11 banks under corrective action report â¹10,000 cr Q2 losses
The eleven state-owned banks which are under the Reserve Bank of India's Prompt Corrective Action (PCA) framework cumulatively reported a net loss of â¹10,197 crore in the July-September quarter. The losses were incurred mainly due to increased provisions for bad loans. Under PCA, banks are restricted from lending until they improve their capital ratios, reduce bad debt and become profitable.