Central Bank to bring down NPAs below 1 per cent:Daruwalla

Mumbai, Aug 21 (UNI) Central Bank of India Chairperson and Managing Director Ms H A Daruwalla today said that her bank will bring down non performing assets (NPA) below 1 per cent from existing 1.70 per cent during the year.

Addressing newsmen on the sidelines of listing ceremony of the bank, which has recently raised 816 crore through an Initial Public Offering (IPO), Ms Daruwalla said that her bank has designed a loan review mechanism. Individual oficials have been placed to monitor the loan accounts, besides a restructuring of the accounts are being undertaken to bring down the NPAs below 1 per cent.

She said that the bank has appointed a consultant to implement Basel II guidelines adding that the bank's team for Basel III is also kept intact.

Replying to a question, Ms Daruwalla has ruled out possibility of slow down in credit growth.

According to her, Central Bank has targetted 24 per cent credit growth and 20 per cent deposit growth. Ms Daruwalla however did not averse the possibility of her bank achieving more than the target on these fronts.

UNI