RBI puts Dena Bank under prompt corrective action

Illustration Ajay Mohanty

Dena Bank was already under the RBI's prompt corrective action framework since June a year ago, and the fresh restrictions sent the stock tumbling over 12 per cent on Monday. Such restriction comes due to bank's CRAR and leverage position ratio, which is why, RBI has made a decision to bring in some limitation in Allahabad Bank's operation. The stock today is trading at Rs 17.15, down 7 percent.

The mounting losses and the RBI restrictions under the PCA watchlist will curtail banks' ability to lend, which in turn will create problems in terms of financing investments, he added.

To restrict accessing /renewing wholesale/costly deposits/certificate of deposits.

At the end of March, the bank's gross NPA was at Rs26,562.79 crore or 15.96% of total advances, as compared to Rs20,687.83 crore or 13.09% at the beginning of the year.

The latest directive from the central bank was put before the board of this public sector bank at its meeting on May 11, Dena Bank had said in a filing to the stock exchanges.

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South Indian Bank's fourth- quarter net profit rose 51% to ₹114.10 crore from ₹75.55 crore in the year-earlier period.

On Friday, public sector lender Allahabad Bank posted a standalone net loss of Rs 3,509.63 crore for the quarter ended March due to more than three-time rise in its provisions for bad loans.

Risk weighting of assets involves adjusting the value of assets of the bank by a factor that reflects the risks associated with the asset.

The PCA is a mechanism to strengthen the weak banks, which have breached certain benchmarks with respect to NPAs, return on equity, capital requirements, etc.

On Monday, the share price of Allahabad Bank closed at Rs 44.20 down by 3.18%.

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