The new Chief Executive Officer P.G Jayakumar has set plans for its business strategy by cost cutting and returning to profitability. He also mentioned that bank is not for sale and denied any merger plans, in a recent press conference.
The Bank is taking several measures to improve its financial health and plans to cut salary by 40%. The employee strength has also dropped to 4,200 from 4,600. Net NPAs was at an acceptable low level of 0.35% as of December 31, 2011 - the lowest in the industry.
The Bank plans to raise about Rs. 400 crore by selling Rs. 200 crore long-term bonds in April-June and one more for Rs. 200 crore through share sale in July-September.
The shares of the company on BSE were trading lower 2.09% at Rs 72.60 at 11.40 am IST.