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Indian central bank initiates corrective action on Bank of India

India's central bank placed Bank of India under a prompt corrective action partly due to the lender's high net nonperforming assets.

The move by the Reserve Bank of India followed high net NPA levels, insufficient common equity Tier 1 capital and negative return on assets for two consecutive years at the Indian bank.

The action will contribute to the overall improvement of its risk management, asset quality, profitability and efficiency, the bank said.