Central Bank of India
Central Bank of India was founded in 1906. The bank has a gross income of about Rs. 16723 crore and a net PAT of about Rs. 1796.33 core.
Some of the subsidiaries of the bank include Canbank Venture Capital Fund, Canfin Homes Limited, Gilt Securities Trading Limited, Canbank Factors Limited, Canbank Financial Services Limited, Canara Robes Asset Management Company Limited, Canbank Computer Services Limited and Canara HSBC Oriental Life Insurance Company Limited.
Some of the principles that govern Central Bank of India in terms of its banking structures include transformation of the financial institutions not only at the retail sector but also at the corporate sectors.
It also aims to assist the needy in the society and to work with a great sense of dedication and service for the people of India. The other principle that governs the bank is the need to develop a major concern for the citizens of India and sensitivity to the surroundings with an aim of eradicating hardships, poverty and sufferings from the society in India.
Central Bank of India was ranked as number two on the Forbes list that conducted in 2006. The great ranking was largely attributable to its performance particularly at the corporate and retail level in the banking industry. The bank takes part in development projects. For instance, it has worked in collaboration with UNEP to commence a successful solar loan program that took a four year 7.6 million effort.
The collaboration was started in April, 2003 to help speed up the financing of energy systems in India. It also had a major technological initiative aimed at networking all its branches and incorporate them to one software platform.
Central Bank of India works in collaboration with IBM in order to provide flexcube to its numerous branches as part of phase 1 of a developmental project in terms of providing energy systems to the citizens of India. The developmental structure of the bank has been influential in a great way.
For instance, it has helped about 22 million customers directly and indirectly through provision of jobs, sustenance of their environment and uplifting of their social status. The nationalized bank India aims to increase its business performance by adopting a core banking solution system that will in turn help improve provision of banking services to its retail and corporate clients. In addition, it takes part in corporate developmental activities that are aimed at developing the society.