Bad debts and no boss - IOB a challenge for Modi
Its bad loan ratio stands at 20.5% as at June 30, versus 9.4% a year earlier
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Mumbai
AS Indian Overseas Bank (IOB) tackles the highest ratio of soured loans among lenders in Asia's third largest economy, it does not help that there has not been a chief executive officer at the helm for about three months.
The state-controlled lender based in the southern city of Chennai has had a leadership vacuum since R Koteeswaran retired on June 30 after completing an 18-month stint. United Bank of India got a new top manager in August after a five-week gap, while Canara Bank and Punjab National Bank got theirs in 2015 after more than nine months under the supervision of executive directors.
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