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UCO Bank planning to see bad loans worth Rs. 2,420 crore
UCO Bank, a public sector lender has started the process of selling bad loans worth Rs. 2, 420
crores from 27 accounts as per a tender document stated on its website.

UCO Bank is under the Reserve Bank of India’s prompt corrective action and it has invited
expressions of interest from asset reconstruction companies and other financial institutions to
buy its bad loans. The cut off date for submitting bids is September 11.

The bank is also resolving its list of accounts named in the second list of defaulters in order to meet the deadline given by the RBI which is December 13. As per the RBI diktat, lenders have to meet the deadline to formulate plans for at least 28 accounts on the list and in the event that they do not, they will have to initiate bankruptcy proceedings against these accounts.

As per reports, UCO Bank is selling the loans from its corporate loan segment and is not limited to any particular sector. These accounts have been NPAs for over two and a half years now.

“As part of a turnaround strategy, resolution through sale of accounts remains a key option for
the bank, ” a source was quoted as saying.
Posted on: 2017-09-12 17:55:10





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