Indian Overseas Bank said it has 59 regional offices and 7 zonal offices, which provide support and guidance to branches which are undertaking business activities and are required to monitor the performance pf branches.

In October last year, IOB said Reserve Bank has initiated a prompt corrective action on the bank.

The RBI specified certain regulatory trigger points, as a part of prompt corrective action (PCA) framework, in terms of three parameters capital to risk weighted assets ratio (CRAR), net NPA and Return on Assets (RoA), for initiation of certain structured and discretionary actions in respect of banks hitting such trigger points.

Gross NPA of the bank rose to 9.40 percent for the quarter ended June 30. IOBs gross non-performing assets rose to 8.30 percent at the end of March 31, from 4.84 percent a year ago, according to the provisional RBI data taking into account domestic operations of banks.

Shares of Indian Overseas Bank were trading at Rs 29.55, down 0.17 percent from previous close on BSE.

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