The Central Bank of India has also issued a statement regarding the closure of more than 600 branches. Accordingly, the bank said no decision has been taken yet on the closure of branches.
From April 2017 to December 2021 many branches were closed
The Central Bank of India has closed 186 branches from April 2017 to December 2021. It has been reported that the Central Bank of India has been incurring losses due to weekly loans since 2017 and the Reserve Bank has advised to close 600 branches in order to restructure the bank.
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However, the bank said in a statement that no such decision had been taken. The bank further said that changes like branch affiliation and relocation are made from time to time taking into consideration our customers and business. As on December 2021, the Central Bank of India had 4,528 branches.
Why did the Reserve Bank take action?
In 2017, the Reserve Bank of India placed the Central Bank of India and 11 other banks under the PCA. The move was taken by the Reserve Bank due to the then financial crisis. Although other banks have improved their position and removed themselves from the list, the Central Bank of India remains on the list. Under this regulation, the bank has to face a lot of scrutiny. With the expansion of the branches, many kinds of restrictions have to be faced.
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