Corporation Bank aims at zero net NPA this fiscal

NEW DELHI, AUG. 20: Corporation Bank, a public sector lender, aims to turn itself into a bank with zero net non-performing assets (NPA) during this financial year, its Chairman and Managing Director, Mr Ramnath Pradeep, has said.

Currently, the net NPA as a percentage of advances stood at about 0.47 per cent.

Mr Pradeep sees increased trend of NPAs on the education loans front, stating that this segment had turned “vulnerable” in the recent years.

Refutes charges

Meanwhile, Mr Pradeep denied the charges made against him by the Central Vigilance Commission over alleged violation of lending norms at Corporation Bank.

“I am ready with the response which I can give it to the Finance Ministry today itself. These are all professional hazards that one faces everyday as a banker,” he said here on the sidelines of a meeting jointly organised by Corporation Bank and PHD Chamber of Commerce & Industry (PHDCCI).

He had assumed charge as Corporation Bank’s Chairman and Managing Director in September 2010 and is due to superannuate on September 30 this year. The charges levelled against him mainly relate to irregularities in extending advances, sources said.