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RBI Puts Bank of Maharashtra Under Scanner, Takes PCA
June 19, 2017
In the light of high negative return on assets and a large number of bad loans, Reserve Bank of India has initiated a Prompt Corrective Action against Bank of Maharashtra (BoM). This makes the lender sixth in the line of other lenders who faced similar action by the central bank.
In a letter dated June 15, 2017, RBI said the action on BoM won’t have any material impact on its performance but rather help improve its efficiency and profitability.
Previously, Dena Bank, UCO Bank, IDBI Bank, Central Bank of India, and Indian Overseas Bank were also put under PCA.
