. At that time 11 of them were public sector banks .. There was one private bank. They were provided with additional working capital. 

Other banks’ financial condition has improved

According to media reports, all the other banks, except the Central Bank of India, have dropped out of the PCA list. But with no improvement in the financial situation, the central bank remained on the list. In such a scenario, the bank plans to close 13 per cent of its branches with the aim of improving its financial position.

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Updated on August 10, 2022 4:53 pm