Business
As the RBI discovers a deviation of extra gross NPA, City Union Bank falls by 9%.
The Reserve Bank of India (RBI) has discovered a deviation in extra gross non-performing assets (NPA) in City Union Bank, which has led to a 9% decline in the bank’s shares.
This is a major blow to City Union Bank, which was already under pressure after the RBI imposed a penalty of Rs 1 crore on the bank for violating KYC norms in June this year.
The RBI’s latest findings will only add to the woes of the bank, which is now facing a serious risk of being downgraded by rating agencies.
Shares of City Union Bank tumbled 9 per cent to Rs 172 on the BSE in Wednesday’s intra-day trade. Private sector lender said that Reserve Bank of India found divergence of Rs 259 crore in additional gross NPA for the financial year 2021-22 (FY22).
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