News digest: Banks under PCA, Congress moves SC, Modi's schemes, and more

Prominent banks under PCA are IDBI Bank, Bank of India, Central Bank of India, Dena Bank, Corporation Bank and Allahabad Bank

1. PCA shadow on PNB, Canara, Union Bank; DFS to meet 11 executives today

Three more public sector banks — Punjab National Bank (PNB), Canara Bank and Union Bank of India — may come under Reserve Bank of India’s prompt corrective action (PCA) framework.

All three have net non-performing assets (NPAs) above 6 per cent, a trigger for the RBI to consider putting a lender under PCA to restore their health.

At end of March 2018, PNB — hit by the Nirav Modi-Mehul Choksi scam — reported net NPAs of 11.2 per cent, Union Bank of India’s NPAs were at 8.4 per cent