Central Bank plans to open branches oversees

Central Bank plans to open branches oversees

Vadodara: The Central Bank of India, which is marking its centenary celebrations starting from Monday, is planning to open branches oversees and achieve core banking solution (CBS) in all its existing branches, a top company official has said.

The bank is planning to open branches in Hongkong, Bhutan, Tanzania and Mozambique.

“Opening foreign branches is a part of getting more international business and providing banking facilities to the Indians settled abroad," the banks’ executive director Rajeev Kishor Dubey told the news agency over phone.

Besides, the bank also plans to include wealth management services and asset management services, installing 500 on-site ATMs, IPO/FPO financing and thrust on financial inclusion, he said.

Central Bank, which is the third largest public sector bank in terms of branch network, has already achieved 100% CBS coverage, Dubey said.

“The bank will provide banking services to 3,000 villages in the country having less than 2,000 population by 2012 as a part of government’s directives on implementing Financial Inclusion programme using mobile telephone technology," Dubey said adding “the bank will develop a software in local languages so that it becomes easier for people to get banking facilities."

Central Bank has targeted to achieve a total business turn over of Rs3,00,000 crore by the end of the fiscal year 2010-11 on 31 March, 2011 as compared to Rs2,46,000 crore target which it achieved in March 2009.

Dubey also gave details on the steps taken in increasing the bank’s business per employee to Rs8 crore from less than 5.50 crore per employee last year, reducing the NPAs and recovering a total of Rs600 crore from NPA accounts before 31 March, 2011.