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RBI took the decision after review
The Reserve Bank has issued a press release giving information in this regard. The RBI has taken this decision after reviewing the performance of the Central Bank of India over the past few years, it has been informed in this press release. The RBI has observed that the Central Bank has duly followed all the norms suggested by the RBI during the financial year 2021-22. Along with this, the Central Bank has also given a written assurance to comply with all these rules. In such circumstances, RBI has decided to exclude the bank from the list of PCA framework.
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Amendments made to Central Bank records
Last year, several banks like UCO Bank, Indian Overseas Bank and IDBI Bank also came out of RBI’s PCA framework. In the quarter ended June 2022, the net profit of the Central Bank has increased by 14.20 percent. The net profit of the bank is more than 234 crores. Talking about last year, the bank’s profit till June quarter was Rs 205 crore. The central bank had submitted a report to the RBI, in which it was stated that the performance of the bank has been improving steadily in the last 5 quarters.
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Why are banks kept in PCA framework?
The Reserve Bank of India brings banks under the PCA framework when a bank’s financial condition begins to deteriorate. Banks are brought under the ambit of PCA framework due to rising NPAs, capital depletion and return on assets. The PCA framework imposes various restrictions on the inclusion of a name in the list. In this, many important works like opening of new branches, pension allowances to the management have been banned. In such a situation bank investors are also asked to increase their capital investment. RBI monitors the performance of a bank included in the PCA framework and only after its financial condition improves, the bank is taken out of the PCA framework.