Saturday, 27 May 2017

IDBI Bank forms new vertical to recover over Rs 5,000 cr in FY18

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Reeling under a pile of bad loans, ailing public sector lender IDBI Bank has formed a division to coordinate recovery on stressed loans, especially the big accounts. The Mumbai-based lender says it aims to recover and upgrade at least Rs 5,000 crore of such debt in the current financial year, ending March 2018. To control cost, it will also curb staff hiring for at least a year and reduce outsourcing. And, shift back-office functions located in prime premises. A plan on these is being finalized.

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