New Delhi: “UCO Bank sees scope to cut interest rates by 100 basis points,” its chairman and managing director S.K.Goel said on Wednesday. He also said that a follow-on public offer of its shares may not happen this fiscal.
“The market is still to improve and then we will go for it,” Goel said referring to the bank’s fund raising plans adding: “Right now we are comfortable with the liquidity.”
“We are meeting on 19 June and we may cut interest rates by 100 basis points,” he said.
“The state-run bank expects a credit growth of 25% in fiscal 2009-10,” he said, ahead of a meeting with the finance minister.