Central Bank of India Ventures into Wealth Management and Credit Card Services

Central Bank of India plans to introduce wealth management and credit card services by the mid-year of the current fiscal, a move aimed at boosting its fee income. The bank has already received board approval and is preparing to initiate these services alongside enhancing its non-interest income products.

The Central Bank of India is set to diversify its services by stepping into wealth management and offering credit card solutions in the latter half of this fiscal year. This strategic move aims at amplifying its fee-based income according to Kalyan Kumar, the bank's Managing Director and Chief Executive Officer.

Kumar revealed that the bank's board has already greenlit these ventures, and they are currently in the process of issuing a Request for Proposal to bring on board specialists needed to kickstart these operations. The bank envisions launching by mid-year.

Additionally, to enhance its non-interest income, the bank is planning new corporate-focused products, especially in cash management services, which they hope to introduce by August. This, alongside their efforts in centralized forex operations and bancassurance ventures, is expected to bolster income streams.

The Central Bank of India has marked significant milestones recently, acquiring stakes in life and general insurance sectors, rebranding them under Generali. Furthermore, they are expanding internationally by establishing an IFSC Banking Unit at GIFT City, which will further boost their forex dealings and extend specialized banking services to clients with foreign currency needs.