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Thursday, July 27, 2017
10 Public Sector Banks Have Submitted Turnaround Plans to the Government
Allahabad Bank, Andhra Bank, Central Bank of India, Dena Bank, UCO Bank, United Bank of India and Bank of Maharashtra are the other public sector lenders who have submitted their plans.Indian Overseas Bank is currently in the process of preparing its turnaround plan, said Minister of State for Finance Santosh Kumar Gangwar in a written reply in Rajya Sabha.It has been decided that any future capital infusion in these banks shall be subject to achievement of select agreed upon milestones as per turnaround plan on quarterly basis,” the minister said.A monitoring mechanism has been put in place, whereby quarterly performance of these banks would be monitored by SBI Capital Markets, who in turn would keep the Department of Financial Services informed about the same.
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