Consider the following statements about Central Bank of India.

I. It was established in 1911.

II. Its headquarters is in Kolkata.

III. It was first commercial Indian bank completely owned and managed by Indians.

Which of the following statement is/are incorrect?

Solution

• Central Bank of India (CBI) is an Indian nationalised bank, it is based in Mumbai.
• The Central Bank of India was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as Chairman, and claims to have been the first commercial Indian bank completely owned and managed by Indians.
• RBI has imposed a monetary penalty of Rs 36 lakh on Central Bank of India for non-compliance with certain directions of the central bank. The order was issued on April 18, 2022.
• Central Bank of India has been penalised for failing to comply with directions issued by RBI on 'Customer Protection-Limiting Liability of Customers in Unauthorised Electronic Banking Transactions',
• RBI noted that the penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949.
• RBI statutory Inspection for Supervisory Evaluation (lSE) of CBI was conducted by the RBI with reference to its financial position as of March 31, 2020.