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TVS Automobile invests Rs.75 crore in start-up firms L & T set bigger ambitions in defence business Maruti – for young buyers Nissan exit shouldn’t affect ALL Welcome focus to improve rural India... The gainers and the losers Is this a generation gap? Smooth sailing of SAIL Tata Motors charts investments in PV and CV businesses M & M unveils driverless technology for tractors Land wars Wabco launches safety system Vellayan is back, after 150 days AL wins Deming prize again IOB on turnaround path Smartphone onslaught by Chinese brands Housing demand revival V-Guard launches app-enabled water heater system It takes two to tango Sundram Fasteners rejigs international Ode to Ratan Tata Sivasankaran enters taxi space to take on Uber and Ola Tata Motors joins compact SUV bandwagon with Nexon A welcome initiative-even critics are recognised TN government keen on revival of operations at Nokia complex Yamaha unveils scooter boutique Carnival Films acquiring 3000 screens pan India L&T bags the Mumbai Trans-harbour link order Increasing market share Hyundai to focus on SUVs and AMT variants Ponni Sugars (Erode) Ltd: not so sweet 2012-13 L&T profit up by 11 per cent Are they really independent? Eyes strong growth in 2016-17 Daimler grows sales and share in India Hindalco – re-rating TVS Srichakra plans capacity expansion Toyota and Suzuki to introduce EVs in India by 2020 PPP model for infrastructure development LVB posts 31 per cent growth in Q1 net profit Rane targets Rs.5500 crore topline by 2018-19 Kone India eyes further growth in elevator market PSU non-life firms seek to protect share RoC in the dock... New India Assurance posts impressive show Aurobindo Pharmacy: good turnaround He excels in the nuts and bolts of entrepreneurship L & T’s floating dock for navy AL secures orders for 3600 buses E.I.D Parry (India) Ltd: another sweet year Singur minus Nano – victory or folly? ITC – steep excise hike CAPITAL NOTES A niche in FMCG business... 29 per cent jump in TCS revenues Michelin to double Chennai capacity Tata Steel, ThyssenKrupp sign MoU to merge European units Emami – a new growth mantra Tata gets 4-star rating for Zest Last stages Hyundai India achieves 7 mn production at Chennai factory Daimler’s truck exports from Chennai cross 5000 units Chinese smart phones flourish in small towns too! Preparing for the next growth curve The unexpected exit Solar installations exceed 2015 capacity in five months Record two-wheeler sales AL introduces Guru & Partner Mercedes-Benz sales continue to zoom From the toughest to the best year Forging industry worried over lower supply of steel and its price Tata Motors aims to be among the Top 3 global CV & PV firm Shriram Life clocks more than Rs.1000 crore premium in 2015-16 Back in growth mode ITC chairman calls for policy impetus to transform agriculture Gamesa to set up a plant in Nellore Tata Motors bets on new launches HPCL plans Rs.61,000 crore capex over 5-years Consolidating leadership position in smartphones Titan Company – sales recovery to kick in When small is not so beautiful… Bajaj Finserv – Q1: fare well TI Cycles plans retail expansion to drive sales for premium bicycles Right to privacy – now it’s fundamental! Dish TV – subscriber additions encouraging
 
IOB on turnaround path

Indian Overseas Bank (IOB) is now poised for implementation of its turnaround strategy to achieve sustainable performance improvement.

Stressed assets, additional NPA provisions as a result of regulatory requirements, poor credit growth and capital constraints were among its key challenges faced by the bank.

The bank was brought under prompt corrective action (PCA) programme by RBI from September 2015 after swelling non performing assets (NPAs). 

A comprehensive turnaround plan has been chalked out and the bank says it works.

“The bank is geared for implementation of its multipronged turnaround strategy which with its emphasise on the areas that include technology, NPA management, business growth and human resources,” said R Subramaniakumar, Managing Director & CEO of while addressing the bank’s latest annual general meeting.

There will be a special focus on driving credit growth in the retail and MSME segments in 2017-18 balanced with quality lending in large corporate and mid corporate portfolio, said Kumar.

The bank also undertook rationalisation of branches and administrative offices with a view to reducing the number of loss-incurring branches and reduce expenditure. About 100 unviable branches are likely to be closed and a couple of hundred ATMs are to be repositioned. 

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