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
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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