Friday, 17 August, 2018

Allahabad Bank barred from loans

DENA BANK DENA BANK
Patty Aguilar | 15 May, 2018, 16:53

The Reserve Bank of India has already barred Dena Bank under its prompt corrective action (PCA) framework from further lending and hiring.

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.

The apex bank asked the lender to restrict expansion of risk weighted assets, reduce exposure to un-rated and high-risk advances, restrict creation of non-banking assets, restrict accessing/renewing wholesale/costly deposits/certificate of deposits.

Allahabad Bank CEO Usha Ananthasubramanian following the CBI's first chargesheet in the $ 2 billion fraud at PNB detailing her role.

According to the revised PCA guidelines released past year, if a lender enters "risk threshold 3", it may be a candidate for amalgamation, reconstruction or could even be wound up.

The public sector lender yesterday reported widening of its net loss to Rs 1,225.42 crore in the March quarter on mounting bad loans and higher provisioning to cover them.

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Prompt Corrective Action framework is a measure/tool to maintain the sound financial health of banks, which involves monitoring of certain performance indicators of the banks as an early warning exercise.

In the first phase of the programme, lenders are not allowed to distribute dividends and the owner is asked to pump in more capital. That apart, lenders would also be stopped from expanding their branch networks.

After opening weak at Rs 18.30 against the previous close of Rs 18.45, the stock touched an intraday high of Rs 18.30 and a low of Rs 16.15 on the BSE.

It also reported that its gross non-performing assets went up to Rs 26,562.79 crore as on March 31, up by 28 per cent from Rs 20,687.83 crore a year ago.

Provisioning rocketed to Rs 5,126 crore in the quarter compared to Rs 1,489.88 crore in the year-ago quarter.

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