UCO Bank aiming to come out of the RBI's PCA framework

State-run lender UCO Bank is aiming to come out of the RBI's prompt corrective action (PCA) framework by March 2020 by turning profitable and also reducing its quantum of NPAs.

Addressing analysts here last week, its managing director and chief executive Atul Kumar Goel said it will get the quantum of non-performing assets down below 6 per cent and also turn profitable by March, according to a statement.

The PCA framework poses a slew of restrictions, including caps on lending by banks.

Goel said significant progress has been made on various parameters in the December quarter itself and added that the Rs 2,142 crore capital infusion by the government has bolstered its buffers.

An improvement in the net interest income and bad loan recoveries helped it narrow losses to Rs 960 crore in the December quarter, he said.