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Bank of India (BoI), has recovered non performing assets (NPA) worth Rs.7,000 crore, which the bank had given against Standby Letters of Credit (SLOCs).
As per a top bank official, the recovery has been made in the last two months and the balance of Rs.2,000 crore would be recovered in another two months. This recovery, will substantially improve the bank’s balance sheet.
Further, the bank has embarked on a plan, following restrictions from RBI, on it under the Prompt Corrective Action (PCA) framework. The bank also aims to bring down its net NPA ratio substantially, to below 6%.
