Central Bank of India was established in 1911 by Sir Sorabji Pochkhanawala. It was the first Indian commercial bank, which was wholly owned and managed by Indians. Sir Pherozeshah Mehta was the first Chairman of the Bank. In 1969, Central Bank of India was nationalized along with 13 other banks.

In its 95 years of history, Central Bank of India has launched a number of innovative and unique banking activities. Major among them are:

1921: Introduction of the Home Savings Safe Deposit Scheme to build saving/thrift habits in all sections of the society.
1924: An Exclusive Ladies Department to cater to the Bank's women clientele.
1926: Safe Deposit Locker facility and Rupee Travellers' Cheques.
1929: Setting up of the Executor and Trustee Department.
1932: Deposit Insurance Benefit Scheme.
1962: Recurring Deposit Scheme.
1976: The Merchant Banking Cell was established.
1980: Centralcard, the credit card of the Bank was introduced.
1986: 'Plantinum Jubilee Money Back Deposit Scheme' was launched.
1989: The housing subsidiary Cent Bank Home Finance Ltd. was started with its headquarters at Bhopal in Madhya Pradesh.
1994: Quick Cheque Collection Service (QCC) & Express Service were set up to enable speedy collection of outstation cheques.

Central Bank of India has a large network of 3161 branches and 270 extension counters spread over 27 States and 4 Union Territories. The Bank has a total customer base of over 25 million account holders, which is one of the largest in the banking industry.