IIT Madras-IDBI Bank launch cybersecurity lab
The cybersecurity laboratory will develop and deploy security solutions in crucial sectors such as healthcare, fintech and aerospace among others, IIT Madras said.
State-run IDBI Bank on Thursday said it expected to come out of the RBI’s prompt corrective action framework (PCA) this year by lowering its net non-performing assets (NPAs or bad loans) level, which is the key benchmark for moving out of the PCA restrictions.
The bank’s Net NPAs have declined to 10.11 per cent, from 16.7 per cent for the fourth quarter of the last fiscal.
“IDBI’s performance was good in March 2019. We plan to bring NPAs below 9 per cent before June 30 and we will bring these down to 6 per cent by September 30 this fiscal and expect to come out the of PCA in third or fourth quarter”, IDBI Bank Managing Director Rakesh Sharma said here after a pre-Budget meeting with the Finance Minister.
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IDBI Bank’s net loss in the fourth quarter ended March narrowed to Rs 4,900 crore, compared with a loss of Rs 5,660 crore in the same period a year-ago.
The bank’s provision for bad loans in the fourth quarter stood at Rs 8,532 crore, compared with Rs 10,545 crore in the year-ago quarter.
The IDBI stock was trading lower by 1.78 per cent, at Rs 35.80 a share, in afternoon trade on the BSE.
The PCA framework imposes operational curbs on banks, especially prohibiting big-ticket advances to companies.
Banks have to improve on net interest margins(NIMs), CASA (current account savings account), RWA (Risk Weighted Assets), NPA recognisation, divergence (disparity in loan recognisation), operating profit and non-core asset selling to be able to come out of the PCA.
IDBI Bank was acquired by state-run Life Insurance Corporation (LIC) with a 51 per cent stake in January 2019.
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