UCO extending credit linkage to 10,000 SHGs

State-owned lender UCO Bank has said it has recovered Rs 800-900 crore from four large stressed accounts in the December quarter under the bankruptcy law and is extending credit linkage to 10,000 Self Help Groups

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

The bank has already completed the process of recovery from the four stressed accounts - Essar Steel, Ruchi Soya, RattanIndia Power and Prayagraj Power, he said.

To supplement the Modi government's ambitious target of making India a $5 trillion economy, the bank is organising various activities to celebrate its 77th Foundation Day on Monday.

The Kolkata-headquartered bank is dedicating three more Rural Self Employment Training Centres - Dausa in Rajasthan, Jagatsinghpur in Odisha & Ropar in Punjab - to the nation in addition to its existing 27 RSETIs across the country.

The bank is also extending credit linkage to 10,000 Self Help Groups and opening two urban Bank Mitra centres in Kolkata.

To boost the credit off take and benefit the consumer segments, it is coming with UCO Carnival campaign, an initiative for retail and MSME borrowers.

The carnival is expected to see sanctions of around Rs 4,000 crore of loans, Goel said, Out of this, the Bank is hoping to garner Rs 2,700 crore in retail loans and Rs 1,300 crore in SME.IANS