Industry should focus on core activities to save themselves from bad debts, said M Narendra, chairman and managing director of Indian Overseas Bank (IOB).
Speaking as a chief guest of TN Finance Conclave, organised by the Confederation of Indian Industry (CII), he said, “There are core and non core activities. Currently, a lot of money is going into unproductive activities, which end up the investment into such activities as dead money. Companies have to look at this issue.”
Public sector banks have been providing support to the industry even in the time of economic downturn and many a time the reduction in base rate is reduced at the cost of reduction in net interest margin (NIM), he said.
