UCO Bank Recovers Rs 800-900 Crore From Four Stressed Accounts

UCO Bank on Saturday said it has recovered Rs 800-900 crore from four large stressed accounts in the December quarter.

The accounts comprise those of RattanIndia Power Ltd., Essar Steel, Ruchi Soya Industries Ltd. and Prayagraj Power, a top official of the state-owned lender said.

RattanIndia Power had a one-time settlement of Rs 6,574 crore debt outside National Company Law Tribunal, under the RBI's Prudential Framework for Resolution of Stressed Assets.

"We recovered Rs 800-900 crore from four important accounts in the December quarter...," UCO Bank Managing Director and Chief Executive Officer AK Goel, said.

He, however, did not disclose the bank's exposure in these accounts and the quantum of writeback after recovery.

Meanwhile, Goel said the 45-day loan carnival begining January 6 is expected to see sanctions of around Rs 4,000 crore.

"We have set a target of Rs 2,700 crore retail and Rs 1,300 crore SME loans in the carnival," he said.