RBI lifts rapid corrective action restrictions on Central Bank of India

0
27

In June 2017, RBI had reportedly placed the Central Bank under PCA due to its high net non-performing assets.

Bombay (Maharashtra):

The Reserve Bank of India removed the Central Bank of India from its Prompt Corrective Action (PCA) framework after finding that the bank was not violating any parameters.

But the bank is being removed from restrictions under “certain conditions and ongoing supervision,” RBI said Tuesday.

See also  Indian oil raises Rs 2,500 crore in debt at lower-than-sovereign interest rates

“The performance of the Central Bank of India, which is currently under RBI’s Prompt Corrective Action Framework (PCAF), has been reviewed by the Board for Financial Supervision. It was noted that according to the bank’s reviewed figures for the year ended March 31, 2022, the bank is not in violation of PCA parameters,” RBI said in a statement.

RBI said in the statement that the Central Bank of India has made a written commitment to meet the standards of minimum regulated capital, net NPA and leverage ratio on an ongoing basis and has been made aware of the structural and system improvements it has made in place that would help the bank to continue to meet these obligations.

See also  RBI, MeitY Ask Google to Take Action Against Illegal Digital Borrowing Apps: Report

In June 2017, RBI had reportedly placed the Central Bank under PCA due to its high net non-performing assets.

Prompt Corrective Action (PCA) is a framework within which the central bank monitors financially weak banks.

(This story was not edited by The Switzerland Times staff and was generated automatically Platforms.)

.

LEAVE A REPLY

Please enter your comment!
Please enter your name here