This is news for you if your account is also with the Public Sector Central Bank of India (CBI). In order to improve its financial position, the bank is planning to close a large number of branches. The news agency Reuters reported that the bank plans to close 13 percent of its branches across the country.
4594 branches across the country
By March 2023, the Central Bank Of India plans to close 600 branches nationwide or merge the loss-making ones. There are 4594 branches of the Central Bank of India across the country.
Listed on PCA List in 2017
Significantly, in the year 2017, many banks, including the Central Bank of India, were included in RBI’s prompt corrective action (PCA) list. Banks experiencing bad financial conditions are included in this list.
12 banks placed in PCA in 2018
The banks included in this list were given a chance to improve their financial situation, but there were many restrictions. In 2018, RBI included 12 banks in its PCA framework. In those days, there were 11 government and one private bank. Who was provided with additional working capital.
Financial position of all other banks improved
Media reports say that, with the exception of the Central Bank of India, all other banks were removed from the PCA list. Despite no improvement in the financial situation, the Central Bank remained on this list. There is a possibility of closing 13 percent of the bank’s branches in order to improve its financial situation.