Indian Overseas Bank's woes stay despite corrective action for 7 quarters

The higher provision in 2016-17 for non-performing assets is Rs 7,067 crore

The Prompt Corrective Action (PCA) plan it was ordered to adopt hasn't yet enabled a turnaround at Chennai-based Indian Overseas Bank (IOB).

It was put under the PCR by the Reserve Bank of India in October 2015 but the government-owned lender continues to report losses in each quarter since, due to the heavy burden of provisioning for loans gone bad. 

Beside an adverse business climate and the Asset Quality Review ordered by RBI in the second half of 2015-16, with its fallout, uncertainty over appointment of a fulltime chief executive by the government had also hit its performance. R Koteeswaran,