Central Bank Of India

Reserve Bank likely conducting dollar-rupee swaps to support currency

The currency has largely remained under pressure over the last two months on the back of heightened foreign portfolio outflows and a wave of dollar strength sparked by the Donald Trump's victory

RBI devolves 70% new green bonds at 6.78%-6.84%, cutoff below 10-year note

The RBI sold around 15 billion rupees ($177.53 million) worth of 10-year green bonds to investors at a 6.79% coupon but devolved nearly 35 billion rupees worth of the note, the first such devolvement

Central Bank of India soars over 10% after RBI's nod on insurance foray

Shares of Central Bank of India soared up to 10.56 per cent to hit an intraday high of Rs 57.86 a piece on Monday

Central Bank of India gets RBI nod for insurance JV with Generali group

Central Bank of India on Friday said it has got approval from the Reserve Bank to enter the insurance business through a joint venture with Generali group under FGIICL and FGILICL. In a filing to stock exchanges, the state-owned bank said the RBI accorded the approval vide a letter dated November 21, 2024. "...we would like to inform that the Reserve Bank of India (RBI) vide its letter dated 21st November 2024 has approved the bank's entry in the insurance business through a joint venture with Generali group under FGIICL and FGILICL, subject to continuous compliance of conditions stipulated by it and approval of IRDAI, the sectoral regulator," the filing said. In October, the Competition Commission of India (CCI) had cleared the Central Bank of India's proposed acquisition of stakes in Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL). FGIICL provides personal insurance, commercial insurance, social, and rural ...

CCI clears Central Bank of India's stake acquisition in Future Generali

FEL holds direct and indirect investments in the general insurer, Future Generali India Insurance Company Limited, which is a joint venture between the company and Genera Group

Central Bank of India's bid for Future's insurance JV stakes gets CoC nod

The state-owned lender has to get Irdai's approval in 90 days to buy FEL's stake in insurance JVs

Central Bank of India top bidder for Future's stake in insurance ventures

Central Bank of India on Wednesday said it has emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance venture. Central Bank of India has been declared as the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of FEL in Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited, the state-owned bank said in a regulatory filing. The Letter of Intent dated August 20, 2024, is received by the bank in this regard, it added. Future Enterprises owns a 25 per cent stake in Future Generali India Insurance Company and a 33 per cent stake in Future Generali Life Insurance. On July 20, 2022, the Mumbai bench of the National Company Law Tribunal (NCLT) ordered initiating insolvency resolution proceedings against the debt-ridden FRL and dismissed objections raised by e-commerce major Amazon. The NCLT has passed the order after allowing

Rupee near all-time low, RBI intervention expected to limit losses

The rupee had declined to its all-time low of 83.7450 on Wednesday

11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

Go First heads towards liquidation after failed EaseMyTrip, SpiceJet bids

Go First owes creditors - Central Bank of India, Bank of Baroda, and IDBI Bank - around Rs 6,200 crore

Stocks to Watch, June 18: Vodafone Idea, IndiGo, LIC, Pidilite Industries

Asia-Pacific markets were buzzing ahead of the Reserve Bank of Australia's rate decision

RBI puts Rs 1.45 cr fine on Central Bank of India for non-compliance order

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE 2022) of the Central Bank of India with reference to its financial position as of March 31, 2022. A notice was issued to the bank, advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the directions, the RBI said. After considering the bank's response, the RBI found that charges against the bank were sustained. The bank sanctioned a working capital demand loan to a Corporation against amounts receivable from the government by way of subsidies. It also failed to credit (shadow reversal) the amount involved in a few instances of unauthorised electronic transactions to the customer's account within the stipulated time. In another release, the RBI said a .

Rupee to rely on RBI's help amid foreign outflows post PM Modi's narrow win

Non-deliverable forwards indicate the rupee will open largely unchanged from 83.53 in the previous session

Central Bank of India Q4FY24 results: Profit jumps 41% at 807.34 crore

Central Bank of India standalone Q4FY24 results: Gross non-performing assets (NPA) ratio of the bank remained consistent at 4.50%, same as the last quarter

Central Bank, JC Flowers ARC join race to bid for Future Enterprises

Bidders interested in two insurance joint ventures

Stocks to Watch today: Zee, Cipla, MRPL, Axis Bank, Medi Assist, JSW Group

Stocks to watch on Tuesday, January 23, 2024: Zee Entertainment in focus as Sony India calls-off merger; Axis Bank, Havells, JSW Energy, L&T Housing Finance, RECL and Tata Elxsi to Q3 results today.

Central Bank of India plans offer for sale to reduce govt's stake

It has shown preference for the OFS route to avoid dilution of its equity capital base while increasing the public float of shares

Central Bank of India Q3 results: Profit jumps 57% to Rs 718 crore

The state-owned Central Bank of India on Friday posted a 57 per cent increase in its profit at Rs 718 crore in the third quarter ended December 2023. The bank had earned a net profit of Rs 458 crore in the same quarter a year ago. Total income increased to Rs 9,139 crore during the quarter under review against Rs 7,636 crore in the same period last year, the Central Bank of India said in a regulatory filing. However, the net interest income of the bank declined to Rs 3,152 crore during the quarter compared to Rs 3,285 crore in the same period a year ago. Bank's gross Non-Performing Assets (NPAs) declined to 4.50 per cent of the total loans at the end of December 2023 from 8.85 per cent a year ago. Net NPAs or bad loans also came down to 1.27 per cent from 2.09 per cent at the end of the third quarter of the previous fiscal.

Central Bank extends festival offer, aims increasing retail asset book

State-owned Central Bank of India has extended its festival offer for three months till March 31 with a view to increasing its retail asset book. Earlier, the offer was till December 31, 2023. The bank is offering low interest rate, waiver in processing fee and other facilities for customers during this period, Central Bank of India general manager (retail assets) Vivek Kumar said. Cent Grih Laxmi Scheme and Cent Business Scheme are offering the lowest rate of interest across the industry starting from 8.35 per cent. Last week, the bank also held meeting with major real estate developers across Delhi-NCR. About 150 Direct Sales Agents (DSAs) and 50 renowned builders across the region joined the event. He also said that interest rates on most of the products have peaked and there is hardly any scope for further hike. Rates on the liability side have also more or less saturated and liquidity position is within manageable range, he said. On the co-lending model, he said the bank ha

Central Bank of India's loans grow 14.9% to Rs 2.4 trillion in Q3 FY24

The Mumbai-based public sector bank's deposits expanded by 9.52 per cent Y-o-Y to Rs 3.77 trillion at the end of December 2023 from Rs 3.44 trillion a year ago