<P> Also before World War II, Central Bank of India established a branch in Rangoon . The branch's operations concentrated on business between Burma and India, and especially money transmission via telegraphic transfer . Profits derived primarily from foreign exchange and margins . The bank also lent against land, produce, and other assets, mostly to Indian businesses . </P> <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>

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