UCO Bank seeks Rs 800 cr capital to fuel growth

 State-run UCO Bank has sought Rs 800 crore capital from the central government to fuel its growth requirements and boost capital adequacy ratio, a top bank official said on Saturday.

“We have asked for Rs 800 crore capital infusion and are hoping to get it soon,” UCO Bank executive director S Chandrasekharan said here.

Chandrasekharan said the city-based bank had already garnered a capital of Rs 1,000 crore by way of tier-II bonds so far during the current financial year.

The Rs 800 crore capital infusion will help the bank in keeping its tier-I capital ratio above 8 per cent. Its capital adequacy ratio stood at 12.27 per cent at the end of September this year.

Chandrasekharan was talking to media persons on the occasion of the bank’s 71st foundation day celebrations.

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