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Corporation Bank under PCA

The Reserve Bank of India (RBI) has imposed restrictions on Corporation Bank on its carrying out banking activities following a sharp increase in its bad loans. RBI has initiated what is called prompt corrective action (PCA) against the bank, which means the bank has to cut down its non-performing loans and raise capital. Corporation bank is the 8th Indian bank to face such a restriction in the last 10 months. The restrictions include on expenditure, on branch expansion and recruitment. The bank said in a statement this action of the central bank would not have any material impact on the performance of the bank and will contribute to improvement in internal control of its activities.

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