Central Bank of India is implementing a comprehensive nationwide expansion strategy with 150 new branches planned for the current fiscal year. According to PTI, MD and CEO Kalyan Kumar confirmed that the bank has obtained board approval for this expansion, which is aimed at enhancing customer outreach and improving banking services across key markets. The public sector lender currently operates 4,585 branches across all 28 states and six Union Territories, with approximately 65% of branches located in rural and semi-urban areas.
To support its growth targets, Central Bank of India plans to increase its headcount by approximately 1,400 employees during the ongoing fiscal year. As reported by PTI, the bank currently maintains a total staff strength of 34,000, comprising 21,000 officers and the remainder in clerical cadre. The recruitment will include 1,000 Probationary Officers, 300 marketing officers, 50 forex officers, and 15 AGM level officers in risk management, forex and treasury areas. The bank recently onboarded 1,000 credit officers to strengthen quality credit underwriting, with these officers currently undergoing rigorous training.
Central Bank of India is focusing on strengthening its subsidiary operations through strategic leadership changes. According to PTI, the bank has 64% stake in Cent Bank Home Finance Limited (CBHFL) and operates Centbank Financial Services Ltd (CFSL) as a wholly-owned subsidiary. Kumar announced that the bank has sent its General Manager as head and 3-4 senior officers to CBHFL to improve governance and business operations. He emphasized that CFSL's trusteeship business represents a core strength of the organization, with plans to achieve decent growth in these subsidiaries through the implemented changes.
Central Bank of India is preparing to operationalize its IFSC Banking Unit (IBU) at GIFT City in Gandhinagar by the first week of next month. As reported by PTI, the bank has received regulatory approvals from the Reserve Bank of India and the International Financial Services Centres Authority (IFSCA) to establish this international banking unit. Kumar confirmed that the bank has posted a branch head and groundwork is in progress, with the IBU expected to mobilize significant forex business. The IBU will provide access to international financial markets and enable delivery of specialized banking services to corporate clients with foreign currency funding requirements, offering a complete suite of services including foreign currency loans, trade finance solutions, treasury and risk management products.
