UCO Bank to auction up to Rs 400 cr of NPAs

UCO Bank will hold open auction next week for sale of Rs 300 crore to Rs 400 crore non-performing assets (NPA).

"We will auction for sale of Rs 300 crore to Rs 400 crore of NPAs next week," Chairman and Managing Director of UCO Bank Arun Kaul said.

"We had one round, we did not get a good response and we did not sell anything," Kaul told reporters on the occasion of the bank's 69th year celebrations.

Kaul said he was confident the sale would come through by March.

About capital infusion, he said we had sought funds from the government. "We are working out that [capital infusion from the government]...We have given some projections to government. Let us see what happens," Kaul said.

The bank's credit growth was 19.16% as of December-end, Kaul said. "I am confident of achieving the 18% stipulation of the apex bank by March-end."

He said the bank has no immediate plans to change the current base rate of 10.7%.

"We have no plans to change the base rate right now unless some monetary policy changes take place," Kaul said.

Source: Business Standard