UCO Bk board leaves PLR move to ALCO

The board of directors of UCO Bank met today and vested the decision on revision in prime lending rate (PLR) with the Asset Liability Committee (ALCO).

V Sridar, chairman and managing director of UCO Bank, said in a press meet this morning that the board will be meeting in the afternoon where a decision on the revision of the bank's PLR would be taken. It currently stands at 11.50%.

When contacted later, Sridar said: "Nothing has been decided yet regarding the revision of PLR. The board has said that it is an internal matter, and the ALCO will take a call on the matter after evaluating the scenario."

The bank would comfortably achieve its credit growth target even in the rising interest rate regime, Sridar added.

"This year, our credit growth target is 22%- significantly lower than the last few years' rate of 32-33%. It would not be a problem to achieve the target," Sridar said.

Meanwhile, the bank today inaugurated its state-of-the art data centre at
Salt Lake. It has been designed and built by Hewlett Packard. The centre would host the server, storage and connectivity infrastructure of the bank.

The bank has its second data centre in Bangalore to take care of disaster recovery needs and business continuity planning.

"UCO Bank is the first public sector bank to start its core banking solution operation with two data centres," Sridar said.