Daily Current Affairs / RBI takes Indian Overseas Bank out of prompt corrective action framework
Category : Business and economics Published on: October 01 2021
· The Reserve Bank of India has taken public sector lender Indian Overseas Bank (IOB) out of the Prompt Corrective Action (PCA) framework (PCA) to improve its financial and credit profile.
· IOB was placed under PCA in October 2015 due to high Net-Performing Assets (NPA) and negative Return on Assets (ROA).
· The decision will provide greater freedom to the Chennai-based lender to extend credit specifically to the corporations and to develop the network subject to the prescribed norms.
Important facts
About RBI
v Headquarters: Mumbai
v Founder: British Raj
v Founded: 1 April 1935, Kolkata
v Governor: Shaktikanta Das
v First Governor of RBI: Sir Osborne Smith
v The Prime Minister who has served as the Governor of RBI: Dr. Manmohan Singh
Punjab National Bank announced PNB Soldierathon 2026 ahead of its 132nd Foundation Day to honour the Armed Forces and promote fitness and national pride. The event will be held on 5 April 2026 and aims to strengthen youth participation and civil-military ties.
Read More....Indian Navy assumed command of Combined Task Force 154 under the Combined Maritime Forces, boosting multinational maritime cooperation.
Read More....Prime Minister Narendra Modi inaugurated Seva Teerth and Kartavya Bhavan, calling them symbols of service-driven governance. He said the complex reflects India’s shift toward a people-centric development model.
Read More....Zimbabwe national cricket team defeated Australia national cricket team by 23 runs in the ICC Men's T20 World Cup, creating a major upset. Zimbabwe remained unbeaten and second in Group B standings.
Read More....Mumbai-based Agneevasthraa signed an MoU with the Indian Army to supply advanced carbon defense materials. The deal strengthens indigenous manufacturing under the Make in India push.
Read More....India launched its BRICS Chairship 2026 with a Sherpas meeting chaired by Sudhakar Dalela in New Delhi. Discussions focused on resilience, innovation, and sustainable cooperation among member nations.
Read More....The Bangladesh Nationalist Party won Bangladesh’s general elections with a two-thirds majority after the post-Sheikh Hasina era polls. A reform referendum was also approved alongside the election.
Read More....Parliament passed the Industrial Relations Code Amendment Bill 2026 amid debate over labour protections. Minister Mansukh Mandaviya said it clarifies reforms while opposition raised job security concerns.
Read More....The Ministry of Defence signed a ₹2,312 crore deal with Hindustan Aeronautics Limited for Coast Guard aircraft. The project boosts domestic manufacturing and maritime security.
Read More....President Droupadi Murmu launched the Karmayoga campaign of the Brahma Kumaris, stressing ethical and spiritual development. She linked spirituality with balanced national progress.
Read More....
