The Parsi community is rallying to protect the historic identity of the Central Bank of India amid reports that the country’s first Swadeshi bank could be merged with another institution. Established on December 21, 1911, in Mumbai, by Sir Sorabji Pochkhanawala and freedom fighter Sir Pherozeshah Mehta, the bank was founded as a pioneering venture wholly owned and managed by Indians. Though now government-owned, it remains deeply cherished and patronised by the community.

Concerns grew following reports that the Central Bank may be part of the government’s ongoing public sector bank consolidation plan, which seeks to merge smaller banks into larger entities. As per news reports, Dr. Homi Doodhwala, President – Surat Parsi Panchayat Funds and Properties, warned that such a move would erase the bank’s historic identity, rechristened with a new name. The Panchayat has written to PM Narendra Modi, urging government intervention to preserve the institution’s name and legacy.

The Central Bank of India holds immense historical significance as a product of the Swadeshi movement and a testament to Parsi entrepreneurship and nation-building. Nationalised in 1969 under Indira Gandhi, the Bank has remained an important public sector institution known for innovation and trusted by generations of Parsis. It is among four banks slated for potential merger in the next phase of consolidation.

For our community, however, the Central Bank of India means a lot more than a financial entity – it’s a symbol of Indian self-reliance and community contribution. It is hoped that its storied identity and name continues to stand proudly in the nation’s banking history.