Uco Bank Sets Target For Mobilising Deposits

The main thrust of Uco Banks three-year strategic revival plan are mobilisation of deposits to the extent of 20 per cent and reduction of the non-performing assets (NPAs) from 8 per cent to 12 per cent during the 3 year plan period.

A settlement advisory committee (SAC) consisting of a retired high court judge, a retired senior bank executive not below the rank of chief general manager of the State Bank of India (SBI) or executive director of a nationalised bank and two general managers of Uco Bank, is being set up subject to the approval of the Reserve Bank of India (RBI).

 

This is part of the banks policy to reduce the non-performing assets (NPA).

The settlement advisory committee will initially be formed for one year.

The SAC will aim at quick disposal of compromise proposals involving a sacrifice of Rs 10 lakh and above.

It will also examine the reasonableness of compromise proposals and make recommendations to the appropriate authority for approval.

This system will enable Uco Bank to dispose off the compromise proposals quickly.

Also, the committee will help the field level functionaries in approaching the issue of compromise settlement with confidence.

The bank, at its board meeting held on Saturday, also decided to increase the domestic term deposit rates, in view of the higher rates being offered by other banks.