PSUs

Indian Overseas Bank gets out of PCA framework

By IndianMandarins- 30 Sep 2021
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indian-overseas-bank-gets-out-of-pca-framework

New Delhi (30.09.2021): Indian Overseas Bank is out of RBI's prompt corrective action framework (PCAF) after fulfilling all the conditions required.

The development comes after the Board for Financial Supervision noted that the bank was not in breach of the PCA parameters, as per its published results for the year ended March 31, 2021.

"The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA, and leverage ratio on an ongoing basis...," the RBI said.

"... and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments," said the apex bank.

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