knowmyifsc.com

The Central Bank of India (CBI) was formally established in Mumbai on December 21, 1911, by Sir Sorabji Pochkhanawala, with Sir Pherozeshah Mehta serving as its first Chairman. The bank holds a significant place in the nation’s financial history as it was the first commercial bank in India to be entirely owned and managed by Indians, a pioneering step during the colonial era. In its early decades, CBI played an influential role in the country’s economic development by providing essential financial support to industries and trade, thereby contributing to the industrialization and modernization of the Indian economy. A notable early expansion included the 1923 acquisition of the Tata Industrial Bank.

Today, the Central Bank of India is a major public sector bank, headquartered in Mumbai. It came under government ownership following the nationalization of fourteen major commercial banks by the Government of India in 1969. The Government of India remains the predominant shareholder, controlling the vast majority of its equity. Despite its title, the institution is a commercial bank and not the central monetary authority; that function is served by the Reserve Bank of India (RBI). As one of the country's oldest and largest nationalized banks, it maintains a pan-India presence and continues to be a vital component of the financial system, supporting national development goals through commercial banking, rural outreach, and financial inclusion initiatives.