FM assures help to 11 PSBs under RBI scanner

New Delhi, May 17 

Finance Minister Piyush Goyal on Thursday promised all possible help to strengthen the 11 public sector banks placed under the ‘Prompt Corrective Action’ (PCA) framework by the RBI to check their deteriorating financial health.

Under the PCA, banks face restrictions on distributing dividends and remitting profits. The owner may be asked to infuse capital into the lender. Besides, the lenders are stopped from expanding their branch networks and need to maintain higher provisions. Management compensation and directors’ fees are also capped.

Goyal met heads of the 11 public sector banks here on Thursday. The 11 banks under PCA are Dena Bank, Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, BoI, Central Bank of India, Indian Overseas Bank, OBC and Bank of Maharashtra. — PTI