CENTRAL BANK OF INDIA NET UP 74.4% (YoY) PROVISION COVERAGE RATIO 73.3%
NEW INITIATIVES
• e- tax has been introduced through e-banking.
• Corporate Internet facility is launched for all corporate clients of CBS branches of the Bank.
• New SWIFT Alliance Messenger (SAM) has been implemented.
HR INITIATIVES
• To bring down average age of employees, fresh recruitment in both clerical as well as officers cadre have been carried out and young talents are being recruited through Campus Recruitment.
• Training accorded high priority. Special Training Programmes specially to Executives in Senior and Top Management Grades in the areas of soft skills such as Leader Development, Managerial Excellence are being carried out on regular basis. Interactive sessions of the Top Management Team with eminent management professionals of international repute to increase the horizons of knowledge are being carried out and Pre- retirement counseling programmes started to enable smooth transition of employees from active services to retired life.
PRIORITY SECTOR
• IT based Financial Inclusion in Hoshangabad (M.P.), Sarguja (Chhattisgarh), Goalpara (Assam), Warangal (A.P.), Dhule (Maharashtra), Jhalawar, Kota and Baran District in Rajasthan
• Tie-up for financing suppliers of Nano Car Project relocating from Singur to Sanand.
RETAIL
• New Product “Cent Gold Loan” launched for sanctioning loan/Overdraft up to Rs.6.00 lac to individuals including staff.
• Tie-up made with Insurance Companies under group policies for Housing Loan & Educational Loan borrowers.
• New Product “Cent Gift Card” introduced.
• Recurring Deposit Scheme introduced with personal accidental insurance.
• New Scheme “Cent Swabhiman Plus” introduced assuring monthly annuity to senior citizens by mortgaging their self occupied and owned property.
• Introduced SMS services & On- Line application for major retail products.
• Sale of 24 Karat (0.999 purity) Gold Coin started through 10 designated branches.
PROJECT SYNDICATION & UNDERWRITING
• The Bank has formed a “Project Syndication & Underwriting Cell”.
• The Cell has underwritten a Term Loan of Rs. 1500 crore for a big corporate and achieved its financial closure.
• At present, Rs. 4500 crore of syndication business involving 5 accounts is at various stages of negotiation/ finalization.
• So far the cell has earned a total fee of Rs. 8.5 crore.
FUTURE STRATEGIES
• Creation of verticals for focused attention on Corporate Financing, Mid Corporate Financing, Asset Recovery Branches, and Credit Processing Centres for Retail Banking, Focused attention on CASA for reduction in the cost of deposits and reduction in the dependence on Bulk/ High Cost Deposits.
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(This is a press release from Central Bank of India)
