Uco Bank Chief Calls Meet With Staff On May 17

Uco Bank chairman and managing director Sharda Singh has called a meeting of all Calcutta-based employees of the bank on May 17, 1997.

This is one in a series of meetings organised in various parts of the country by the bank management to explain to all employees the banks status with respect to its turnaround plan and also motivate them for its better implementation.

Uco Bank has been reporting losses for about eight years now. In 1996-97, too, the bank is expected to be in the red with a net loss of an estimated Rs 160 crore. The banks non performing assets (NPAs) have added up to about 29 per cent of total advances.

 

Finance minister P Chidambaram, during his visit to Calcutta in March, had given the bank two weeks to prepare a turnaround strategy. The strategy has been accepted by the finance ministry.