IDBI Bank hires BCG to advise on turnaround plan

Public sector lender IDBI Bank has hired the Boston Consulting Group (BCG) to accelerate a turnaround programme and improve its financial performance.

M K Jain, the bank’s managing director, said: “BCG will assist us to identify areas for cost containment and revenue maximisation.” IDBI has had mounting losses and due to the size of its non-performing loans, is under the Reserve Bank of India’s Prompt Corrective Action plan.

The bank expects to identify and address existing gaps, capitalise on core strengths and improve products and processes with BCG’s help, it said on Tuesday. The focus will be on four areas