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RBI puts Bank of Maharashtra under prompt corrective action lens

Bank's net non-performing assets ratio rose to 11.76% at the end of March

Reuters  |  Mumbai 

The Reserve Bank of India (RBI) has initiated "prompt corrective action" for state-run Bank of Maharashtra Ltd because of its high level of bad loans, the lender said in a stock exchange filing on Saturday. The mid-sized institution is the fifth state-run lender to come under curbs since the RBI tightened the corrective action framework in April to help cut the $150 billion of troubled loans afflicting banks. Bank of Maharashtra said the corrective actions will not have any material impact on its performance, but will help strengthen its internal controls, and improve ...

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First Published: Sun, June 18 2017. 01:17 IST