Current Affairs

UCO Bank Debt Resolution under NCLT

Current context: State owned United Commercial (UCO) Bank has recovered Rs 800-900 crore in the 3rd quarter (ending December) by corporate debt resolution of four accounts under the bankruptcy law.
UCO Bank Debt Resolution under NCLT 
  • The four accounts are:
    1. Ruchi Soya
    2. Essar Steel
    3. RattanIndia Power
    4. Prayagraj Power
  • The recovery would help the bank to reduce its net losses as the bank had reported net losses for the last 16 quarters.
  • Due to high bad loan ratios and negative return on assets, the UCO bank is still being under Reserve Bank of India's prompt corrective action.
  • Its gross NPA ratio was as high as 21.87% at the end of September 2019.
  • UCO Bank Headquarters: Kolkata
  • CEO: Atul Kumar Goel (2 Nov 2018 till present)
  • Founder: Ghanshyam Das Birla
  • Founded: 1943, Kolkata
  • Tagline: “Honours Your Trust”

Question: 

Q.1 The Tagline of the United Commercial (UCO) Bank is?
a. Together we can
b. Good Bank of Good People
c. Honours Your Trust
d. Trusted Family Bank
UCO Bank Debt Resolution under NCLT UCO Bank Debt Resolution under NCLT Reviewed by Neha Verma on January 05, 2020 Rating: 5

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