Privatisation? Centre seeks IOB exit from PCR

The finance ministry has written to the Reserve Bank of India seeking the r emoval of Indian Ov erseas Bank from the pr ompt corrective action framework, a senior go vernment of ficial said.

"Indian Overseas Bank has sho wn sustained improvement in its profits and key financial parameters ," the official told Informist.

"We have written to the

RBI as the bank merits an exit fr om the pr ompt corrective action."

Indian Overseas Bank has made pr ofits in the past four quar ters. In Oct-Dec , the bank r eported a net profit of 2.1 b ln r upees as against a net loss of 60.8 bln rupees in the year-ago period.

The bank's net non-performing ratio was 3.13% as on Dec 31, down from 5.81% a y ear a go, w hile its g ross NPA ra tio was 12.19%, down from 17.12%.