UCO Bank seeks Rs.800 crore capital to fuel growth

"We have asked for Rs.800 crore capital infusion and are hoping to get it soon," UCO Bank executive director S.Chandrasekharan said here.

Chandrasekharan said the city-based bank had already garnered a capital of Rs.1,000 crore by way of Tier-II bonds so far during the current financial year.

The Rs.800 crore capital infusion will help the bank in keeping its tier I capital ratio above 8 percent. Its capital adequacy ratio stood at 12.27 percent at the end of September this year.

Chandrasekharan was talking to media persons at a media meet on the occasion of the bank's 71st foundation day celebrations.

Stating that the public sector lender was eyeing a 20 percent business growth this fiscal, he said: "We are aiming to touch a business of Rs 3 lakh crore by March 2013."

The bank was reducing its dependence on bulk deposits and emphasising on mobilising low-cost deposits in order to keep its cost of funds under control, he said.