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30Shares of Indian Overseas Bank on Thursday jumped over 11 per cent after the Reserve Bank removed it from the Prompt Corrective Action Framework (PCAF).
The stock zoomed 20 per cent to ₹24.60 during the day on the BSE. It closed at ₹22.80, ₹a gain of 11.22 per cent.
The Reserve Bank on Wednesday removed Indian Overseas Bank from PCAF, following improvement in various parameters and a written commitment that the State-owned lender will comply with the minimum capital norms. IOB was placed under PCA in 2015.
Also read: IOB’s profitable march: Asset quality improves further in Q1
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