Central Bank to set up representative offices in overseas

Mumbai, Aug 21 (UNI) Country's oldest Public Sector Bank Central Bank of India today announced that it will open its reprsentative offices in the overseas soon.

Talking to UNI, on the sidelines of bank's listing ceremony at the Bombay Stock Exchange (BSE), Central Bank of India's Chairperson and Managing Director Ms H A Daruwalla said that her bank has approached the Reserve Bank of India, seeking its nod to open its offices abroad.

''We have asked RBI's permission to open our representative offices at Dubai, Doha, London and Singapore,'' Ms Daruwalla said.

She further said that Central bank had earlier its presence at London in UK. However, the three offices it had in London were closed down some time back.

Ms Daruwalla said that efforts are being made at all the levels in the bank to create a better value for the large customer-base, the bank had.

To a question, Ms Daruwalla agreed that there would be a great pressure on the profit margins in the banking sector in the context of present scenerio, but said that every one in the banking industry must work hard to improve the margins.

UNI