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UCO Bank’s Plan to Suspend Salaries of Non-Performers Fails Miserably
September 05, 2017
It seems like financially stressed UCO Bank has resorted to taking desperate measures to come out of the sticky mess it has got itself into. Recently, one of the zonal heads of the lender sent out a note to the personnel services department asking to stop the salaries of the non-performing employees as a form of punishment. Although the request was tossed aside immediately by the management, the incident was enough to create panic among the employees as they voiced their agitation.
As of late, UCO Bank has been severely underperforming. This Friday, its shares closed at Rs. 31.15 which is almost 30% lower than its 52-week high of Rs. 43.40 as recorded by the BSE.
