The break from exchange has been taken keeping the government in loop, Rajeev Rishi, Head of IBA told CNBC-TV18.
Loss has primarily occurred on account of almost twice the provisioning that the bank did in the first quarter. This provisioning is on account of increased NPAs, almost around Rs 1,700 crore of provisions on account of NPAs.
The ministry of finance is set to fill up vacancies for the top job of nine individual state-owned lenders in 2013-14. It interviewed 18 executive directors of different banks on February 11. A batch of around 10 bankers has been shortlisted, sources in the banking industry told moneycontrol.com.