Money & Banking

UCO Bank hopes to recover ₹8,000 crore this fiscal from stressed assets

Our Bureau Kolkata | Updated on June 26, 2019 Published on June 26, 2019

Kolkata-based UCO Bank is hopeful of recovering close to ₹8,000 crore from stressed assets in the current fiscal.

According to AK Goel, MD and CEO, UCO Bank, the aim would be to recover around ₹2,000 crore every quarter. The bank is hopeful of recovering around ₹1,000 crore from resolution of cases referred to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code by September this year.

“There are about 14 accounts for which the CoC (Committee of Creditors) approved the resolution but the NCLT has not passed the order. The lenders are going to recover around ₹1,795 crore from these 14 accounts. Of this (₹1,795 crore), we are expecting to recover at least ₹1,000 crore by September quarter,” he told newspersons on the sidelines of the bank’s 16th Annual General Meeting here on Wednesday.

UCO Bank has referred close to 183 NPA accounts with a total exposure of ₹25,096 crore to the NCLT. Of this, 109 accounts with an aggregate exposure of ₹15,865 crore were admitted in the tribunal, while 72 accounts with a total exposure of ₹8,226 crore were not admitted and the remaining two accounts were sold.

Goel said the top 100 accounts accounting for 70-80 per cent of the bank’s total NPA are being “monitored rigorously” by the lender’s top management. The bank, which is under the prompt corrective action (PCA) framework of the RBI, is hopeful of turning in a profit by end of the current fiscal.

Published on June 26, 2019
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