 "RBI initiates corrective action on Indian Overseas Bank")
State-run Indian Overseas Bank said on Monday the Reserve Bank of India (RBI) had ordered a so-called "prompt corrective action", adding the action would not have any material impact on its performance.
The lender did not give details of the action but said the directions given by the RBI were for improving the internal control of the bank and for the purpose of consolidation of its activities.
Under RBI rules a prompt corrective action is triggered if a lender sees its capital base eroding, a sharp jump in bad loan ratios or its return on assets dropping below 0.25 percent.
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