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Bank of Maharashtra under PCA

Bank of Maharashtra has been put under ‘prompt corrective action’ by the Reserve Bank of India in view of its high level of stressed assets. This is the 5th PSU bank to come under what is described as PCA framework since April to help bring down the level of troubled loans in the banking sector. However, the action would not have any material impact on the banks’ performance. It will help strengthen internal controls and improve asset quality and profitability. Bank of Maharashtra’s net non-performing assets ratio rose to 11.76% at the end of March, from 10.67% at end-December. RBI puts banks under PCA when their net NPA ratio crosses 6%. A week earlier, the RBI had placed Central Bank of India under PCA framework, which puts restrictions on lending, hiring and expanding branches.

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