Shares Of Bank Of India Rose 10 Percent In The Early Trade On Tuesday

Shares of Bank of India rose 10 percent in the early trade on Tuesday on the back of recovery of Rs 7,000 crore from other banks.

The bank has recovered Rs 7,000 crore worth Standby Letters of Credit in the last two months and the balance of Rs 2,000 crore would be recovered in another two months, a top bank official said.

The bank has embarked on a plan, following restrictions from RBI on it under the Prompt Corrective Action framework. The bank is aiming to bring down its net NPA ratio substantially, to below 6 percent, he said.

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