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 1923, it acquired the Tata Industrial Bank in the wake of the failure of the Alliance Bank of Simla. The Tata bank, established in 1917, had opened a branch in Madras in 1920 that became the Central Bank of India, Madras.

Central Bank of India was instrumental in the creation of the first Indian exchange bank, the Central Exchange Bank of India, which opened in London in 1936. However, Barclays Bank acquired Central Exchange Bank of India in 1938. Also, before World War II, Central Bank of India established a branch in Rangoon. The branch's operations concentrated on business between Burma and India, and especially money transmission via telegraphic transfer. Profits derived primarily from foreign exchange and margins. The bank also lent against land, produce, and other assets, mostly to Indian businesses.

As on 31 March 2021, the bank has a network of 4,608 branches, 3,644 ATMs, ten satellite offices and one extension counter. It has a pan-India presence covering all 28 states, Seven out of eight union territories and 574 district headquarters out of all districts in the country.

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