Central Bank of India is going to close more than 600 branches? This kind of discussion has been deferred for the past several days. Now a statement has been issued on behalf of the bank as well. The bank has said that no decision has been taken to close the branches yet. The Central Bank of India has been placed under Prompt Corrective Action (PCA) since 2017.
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So many branches closed from April 2017 to December 2021
Central Bank of India had closed 186 branches from April 2017 to December 2021. A report said that the bank is going to close 600 more branches this financial year. After this, it was told by the bank that no such decision has been taken yet. Bank said that keeping in mind their customers and business, all the banks keep making changes like merger, relocation of branches from time to time. Let us tell you, as of December 2021, Central Bank of India had 4,528 branches.
Why did RBI act?
In the year 2017, the Reserve Bank of India placed the Central Bank of India and other 11 banks under PCA. This action was taken by the Reserve Bank then due to the disturbance in the financial position. Although other banks improved their position and pulled themselves out of the list, the Central Bank of India continues to remain in the list. Let us tell you, under this regulation, the bank has to face a lot of scrutiny. Along with the expansion in branches, many other types of restrictions have to be faced.