Eyeing the prevalent potentials of technology in expanding the reach of banking operations to unbanked regions, Central Bank of India supports and adopts such platforms as effective operational arenas. Financial inclusion is an imperative factor for the country’s economic pace and mobile or any such technology to implement these initiatives offers prospective scope for expanding operational presence, viewed Rajeev Rishi, Chairman and Managing Director, Central Bank of India. He also added that the Bank will be looking forth to explore more such opportunities through such technical platforms in enhancing its financial inclusion initiatives.
Disclosing the Bank’s performance for the quarter ended 31 December 2013, RK Goyal, Executive Director, Central Bank of India said, “We have successfully spread our banking operations through financial inclusion objectives to 9,822 villages and have appointed 5,346 BCs in Q3 FY13-14.” The Bank through its financial inclusion initiatives has opened accounts worth Rs48.44 lacs in Q3 of the current fiscal. Additionally, the Bank posted a considerable rise in its number of transactions for Q3 FY13-14, wherein the index stood at Rs19.83 lacs against Rs14.61 lacs for the corresponding period a year ago.
Additionally, the Bank has also registered a y-o-y growth of 11.19% for the quarter ended December 2013, wherein the total business rose to Rs4,12,164 crore from Rs3,70,695 in the same period last fiscal. A 11.78% increase was also seen in the CASA deposits for the quarter and the total deposits grew by 9.84% on y-o-y basis.
Central Bank also considers retail as a robust platform and estimates to further strengthen its potentials in the retail segment. As per the quarter performance results, the Bank’s retail advances has registered a rise of 25.58% to Rs25,345 crore in Q3 of FY13-14 from Rs19,710 crore in Q3 of FY12-13.