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IOB to get Rs 4,360 crore from govt, hopes to report profits from March

Indian Overseas Bank (IOB) has announced that the Government of India has sanctioned the release of Rs 4,360 crore for the bank.

“We wish to inform that the Bank has received vide letter dated December 26, 2019 a sanction from the Government of India for release of Rs 4,360 crore towards contribution of the Central Government in the preferential allotment of equity shares (Special Securities/Bonds) of the bank during the financial year 2019-20 as Government’s investment,” said the bank.

Karnam Sekar, Managing Director and Chief Executive Officer, IOB, recently said that the bank is expected to come out from prompt corrective action (PCA) soon and start reporting net profit in March 2020.

Source: Business Standard