Festive offer extended till March 31 by state owned Central Bank of India

The Central Bank of India has extended its festival offer until March 31 to fortify its retail asset book. Earlier, the offer was till December 31, 2023.

Festive offer extended till March 31 by state owned Central Bank of India

As per Vivek Kumar, General Manager [retail assets], the respective bank is offering low-interest rate, waiving processing fees and other facilities for customers during this period. Additionally, the interest rates on most of the products have peaked and there is hardly any scope for further hikes.

Meanwhile, the rates on the liability side are also more or less saturated and the liquidity position is within manageable range. Last week, the bank also held a meeting with major real estate developers across Delhi-NCR. Around 150 Direct Sales Agents [DSAs] and 50 renowned builders across the region joined the event.

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The banks' respected schemes Cent Grih Laxmi Scheme and Cent Business Scheme are offering the lowest rates of interest across the industry starting from 8.35 percent. On the Co-lending model, the bank has built a substantial asset book through this.

The bank has reported a 14.91 percent year-on-year growth in gross advances and 9.52 percent year-on-year growth in total deposits in the third quarter ended December 31, 2023. The end-December 2023 report showed the public sector bank's gross advances and total deposits stood at Rs 2,40,066 crore and Rs 3,77,684 crore, respectively, as per the bank's quarter-end business update.

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