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Current Affairs

Govt infused Rs 4,360 crore to IOB

Current context: Public sector Indian Overseas Bank (IOB) has received a capital infusion of Rs 4,360 crore from the government on 4th Jan 2020.
Govt infused Rs 4,360 crore to IOB 
  • The bank has received the amount as contribution of the government in preferential allotment of equity shares during the financial year 2019-20 as government's investment.
  • The Finance Ministry had announced capital infusion of Rs 3,800 crore on August 2019, which was later increased by Rs 5600 crore.
  • IOB is under the Prompt Corrective Action framework of the RBI.
  • A net loss of Rs 2,253.64 crore of the bank was reported for the quarter ending 30th September 2019.
  • The Prompt Corrective Action framework comes into force when banks breach the three key regulatory points namely i) capital to risk weighted assets ratio ii) net non-performing assets and iii) return on assets.
  • IOB Bank Headquarters: Chennai
  • CEO: Shri Karnam Sekar (1st Jul 2019 till present)
  • Founder: M. Ct. M. Chidambaram Chettyar
  • Tagline: “Good people to grow with”

Question: 

Q.1 The Headquarter of the public sector “Indian overseas bank” is at?
a. Mumbai
b. Chennai
c. New Delhi
d. Bangalore
Govt infused Rs 4,360 crore to IOB Govt infused Rs 4,360 crore to IOB Reviewed by Neha Verma on January 06, 2020 Rating: 5

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