IOB seeks investors' nod for QIP of Rs 1,300 crore

Indian Overseas Bank (IOB), which has a big load of loans gone bad or stressed, says it has finalised a turnaround strategy. R Subramaniakumar, who took charge last month as managing director and chief executive, in a letter to the shareholders, said there would a focus on digital transformation and penetration. In the short term, stabilisation of its information technology platform. They were, he said, the first government-owned bank to have migrated to the latest version of Finacle Core Banking, a digital application. IOB also plans to introduce work flow automation. The accent would be on maximising of loan recovery and minimising of fresh slippage. The gross amount of non-performing assets (NPAs) was Rs 30,049 crore at the start of this financial year.A plan to chase NPAs had actually been started in April 2016 itself. Regional heads had been asked to visit NPA loanees at least four days in a week. And, a 15-member Special Recovery Team was formed in each region. A daily recovery .