Wednesday, 10 May 2017

RBI begins 'corrective action' for IDBI Bank over bad loans

The Reserve Bank of India (RBI) has initiated "prompt corrective action" for state-run IDBI Bank over its high bad loans and negative return on assets, the lender said on Tuesday. IDBI, in a filing to the stock exchanges, said the action "will not have any material impact" on its performance and expected it to help improve its internal controls and performance. It did not give details of the corrective action. IDBI is the first lender to come under the RBI central bank curbs after the regulator revised the so-called prompt corrective action framework last month, tightening thresholds around bad loans.

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