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Bank of India closing ATMs to reduce costs

Bank of India will close 400 of its ATMs as part of a turnaround plan to reduce costs, Business Standard reported, citing the bank's executives.

The bank will also decide by February 2018 whether to close an additional 300 ATMs. Bank of India Managing Director and CEO Dinabandhu Mohapatra said the bank has been working on a turnaround plan that would involve a reduction of its branches and ATMs to cut expenses, and a rebalancing of its loan portfolio to increase the share of retail loans.

The Indian central bank recently placed the bank under a prompt corrective action framework due to its high net nonperforming assets and insufficient common equity Tier 1 capital. The bank's gross net NPA ratio stood at 12.62% as of Sept. 30, while its net NPA ratio clocked in at 6.47%. Its common equity Tier 1 ratio was 7.21%.