Central Bank of India: In the year 2017, many banks including the Central Bank of India were put on the prompt corrective action (PCA) list of RBI. After this, in 2018 also 12 banks were kept in the PCA framework of RBI.
If your account is also in the Central Bank of India (CBI) of the public sector, then this news is for you. Actually, to improve its financial condition, the bank is planning to close a large number of branches. According to the news agency Reuters, the bank is planning to close 13 percent of its branches across the country.
4594 branches across the country
The bank is contemplating closing its 600 branches across the country by March 2023 or to merge the loss-making branches. Let us tell you that the Central Bank of India has 4594 branches across the country.
Listed on PCA List in 2017
Significantly, in the year 2017, many banks including the Central Bank of India were put on the prompt corrective action (PCA) list of RBI. Banks going through bad financial conditions are put on this list.
12 banks placed in PCA in 2018
The banks coming on this list were given a chance to improve their financial condition with many restrictions. In 2018 also 12 banks were kept in the PCA framework of RBI. At that time there were 11 government and one private bank among them. To whom additional working capital was provided.
The financial position of all other banks improved
According to media reports, except for the Central Bank of India, all other banks came out of the PCA list. But due to no improvement in the financial situation, the Central Bank remained on this list. In such a situation, with the aim of improving the financial condition of the bank, it is being considered to close 13 percent of branches.
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