Central Bank of India records a growth of 20.70% in net profit for the quarter ended September 30, 2010 on YOY basis
Mumbai, October 26, 2010:
FINANCIAL INCLUSION
• Under Financial Inclusion, to mitigate the distress faced by the farmers 14407 villages under 50 districts have been brought under 100% financial inclusion and over 44.86 lac “No Frills” accounts were opened as on September 30, 2010.
AWARDS /RECOGNITION
* The Bank was national recognition through the Skoch Foundation Award for implementing E-Shakti Project in Patna for seamless electronic transfer of NREGA payments to accounts of the beneficiaries.
* The Bank was the Official Banking Partner of the XIXth Commonwealth Games Delhi 2010 held between Oct. 3-14,
2010. The Bank operated two branches, one at the headquarters of the Organizing Committee and the other, in the Games Village. Both the branches provided excellent service and banking facilities to the participating athletes, officials, visitors and general public. The Bank also successfully handled the sales of the Games tickets.
* Core Banking implementation was accelerated and 3184 branches representing 88% of the total branch network and about 95% of the total business. It is expected that Bank will achieve 100% CBS coverage by 31st December 2010. The Bank is also implementing CBS in all the 7 Regional Rural Banks (RRBs) sponsored by the Bank.
Other initiatives taken by the Bank during the quarter (June to Sept. 2010) include :
Commonwealth Games Initiatives
* Dedicated prepaid cards launched
* Commonwealth Card - A general purpose prepaid card
* Cent Gift Card - A loaded card
* Cent Yatra Card - A travel Card in USD currency
SME
* MoUs executed with Mahindra & Mahindra, Peugeot, Atul Auto, Videocon for financing vehicles/vendors
Retail Banking
* A new product ’Cent Comp-Exam’ launched to facilitate financing payment of Coaching class fees
International Division
* ‘’CENT FAST2INDIA’’ (internet based remittance service) launched in association with Bank of New York Mellon, New York, facilitating on-line remittance to India by Non Residents (NRIs) in USA
NID
* MoU executed with DSP Blackrock Mutual Fund for selling their MFs
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(This is a press release from Central Bank of India)
