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Now Allahabad Bank Comes Under Prompt Corrective Action

January 04, 2018

Now Allahabad Bank Comes Under Prompt Corrective Action

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.

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