UCO Bank to raise Rs3,000 crore mainly from LIC
UCO Bank's executive director Charan Singh says it will seek capital infusion from the union government and the LIC to support business growth
Kolkata: UCO Bank on Wednesday said it would look to raise up to Rs3,000 crore in the current financial year, largely from Life Insurance Corp. of India (LIC).
The Kolkata-based lender’s executive director Charan Singh said it will seek capital infusion from the union government and the state-owned insurer to support business growth.
The bank, which was asked to take prompt corrective action (PCA) by the Reserve Bank of India (RBI) last month, is likely to turn profitable in the next fiscal, Singh said addressing shareholders on Wednesday.
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