Bank of India (BoI) has recovered non performing assets (NPA) worth ₹7,000 crore which the institution had lent against standby letter of credit, according to a top official.
The bank was following certain procedures and would recover another ₹2,000 crore mostly by March end, N. Damodharan, executive director, BoI, told the media on Monday.
Necessary steps to follow
Following the recent developments in the banking sector, BoI would take further necessary steps to review its existing systems and procedures.
On its overseas operations, he said the bank would rationally look at various overseas operations and take a call in consultation with the Centre and the Reserve Bank of India. BoI, which has a branch in South Africa, has not experienced any adverse impact from South Africa operations. It registered 22% credit growth in the retail sector during the first nine months of the financial year. The focus was now on the retail sector, he said.
