UCO Bank hopes to come out of RBI’s PCA framework: CEO
January 25, 2021
Atul Kumar Goel, MD and CEO, UCO Bank×
Posts net profit of ₹35 crore in Q3
Having posted improvement in asset quality and profitability for four subsequent quarters starting March 2020, UCO Bank is hopeful of coming out of the Prompt Corrective Action (PCA) measure of the Reserve Bank of India.
According to Atul Kumar Goel, MD and CEO, UCO Bank, now that the bank has been able to adhere to all four parameters required to come out of PCA for four subsequent quarters, it has urged the RBI to consider taking it out of the framework.
Public sector lender UCO Bank posted a net profit of Rs 35.44 crore in the third quarter ended December 2020 (Q3FY21) as against net loss of Rs 960.17 crore in the quarter ended December 2019 (Q3FY20). Its net interest income (NII) in the reporting quarter was up 13.8 per cent at Rs 1,407.15 crore from Rs 1,236.59 crore in Q3FY20. Its stock closed 1.55 per cent higher at Rs 13.08 per share on BSE. The Kolkata-based lender which is under Reserve Bank of India’s Prompt Corrective Action (PCA) regime due high incidence of bad loans and weak profitability reported improvement in asset quality ross profile.
Read more about IDBI Bank takes prompt corrective action; all eyes now on Q3 results on Business Standard. The lender has stabilised under LIC ownership, but its exit from the central bank s restrictions may be some time away
RBI initiates PCA against Bank of Maharashtra in view of bad loans
RBI initiates PCA against Bank of Maharashtra in view of bad loans
The Reserve Bank Has Initiated Prompt Corrective Action (PCA) Against Pune-based Bank Of Maharashtra (BoM) In View Of High Level Of Bad Loans And Negative Return On Assets. PTI | Updated on: 17 Jun 2017, 08:28:30 PM
New Delhi:
In view of high level of bad loans and negative return on assets, the Reserve Bank has initiated Prompt Corrective Action (PCA) against Pune-based Bank of Maharashtra (BoM). BoM has become the sixth state-owned lender to be put under the PCA.
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