Corporation Bank under PCA

The RBI has placed Corporation Bank under the prompt corrective action framework in view of high non-performing assets (NPAs) and the requirement to raise the bank’s capital. The bank informed the stock exchanges on Wednesday that this action will not have any material impact on its performance and will contribute to improving its internal controls. The gross and net NPAs of the bank stood at 15.28 per cent and 10.24 per cent, respectively, during the second quarter of the current financial year.