Friday, October 29, 2010

Central Bank of India to expand branch network overseas

Central Bank of India (CBI), a Mumbai based public sector lender is in a process to expand its presence overseas by opening branches in China, Bhutan, Tanzania and Mozambique.

Bank Executive Director Rajeev Kishor Dubey said more branches are being opened in order to increase its international business and provide banking facilities to the Indians settled abroad.

However he did not reveal the total number of branches to be opened overseas.

Dubey informed the bank has launched Internet-based remittance service, called ‘Cent Fast2 India', in association with Bank of New York Mellon, for Non-Residents Indian residing in the US

He said, "The bank will achieve 100 per cent CBS (core banking solution) coverage by December 21 next year coinciding with the birthday of Sorabji Pochkhanwala, who founded India's first swadeshi bank on December 21, 1911."

The public lender is offering services in 3,000 villages, having population of less than 2,000, by 2010 as part of the Government’s financial inclusion program using mobile telephone technology.

Dubey said, "The bank will develop software in Gujarati and other local languages so that villagers do not experience difficulty in accessing banking facility."

The bank for fiscal 2010-11, has set a target to achieve business turnover of Rs 3, 00,000 crore. He said, by end of March 31, 2009 bank turnover was Rs 2,46,000 crore.

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