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UCO’s Turnaround Plan: Merging Branches, Raising Deposits
September 12, 2017
As the government sent letters to 10 banks recently, including Kolkata-based UCO Bank, asking them to come up with a guideline to avail its funds, the lender has come up with a cost-cutting plan that involves merging of its existing branches and improving the Current and Savings Accounts growth.
For the April-June quarter of FY 2017-18, UCO Bank had reported a net loss of Rs. 633 crores, which is much higher from the net loss of Rs. 441 crores recorded during the same quarter of the previous financial year.
