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Now Allahabad Bank Comes Under Prompt Corrective Action
January 04, 2018
After imposing restrictions on IDBI Bank, UCO Bank, Indian Overseas Bank, and a few other public sector banks, the Central bank RBI has now put Allahabad Bank under the prompt corrective action (PCA) framework, the lender said.
In a recent regulatory filing, the state-run lender said as per the letter from the RBI dated January 2, 2018, it has been put under PCA framework as a result of an on-site inspection conducted during FiY17 under the Risk Based Supervision Model.
The inspection had identified a large number of bad loans and negative return on assets (ROA) during the past two years.
