Tag: CBoI

Former CBoI chief Pallav Mohapatra appointed MD and CEO of Arcil

Banking & Finance

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Asset Reconstruction Company (India) Ltd (Arcil) on Tuesday announced the appointment of Pallav Mohapatra as its Chief Executive Officer and Managing Director.

Prior to the appointment, Mohapatra was the MD and CEO of Central Bank of India (CBoI) from September 21, 2018, to February 28, 2021. Before being elevated as MD and CEO of CBoI, he was Deputy Managing Director, Stressed Assets Management Group, State Bank of India.

Vinayak Bahuguna headed Arcil as MD and CEO for five years till June 2020.

Anil Gorthy, Chairman, Arcil, in a statement, said Mohapatra brings with him years of seasoned banking insight and a wealth of experience in the industry, particularly management of stressed assets.

Arcil, which was set up in 2002, currently has assets under management (in non-performing loans) of ₹12,000 crore, according to the statement.

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CBoI ties up with NABFOUNDATION to provide loans to self-help groups

Banking & Finance

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Central Bank of India (CBoI) and NABFOUNDATION, on Thursday, entered into a Memorandum of Understanding (MoU), whereby working capital will be provided by the bank to all self-help groups (SHGs) which have an account with it and undertake the Nabard-sponsored ‘My Pad My Right’ project.

“This cheap, collateral-free credit support is just what the rural women will need as they take up manufacturing on a regular basis,” said NABFOUNDATION, which is a wholly-owned subsidiary of the National Bank for Agriculture and Rural Development (Nabard), in a statement.

Under the project, one pad making machine will be sponsored per district across the country to a well-functioning SHG, along with the requisite capacity building support, with total grant support pegged at nearly ₹5 lakh per unit, according to the statement.

The project would see Nabard providing a total support of nearly ₹50 crore over the next three years, it added.

GR Chintala, Chairman, Nabard, noted that the project addresses rural women’s health issues and also provides a dynamic rural livelihood option on a sustainable basis.

Pallav Mohapatra, Chairman, CBoI, said the bank is committed to providing cheap and collateral-free credit support to rural women.

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