Allahabad Bank under PCA

Reported by: |Updated: January 5, 2018

The Reserve Bank of India has initiated prompt corrective action (PCA) against Allahabad Bank in view of the bank’s high NPA, which is 6.76%, and RoA, which is -0.33%. More than half of the listed public sector banks are now under PCA and these banks include Bank of India, Indian Overseas Bank, United Bank of India, Corporation Bank, Central bank of India and IDBI Bank. Allahabad Bank informed the stock exchanges that vide a letter dated 2 January 2018 the RBI has placed the bank under prompt corrective action framework, consequent to the onsite inspection under the risk-based supervision model carried out for the year ended March 2017 and the report issued thereof.