Central Bank of India has released a statement that there is no decision as of now to close a large number of branches during FY 2022-23.
'However, it is a routine exercise for every Bank to re-align/shift/merge/close/open branches on regular basis to achieve corporate business objectives. We assure our esteemed customers and all other stakeholders that their interest is well-protected."
This clarification comes on the back of a news report citing sources that said, The Central Bank of India — a state-owned commercial bank — plans to shut 13 percent of its branches to improve its financial health, which has been under pressure for several years. The bank is looking to reduce the number of branches by 600 by either shutting down or merging loss-making branches by the end of March 2023.