Indian Overseas Bank taken out of RBI's Prompt Corrective Action Framework

The performance of the Indian Overseas Bank, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision. It was noted that as per its published results for the year ended March 31, 2021, the bank is not in the breach of the PCA parameters. 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 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.

Taking all the above into consideration, it has been decided that Indian Overseas Bank is taken out of the PCA restrictions subject.to certain conditions and continuous monitoring.

Shares of Indian Overseas Bank was last trading in BSE at Rs. 22.8 as compared to the previous close of Rs. 20.5. The total number of shares traded during the day was 16790938 in over 18467 trades.

The stock hit an intraday high of Rs. 24.6 and intraday low of 22.5. The net turnover during the day was Rs. 399665530.

Source : Equity Bulls

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