Oriental Bank of Commerce (OBC) has started the recovery process with respect to the Moser Baer dues of about Rs 430 crore and has also issued a notice to the company under the SARFAESI Act. Further, the bank plans to put Moser Baer’s assets on the block after 60-day waiting period if it fails to arrive at a suitable settlement with the borrower.
Oriental Bank of Commerce has posted fall of 14.19% in its net profit after tax for the year ended March 31,2014 at Rs 1139.41 crore as compared to Rs 1327.95 crore for the same period in the previous year. However, total income of bank has increased by 8.28% at Rs 20962.75 crore for year under review as compared to Rs 19359.49 crore for the period ended March 31, 2013.
