Govt Raises Authorised Capital Of Indian Overseas Bank
Business
oi-Olga Robert
By Staff
The Government of India increased the authorised capital of Indian Overseas Bank (IOB) by Rs 10,000 crore to Rs 25,000 crore. The public sector lender in a stock exchange filing on Friday said that the Central Government after consultation with the Reserve Bank of India (RBI) increased its authorised capital from Rs 15,000 crore to Rs 25,000 crore.
IOB is under RBI's prompt corrective action (PCA) framework and had reported widening net loss of Rs 2,253.64 crore for the September 2019-ended quarter on account of rising operating expenses and provisions. It provided Rs 2,996.04 crore towards provisioning and contingencies during the quarter.
Shares of IOB were trading lower by 0.88 percent at Rs 11.20 on NSE at 1:45 pm on Friday.
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