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Report: IDBI Bank seeks exit from Indian central bank's prompt corrective action

IDBI Bank Ltd. plans to ask the Reserve Bank of India to take it off the prompt corrective framework, even though the lender is not meeting all the requirements to show that its financial health is fully restored.

Financial Express reported, citing sources familiar with the matter, that IDBI Bank plans to ask the central bank to exempt it from turning positive on return on assets, one of the several conditions before being freed from the watch list of weak banks.

The bank added it is likely to meet three other requirements — capital adequacy ratio, net losses and net nonperforming assets — thanks to a 93 billion-rupee injection from the government and its major shareholder Life Insurance Corp. of India, according to the Sept. 20 report.

As of Sept. 19, US$1 was equivalent to 71.32 Indian rupees.