Before Dena Bank, similar action was initiated against other state-owned lenders—IDBI Bank, Indian Overseas Bank (OBC) and UCO Bank. Photo: Priyanka Parashar/ MumbaiMumbai: Dena Bank on Friday said the Reserve Bank of India (RBI) had initiated prompt corrective action (PCA) at the lender because of high net non-performing assets (NPA) and negative return on assets. The lender, which made the announcement in a statement to the stock exchange, is the third bank after IDBI Bank and UCO Bank where PCA has been initiated under a revised framework. The management of Dena Bank, while announcing year-end results, said the lender will not open any branches and there will be no additions to headcount. “This action will not have any material impact on the performance of the bank and will contribute to improve the internal controls of the bank..,” the bank said.

Source: Mint June 02, 2017 13:17 UTC