The government-owned Central Bank of India said it intends to start more than 100 branches in the present fiscal.
S Sridhar, Central Bank of India CMD said, “We are going ahead with the branch expansion, not at the pace it was there in past it’s more calibrated growth. Still, we would be opening more than 100 branches this year”.
Established in 1911, the bank’s network consists of 3,563 branches and 195 extension counters throughout the country.
It is the 3rd biggest public sector banks lender in terms of branch network. Central Bank of India started around 100 branches in the previous financial year and opened around 500 onsite ATMs.
As part of recapitalisation deal, the bank has just received the financial help of Rs 450 crore (Rs 4.5 billion) to boost its capital adequacy ratio. The amount was transferred by the government on 31st March 2010 which will aid the bank in providing credit to the productive sector of the economy, he said.
Also, UCO Bank and United Bank of India received capital infusion to the sum of Rs 450 crore and Rs 300 crore (Rs 3 billion) respectively.
This infusion will help these banks to retain a secure level of capital to risk-weighted asset ratio (CRAR) a main indicator of the dependability of the bank for meeting credit needs of the productive sectors of the economy.
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