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10 banks submit turnaround plans

Ten public sector banks have submitted their turnaround plans to the government in order to qualify themselves for capital infusion. The government said these banks are IDBI Bank, Bank of India, Allahabad Bank, Andhra Bank, Central Bank of India, Dena Bank, UCO Bank, United Bank of India and Bank of Maharashtra. Indian Overseas Bank, which is also looking at capital infusion is said to be preparing the plan. The government had decided that any future capital infusion in these banks shall be subject to achievement of select agreed upon milestones as per turnaround plan on quarterly basis. The government has also put in place a mechanism to monitor quarterly performance of these banks and SBI Capital Markets has been roped in to keep a watch on banks’ performance and keep the department of financial services informed about the progress.

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