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Report: IDBI Bank to seek removal from central bank's prompt corrective action

India's IDBI Bank Ltd. plans to ask the central bank again to remove it from the prompt corrective action list, Press Trust of India reported Jan. 16, citing sources.

The bank is expected to meet with the central bank this week and present its improved financial position, seeking to be taken off the watch list by the end of January, the sources added.

In May 2017, the central bank placed the lender under a prompt corrective action, which was followed by various restrictions on lending, capital requirements and business expansion, as a result of its high nonperforming asset level and negative return on assets.

The lender had in September 2019 tried to ask the central bank to take it off the prompt corrective framework, but it did not meet the requirements, as its financial health was not fully restored.

IDBI Bank did not respond to queries from the publication.