Indian Overseas Bank trades jubilantly as RBI removes bank from PCA framework

Indian Overseas Bank is currently trading at Rs. 23.15, up by 2.65 points or 12.93% from its previous closing of Rs. 20.50 on the BSE.

The scrip opened at Rs. 23.95 and has touched a high and low of Rs. 24.60 and Rs. 22.50 respectively. So far 15295617 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 29.00 on 30-Jun-2021 and a 52 week low of Rs. 8.80 on 16-Oct-2020.

Last one week high and low of the scrip stood at Rs. 24.60 and Rs. 20.00 respectively. The current market cap of the company is Rs. 43853.60 crore.

The promoters holding in the company stood at 96.38%, while Institutions and Non-Institutions held 1.46% and 2.16% respectively.

The Reserve Bank of India (RBI) has removed Indian Overseas Bank from its prompt corrective action (PCA) framework, subject to certain conditions and continuous monitoring. The performance of the Indian Overseas Bank, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision. It was noted that as per its published results for the year ended March 31, 2021, the bank is not in the breach of the PCA parameters.

Indian Overseas Bank is a pioneer in many fields – Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.

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