Uco Bank to auction up to Rs400 cr of NPAs/news06012012

Uco Bank will hold open auction next week for sale of Rs300 crore to Rs400 crore non-performing assets ( NPA).

'We will auction for sale of Rs300 crore to Rs400 crore of NPAs next week,' Chairman and Managing Director of UCO Bank Arun Kaul said.

'We had one round, we did not get a good response and we did not sell anything, Mr Kaul said.

Mr Kaul said he was confident the sale would come through by March.

About capital infusion, he said we had sought funds from the government. 'We are working out that (capital infusion from the government)...We have given some projections to government. Let us see what happens,' Mr Kaul added.

The bank's credit growth was 19.16% as of December-end, Kaul said. 'I am confident of achieving the 18% stipulation of the apex bank by March end.'

He said the bank has no immediate plans to change the current base rate of 10.7%.

'We have no plans to change the base rate right now unless some monetary policy changes take place,' Mr Kaul further added.
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