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
Israeli Navy intercepts UK ship carrying Gaza aid and detains Greta Thunberg.
Read More....World Day Against Child Labour observed on June 12 to combat child exploitation.
Read More....Goa’s Ozzo Feni becomes the first feni to get GI tag in India.
Read More....Shantanu Mitra to step down as CEO & MD of SMFG India Credit by June end.
Read More....SEBI mandates '@valid' UPI handles for intermediaries to curb fraud.
Read More....Priyanka Goswami wins gold in 10km race at Austrian Racewalking Championships.
Read More....Meta to invest $15 billion in Scale AI to pursue superintelligence goals.
Read More....Indian Army joins multinational military drill 'Khaan Quest 2025' in Mongolia.
Read More....Katrina Kaif appointed Maldives' global tourism ambassador ahead of PM Modi’s visit.
Read More....17-year-old Arvid Lindblad gets F1 exemption after Red Bull request.
Read More....