In a customer friendly move, Central Bank of India has launched a mobile alert facility for its savings account holders.

The service will alert the customers via sms, for any transactions of Rs 5,000 or more, incurred in their respective savings account(s). The facility is free-of cost and is available at all the 1200 CBS branches of the bank.

Describing the customer oriented move, S. Sridhar, CMD, Central Bank, said, "this is part of the bank's offering of ‘convenience products' for customers."

The bank is also planning to offer mobile banking services and upgradation of branches to allure more customers. In the first phase, about 25 branches will be upgraded, while in second phase another 75 branches will be upgraded.

Commenting on the customer retention, Sridhar said, "While there have been lot of commitments, drawals have been lower," he said.

Awarded as 'Best Education Loan Provider" Outlook Money NDTV profit Award 2008, the Central Bank of India was the first Indian commercial bank, wholly owned and managed by Indians. The bank recorded an increase in the operating profit by 13.28% to Rs. 1,436.74 crore during FY2008-09 against Rs. 1,268.30 crore in 2007-08.

In January 2009, the bank launched a special home loan scheme offering loans at 8.5 percent p.a. for the first five years of the loan tenure. Later the applicable rate of interest was lowered to 8 percent p.a. for one year.

The bank has been also providing education loans at discounted rates.