Central Bank of India (CBI) is an Indian public sector bank based in Mumbai. Despite its name, it is not the central bank of India; The Indian central bank is the Reserve Bank of India. The Central Bank of India was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as Chairman, and the first commercial Indian bank completely owned and managed by Indians. In the 1980s the managers of the London branches of Central Bank of India, Punjab National Bank, and Union Bank of India were caught up in a fraud in which they made dubious loans to the Bangladeshi jute trader Rajender Singh Sethia. The regulatory authorities in England and India forced all three Indian banks to close their London branches. More information...
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