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UCO Bank looks at recovery of Rs 4,000 cr this fiscal
Kolkata, June 27 (IANS) State-run lender UCO Bank, which is aspiring to be back in profit, is aiming at recovery of bad loans of around Rs. 4,000 crore during the current fiscal, its MD and CEO R.K. Takkar said on Wednesday.
The Kolkata-headquartered lender is hopeful of making net profit and coming out of the Prompt Corrective Action (PCA) framework of the Reserve Bank of India (RBI) in the next two years, he said.
“We are looking at various avenues — main is recovery. Our PCR (Provisioning Coverage Ratio) is quite healthy at more than 60 per cent. So, once NCLT resolutions happen, either through OTS (one-time settlement) or normal recovery channels, it will help us not only reducing our NPAs but also writing back the provisions and booking some profit, depending on how much haircut we will have to take,” he said.
The lender has exposures to nine of the 12 large stressed accounts, identified by the Reserve Bank of India to get resolved under the Insolvency and Bankruptcy Code (IBC).
The bank’s overall exposure to these nine accounts was around Rs 4,300 crore.
“All these 12 accounts are in the advance stages of resolution proceedings. For Bhushan Steel and Electrosteel Steels, we have already received the money. In Bhushan Steel case, our bank has to take around 35 per cent haircut,” Takkar said after the bank’s 15th Annual General Meeting here.
“We expect to come out of PCA and register profit in the next two years,” he said.
The major focus of the bank was to reduce non-performing assets (NPAs) and check further slippages, he told shareholders at the meeting.
The RBI had initiated a PCA against the bank in May last year in view of high non-performing assets and negative return on assets.
Its gross non-performing assets, in absolute term, went up to Rs 30,549.92 crore as on March 31, 2018, over 35 per cent year-on-year jump from Rs 22,540.95 crore in the year-ago.
As provisioning for stressed assets increased, during the last fiscal, it incurred a net loss of Rs 4,436 crore compared to Rs. 1,851 crore for the previous fiscal.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.