Article What went wrong at Indian Overseas Bank

[Technoglitch]

Aggressive lending: check.

Irresponsible expansion: check.

A leader with a big appetite for risk and focus only on the immediate future: check.

Lack of a proper systems to verify the customer history or recover bad loans: check.

These are some of the real reasons behind the crisis at Indian Overseas Bank (IOB) that forced banking regulator Reserve Bank of India to initiate “a prompt corrective action” at the Chennai-based lender to curb bad loans, improve internal controls and consolidate business activities, according to former and current company executives, banking industry veterans, ratings agencies and analysts familiar with the workings of IOB.

What went wrong at Indian Overseas Bank - Livemint

 

[scorpionking76]

Oh these guys screwed themselves

 

[Technoglitch]

here too loans are unrecoverable?

 

[scorpionking76]

May be some benami transactions would have been done

 

[IndianMascot]

Oh, I wasn't knowing that IOB too in crisis.

 

[Technoglitch]

Most of the banks are on the verge of collapse.

 

[scorpionking76]

I think all these regional banks started incurring losses after the agricultural loan waiver from UPA/Congress regime.

All politicians (Agriculturists) were the real beneficiaries.