The Central Bureau of Investigation (CBI) has registered a case against Electrotherm (India) Ltd., an Ahmedabad based engineering firm, for allegedly cheating the Central Bank of India to the tune of Rs 436 crore.
Central Bank of India has surged 9% to Rs 73.15 after reporting a nine-fold rise in net profit at Rs 192 crore in the April-June quarter (Q1), aided by a drop in provisions for bad loans and increase in net interest income.
State-run lender Central Bank of India has said it is in the process of selling 4% of its stake to Life Insurance Corporation through an institutional placement for Rs 581 crore to meet its capital requirement of Rs 2,000 crore this fiscal.
B K Divakara has taken charge as executive director at Central Bank of India. Prior to taking charge of the new assignment, he was working as general manager with Mangalore-based Corporation Bank, another public sector lender.
Central Bank of India posted a net loss of Rs 1,509 crore for the quarter ended September 2013, owing to a huge rise in provisions for non-performing loans. In the corresponding period last year, it had recorded a net profit of Rs 330 crore.
Mumbai-based public sector lender Central Bank of India doesn’t plan to raise its base rate in the near future, despite the fact that the cost of funds has risen following the Reserve Bank of India (RBI)’s liquidity-tightening measures.