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Friday, 9 November 2018

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Central Government expects few banks to come out of PCA under Reserve Bank of India

Central Government expects few banks to come out of PCA under Reserve Bank of India



The Government expects that four public sector banks (PSBs) will come out of the Prompt Corretive Action (PCA) Framework of the Reserve Bank of India because their financial performance has improved.

Referring to the central government, the Reserve Bank will call for the rest of the remaining seven banks in PCA so that they can come out sooner and start distributing debt. A finance ministry official has given this information. There is also one of the issues which is being fought between the government and the Reserve Bank.

The official said, "If certain conditions of PCA are relaxed, then it will help in faster recovery."

Government believes that Bank of India, Bank of Maharashtra and Corporation Bank will come out of PCA on the basis of financial performance. Only 11 government banks are kept in this framework.

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