BOI posts net loss of Rs 11.56 bn as against net profit of Rs 1.79 bn in Q2

The Reserve Bank of India in December 2018 put BOI under the prompt corrective action (PCA) framework, allowing it to take decisions to keep the the state-owned lender steady.

Bank of India (BOI) reported a net loss of Rs 11.56 billion in the second quarter compared to a net profit of Rs 1.79 billion in the same period in 2017.  

The Reserve Bank of India in December 2018 put BOI under the prompt corrective action (PCA) framework, allowing it to take decisions to keep the state-owned lender steady. 

The bank said that the Rs 11.56 billion loss is largely on account of higher provisioning against both investments and loans, delays in bad debt recoveries, and regulatory restrictions on certain practices. “Though capital challenges are there, during the first