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.
Central Bank of India today announced a cut of 0.25 per cent in its base rate. "We have scaled down our base rate from 10.50 per cent to 10.25 per cent, effective February 9," the bank said in a statement.
M V Tanksale, chairman and managing director of Central Bank of India, says non-performing assets (NPAs) in the banking system will grow for a while and as long as credit creation will be there, there will be slippages.