Fresh RBI curbs on AllBank

DENA BANK

Earlier in May a year ago, RBI had initiated prompt corrective action against Dena Bank and imposed certain restrictions, in view of high net NPA and negative Return on Assets.

Shares of public sector lender, Dena Bank, slumped as much as 12.5 per cent on Monday as the Reserve Bank of India has initiated prompt corrective action against it.

The RBI having regard to the bank's CRAR and leverage ratio position has advised certain additional actions, Allahabad Bank said.

In continuation to the above, "we wish to inform that the RBI vide their letter dated May 07, 2018 (received by the Bank on May 08, 2018) has restricted the Bank from assuming fresh credit exposure and recruitment of staff", it said further. The bank had registered a net profit of just over Rs 111 crore in the same quarter of preceding fiscal 2016-17.

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Sequentially, the loss widened from Rs 380.07 crore in December quarter of 2017-18. Also its negative return on assets could place in this category. Analysts point that till a few quarters ago, commentary from most banks was that much of the stress in the system had been recognised, and therefore, the continued worsening results will only add to the worry.

The bank is already under PCA (Prompt Corrective Action), where the banks face restrictions on distributing dividends and remitting profits.

The banks now under RBI's PCA watchlist include Dena Bank, Allahabad Bank, United Bank of India, Uco Bank, Bank of India, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Bank of Maharashtra, Central Bank of India and Corporation Bank. As per the revised framework, lenders need to identify incipient stress in loan accounts immediately on default and classify stressed assets as special mention account. Banks are placed under PCA when they are unable to maintain minimum requirements of auto, the bank's net non-performing assets (NPAs) moves above 6 per cent or its return on assets (RoA) is negative for two years.

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