UCO Bank plans to raise up to Rs 500 cr; board to meet next week

PTIUpdated: Saturday, June 19, 2021, 06:09 PM IST
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Hopeful to come out of PCA framework very soon: UCO Bank MD |

State-owned UCO Bank on Saturday said its board will meet next week to consider raising up to Rs 500 crore as tier-II capital.

The board of directors will consider the proposal for raising tier-II capital of up to Rs 500 crore at its meeting scheduled to be held on June 23, 2021, the lender said in a regulatory filing.

Tier-II capital of a bank consists of undisclosed reserves, revaluation reserves, general provisions and loss reserves, hybrid capital instruments, subordinated debt and investment reserve account.

The loss absorption capacity of tier-II capital is lower than tier-I capital.

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