Bank of India (BoI) would not require an extension of deadline to meet the 70 per cent provision coverage ratio mandated by the Reserve Bank of India (RBI), as its coverage ratio is already 68.5 per cent, Chairman and Managing Director Alok Misra on Thursday said.
“We need only Rs 200-300 crore to reach the 70 per cent mark,” Misra said.
According to RBI, banks must have a provision coverage ratio of 70 per cent by September 30. However, the central bank has given some banks an extension on a case-to-case basis.
State Bank of India has received an extension up to September 30, 2011, and ICICI Bank up to March 31. The bank was targeting a credit growth of 21-22 per cent in 2010-11, he said.
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