Indian Overseas Bank (IOB) will receive a capital infusion of Rs 1,100 crore from the Centre. The Finance Ministry has planned to support weak and loss-making public sector banks with a Rs 8,586 crore turnaround-linked capital-infusion plan.
The Bank reported a net loss of Rs 554.44 crore for the quarter under review as compared to a net loss of Rs 1425.06 crore for the same quarter in the previous year. Total income of the Bank decreased 13.13% at Rs 5599.50 crore for Q3FY17 as compared to Rs 6445.78 crore for the corresponding quarter previous year.