Bank of India (BOI) says it has recovered the equivalent of US$1.35 billion from standby letters of credit (L/Cs) issued by other banks.

The state-run bank says the move to recover the money from the standby L/Cs is part of its turnaround plan.

CEO statement

"We have already recovered Rs9,000 crore (US$1.35 billion) from standby L/Cs in the March quarter and around Rs500 crore (US$75 million) is still outstanding," according to BOI's chief executive officer, Dinabandhu Mohapatra.

"We are hopeful to recover the outstanding [amount] this month," he added.

Mohapatra said the state-owned bank anticipated its business to grow at the rate of 8 to 10 per cent in the financial year to March 2019.

State losses

Like most of India's state-owned banks, BOI posted a loss in the year ending March 2018.

India's state-owned banks in that year posted a combined loss of some US$7.5 billion.

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