Mission Statement, Vision, & Core Values (2025) of Central Bank of India.

An Overview of Central Bank of India

General Overview of Central Bank of India

Established in 1911, Central Bank of India is one of the oldest and largest commercial banks in India. The bank has played a pivotal role in the development of the Indian banking sector and has a banking network spanning over 4,600 branches across the country. It offers a wide array of banking products and services, including personal banking, corporate banking, agricultural banking, and international banking services.

In 2024, the Central Bank of India reported total sales of approximately ₹2,500 billion (around USD 30 billion), emphasizing its strong market presence and customer base. The bank serves millions of customers, catering to diverse financial needs through various products such as savings accounts, term deposits, loans, and investment services.

Financial Performance in the Latest Reporting Period

For the financial year ending March 2024, Central Bank of India showcased remarkable financial performance, reporting a record-breaking revenue of ₹300 billion (USD 3.6 billion). This represents a growth of 18% year-over-year, primarily driven by an increase in retail lending and a robust growth in digital banking transactions.

The bank's net profit for the same period stood at ₹25 billion (USD 300 million), reflecting an increase of 22% from the previous fiscal year. The growth in profit was complemented by a reduction in the Non-Performing Assets (NPAs) ratio, which improved to 5.1% from 6.0% in the previous year.

Leadership in the Industry

Central Bank of India is recognized as one of the leaders in the Indian banking sector, attributed to its extensive reach and comprehensive product offerings. The bank has been at the forefront of adopting innovative technologies, thereby enhancing customer experience and operational efficiency.

With a focus on sustainable growth and customer-centric services, Central Bank of India appeals to a broad spectrum of customers, from individuals to large corporations. The bank's commitment to advancing financial inclusion has also positioned it as a pioneer in promoting banking services in rural and semi-urban areas.

Understanding the reasons behind Central Bank of India's success entails exploring its strategic initiatives, continuous improvement in services, and dedication to meeting evolving customer needs.

Mission Statement of Central Bank of India

Mission Statement of Central Bank of India

The mission statement of Central Bank of India outlines its primary purpose and commitment to serving its customers and stakeholders. This statement acts as a guiding light for the bank’s long-term goals and strategic initiatives, focusing on excellence, growth, and sustainability in the financial sector.

Core Components of the Mission Statement

Customer Satisfaction

Central Bank of India emphasizes the importance of customer satisfaction as a core component. This focus ensures that the bank provides innovative products and services tailored to meet the diverse needs of its clients.

• As of March 2023, the bank has over 4,700 branches, facilitating easy access to banking services across India.
• The bank's net promoter score (NPS) for customer satisfaction stands at 65, reflecting a strong customer loyalty and satisfaction level.

Empowerment Through Technology

The mission statement highlights the commitment to leveraging technology to empower customers and streamline operations. Central Bank of India invests substantially in digital banking solutions to enhance customer engagement.

• In FY 2022-2023, the bank reported a growth of 35% in digital transactions as compared to the previous fiscal year.
• Central Bank of India has allocated INR 500 crores for technology upgrades in the current fiscal year.

Social Responsibility

Social responsibility is a significant aspect of the bank's mission, reflecting its commitment to community development and inclusive banking practices. Central Bank of India aims to contribute positively to society by supporting various initiatives.

• In FY 2022-2023, the bank disbursed INR 2,000 crores towards funding agricultural and small business loans under various government schemes.
• As part of its CSR initiatives, the bank has implemented over 150 projects across India focused on education, health, and environment conservation.

Vision Statement of Central Bank of India

Vision of Central Bank of India

The vision statement of Central Bank of India outlines its commitment to being a premier bank, facilitating the economic development of India through dedicated banking services. As of 2024, the focus remains on enhancing customer satisfaction, increasing market share, and leveraging technology for improved service delivery.

Customer-Centric Approach

A key component of the vision is a customer-centric approach. Central Bank of India aims to provide banking services that contribute to the overall satisfaction of its clientele. In the fiscal year 2023, customer satisfaction ratings improved to 85%, reflecting a growing emphasis on quality service.

Innovation and Technology

The bank’s vision emphasizes the adoption of innovative technology to streamline operations. In 2023, Central Bank of India invested approximately ₹300 crores in digital banking initiatives, including mobile banking applications and online service platforms. By 2024, the goal is to achieve a 25% increase in digital transactions.

Financial Inclusion

Financial inclusion is a pivotal aspect of the bank's vision, aiming to provide banking services to underbanked and unbanked populations. As of March 2023, the bank reported that over 10 million accounts had been opened under the PMJDY scheme, increasing the outreach to rural and semi-urban areas.

Sustainability and Corporate Social Responsibility

Central Bank of India is also committed to sustainability and corporate social responsibility (CSR). In 2023, the bank allocated ₹150 crores towards various CSR initiatives, focusing on education, health, and environmental sustainability. The target for 2024 is to increase this allocation by 10%.

Growth and Market Position

As part of its vision, the Central Bank of India seeks to enhance its growth trajectory within the Indian banking sector. For the fiscal year 2023, the bank reported a total asset value of approximately ₹5.5 lakh crores, positioning it among the top 5 public sector banks in India. The goal for 2024 is to achieve a growth rate of 15% in total assets.

Core Values of Central Bank of India

Customer Centricity

Customer centricity emphasizes the importance of putting customers at the heart of all operations. Central Bank of India prioritizes customer needs through innovative banking solutions and exceptional service.

In the fiscal year 2023-2024, the bank reported a 12% increase in customer satisfaction scores, as assessed by annual surveys. Initiatives such as the launch of a dedicated customer service app have helped streamline requests and improve engagement.

Additionally, Central Bank of India implemented the 'Digital Banking for All' initiative, which successfully attracted over 1 million new digital users within six months of its launch in early 2023.

Integrity

Integrity represents the unwavering commitment to ethical standards and accountability in all actions. The bank holds itself to high compliance standards, ensuring transparency in its financial dealings.

In 2023, Central Bank of India achieved a 99% compliance rate with regulatory guidelines, reflecting its dedication to ethical banking practices. The establishment of a robust whistleblower policy has further strengthened accountability, leading to increased employee trust.

Innovation

Innovation is vital for Central Bank of India to stay competitive. The bank is committed to continuous improvement and the adoption of advanced technologies.

By investing ₹500 crores in digital infrastructure over the past two years, Central Bank of India has launched numerous innovative products including an AI-driven loan processing system. This initiative has reduced loan approval times by 40%.

Social Responsibility

Social responsibility underscores Central Bank of India’s commitment to community welfare and sustainable practices. The bank actively engages in various social initiatives aimed at improving quality of life.

During the last fiscal year, Central Bank of India contributed ₹100 crores to educational programs and health initiatives across rural regions. The bank also participates in tree plantation drives, planting over 1 million trees in partnership with local NGOs.

Excellence

Excellence defines the bank’s pursuit of high-quality performance in every aspect of operations. Central Bank of India strives to exceed industry standards and deliver superior results.

In 2023, the bank's net profit surged to ₹1,200 crores, representing a significant increase of 15% from the previous year. The bank's asset quality improved as reflected in the 4% decrease in non-performing assets (NPAs).