RBI puts Bank of India under prompt corrective action
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Bank of India said on Wednesday that the Reserve Bank of India (RBI) has initiated ‘prompt corrective action’ (PCA) against the lender over high bad loans.
High net non-performing assets (NPA), insufficient common equity tier 1 (CET1) capital and negative return on assets (ROA) for two consecutive years has prompted the action, the bank said in a statement.
The RBI issues a PCA to spur lenders to deal with bad debts, as one of the measures intended to tackle the menace of bad debt that has plagued Indian banks.
The bank had a net non-performing assets ratio of 6.47% as of end-September.
Bank of India shares dropped as much as 5.4% to Rs171.45 in afternoon trade on BSE, while the Sensex was down 0.20% to 33,769.48 points.
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