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Corporation Bank under corrective action on high nonperforming assets

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Corporation Bank under corrective action on high nonperforming assets

India's central bank placed Corporation Bank under prompt corrective action over its high level of nonperforming assets and the need to raise capital.

Corporation Bank said Dec. 13 the action will not have any material impact on its performance, but will contribute to the improvement in its internal controls.

As of Sept. 30, the lender's net nonperforming asset ratio stood at 10.24%, while its gross NPA ratio was at 15.28%, according to its earnings presentation for the fiscal second quarter.