Indore: UCO Bank to bring down net NPA to 6% by March 2020

Indore: Atul Kumar Goel, managing director and chief executive officer of UCO Bank, has expressed resolve that the bank would bring down its net NPA to 6% from existing 7.98% by March 2020. The bank is emphasising on disbursing loan and recovery of dues.

Geol arrived in the city on two-day visit on Friday. On Saturday, he held a review meeting with the bank’s branch managers. Later, talking to media, he shed light on bank’s plan for festival season and also to bring down the net NPA of bank. Senior banker Goel said bank will offer hassle-free loan to people in view of Diwali. Home loan, automobile loan and personal loans are being sanctioned in two to three days.

“We are poised to bring the bank back in operational profit by March 2020. To achieve it, we would bring down the net NPA from 7.98% to 6% by financial year end,” he said.

The bank has set the target of making 50% recovery of bad loans by March 2020, which is about Rs 1,400 crore. “More than 150 cases are pending in National Company Law Tribunal (NCLT) where the recovery of more than Rs 1700 crore is yet to determined,” Goel said.

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