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It seems that the central government has taken a key decision in the case of the Central Bank of India. The Center is reportedly planning to close several branches across the country to strengthen the central bank of India, which has a history of over a hundred years. The decision was taken by the Center after the bank had been in turmoil for some years. At this rate, 13 per cent of the branches, or about 600 branches across the country, are likely to close.
The Center has decided to merge the loss-making branches with other branches in case the branches cannot be closed. It is expected that the decision to reduce the number of branches will come into effect by March next year. On the other hand, the central government wants the Central Bank of India to sell assets such as non-core assets and real estate to improve its financial position. The Central Bank of India currently has 4,594 branches across the country. In 2017, there were reports that some public sector banks had violated the RBI guidelines, including the Central Bank of India.
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