HomeMarketsCentral Bank rallies 15% after RBI lifts PCA curbs

Central Bank rallies 15% after RBI lifts PCA curbs

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New Delhi: Shares of Central Bank of India on Wednesday rallied 15 per cent to hit the day’s high of Rs 23.4 per share on the NSE after the public sector bank was removed from the prompt corrective action (PCA) framework by the RBI on Tuesday. The bank has been subject to tough lending curbs since June 2017.

It was the last bank to exit the PCA framework, which is implemented in case banks breach 3 primary risk thresholds based on parameters including net non-performing assets, minimum capital criteria and return on assets.

“It was noted that as per the assessed figures of the bank for the year ended March 31, 2022, the bank is not in breach of the PCA parameters,” RBI said Tuesday.

The bank was removed from the PCA framework following the review by the Board for Financial Supervision. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis. Also, the bank has apprised the RBI of the structural and systemic improvements in place now that shall help in meeting the aforementioned commitments.

At around 9:36 am, the stock pared some of its earlier gains, and traded higher by over 9 per cent at Rs 22.2 per share.

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