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Oriental Bank put under central bank's corrective action over bad loans

The bank posted a net loss for the June quarter, with net NPA rising to 9.56%

Reuters  |  MUMBAI 


of Commerce Ltd, a mid-sized Indian state-run lender, said the nation's central has initiated "prompt corrective action" against the over its high amount of net (NPA).

is the seventh state-run lender to be put under a corrective action plan, which requires a to enact curbs on hiring, branch expansion and taking on new loans.

"This action will not have any material impact on the performance of the and will contribute in an overall improvement in its risk management, asset quality, profitability and efficiency," the lender said in a stock exchange filing late on Saturday.

The posted a net loss for the June quarter, with net rising to 9.56 per cent.

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First Published: Sun, October 08 2017. 11:55 IST