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Government infuses Rs 1,100 cr capital into Indian Overseas Bank

Will support Bank's turn around plan, says officials

Indian Overeas Bank

T E Narasimhan  |  Chennai 

Chennai-based Indian Overseas Bank (IOB), going through a tough time due to increase in non-performing assets, is to get Rs 1,100 crore from the Government of India, the major shareholder. This comes after the bank achieved the parameters set by the government as part of a turnaround-linked capital infusion plan; the ministry of finance has sent the communication, said IOB sources.

The bank was expecting Rs 1,550 crore from the Centre but the amount got reduced after some of the capital was redistributed to IDBI. The government has acknowledged that the bank is taking the right steps, ...

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First Published: Thu, March 23 2017. 01:11 IST