Seeing strong recoveries; no restrictions from RBI: IOB

R Koteeswaran, Managing Director and Chief Executive Officer, Indian Overseas Bank (IOB) says the prompt corrective action taken by the Reserve Bank is to tackle the issue of non-performing assets (NPAs) and it has not put any restrictions on giving loans.

Speaking to CNBC-TV18, he says he is hopeful of reducing stressed assets in the coming quarters and has created a separate department to deal with the same. 

In a statement to the bourses, the bank on Monday said: "The RBI has initiated a prompt corrective action on the bank and that this action will not have any material impact on the growth prospects or performance of the bank.

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