<P> In 1963, the revolutionary government in Burma nationalized Central Bank of India's operations there, which became People's Bank No. 1 . </P> <P> In 1969, the Indian Government nationalized the bank on 19 July, together with 13 others . </P> <P> In the 1980s the managers of the London branches of Central Bank of India, Punjab National Bank, and Union Bank of India were caught up in a fraud in which they made dubious loans to the Bangladeshi jute trader Rajender Singh Sethia . The regulatory authorities in England and India forced all three Indian banks to close their London branches . </P> <P> Central Bank of India was one of the first banks in India to issue credit cards in the year 1980 in collaboration with MasterCard . Central Bank of India announces that the financial results for the year ended 2013 - Total Business Rs. 402000 Cr . Net Profit - Rs. 1015 Cr . </P>

Why was central bank formed by the british in india