Public sector banks approach RBI to stay out of prompt corrective action

Public sector banks (PSBs), which are on the brink of being placed under Reserve Bank of India (RBI)’s prompt corrective action (PCA) framework, are approaching the regulator seeking a delay in restrictions on their lending and expansion till December this year. Delhi-based Punjab National Bank, which posted the highest net loss by any bank in the fourth quarter of 2017-18, has made a presentation to RBI detailing its revival plan.

Others such as Union Bank will follow suit. This follows directions from the finance ministry, which is concerned about the credit flow to …

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