IDBI Bank launches ‘Project Nishchay’ to improve financial performance

On 26th September 2017, IDBI Bank launched ‘Project Nishchay’ in partnership with Boston Consulting Group (BCG) to improve its turnaround programme and financial performance. This project will be led by senior management of IDBI Bank and BCG. IDBI Bank has the highest ratio of bad loans among listed banks with a gross NPA ratio of over 24 %. The bank had made a net loss of Rs.853 crore at the end of the first quarter in 2017. Also, the bank is under the Reserve Bank of India’s (RBI) prompt corrective action framework. BCG will help IDBI to identify areas for cost containment and revenue maximisation leading to profitability.