Bank of India (BOI) to have its place as 8th lender to come under the Reserve Bank of India’s (RBI) prompt corrective action (PCA) as bad loans ascend and return on assets turned negative at the State-owned lender.
United Bank of India was the first to go under PCA 3 years ago.
The bank vide their letter to Stock Exchange dated December 19, 2017 stating that the RBI has placed the Bank under Prompt Corrective Action Framework, consequent to the onsite inspection under the risk based supervision model carried out for year ended March 2017.
Source: Livemint
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