The Reserve Bank of India (RBI) on 8 September lifted Prompt Corrective Action (PCA) restrictions on UCO Bank. The performance of the UCO Bank, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision.
It was noted that as per its published results for the year ended 31 March 2021, the bank is not in breach of the Prompt Corrective Action (PCA) parameters. The bank has provided a written commitment that it would comply with the norms of Minimum Regulatory Capital, Net NPA and Leverage ratio on an ongoing basis and has apprised the Reserve Bank of India (RBI) of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments.
Taking all the above into consideration, it has been decided that UCO Bank is taken out of the PCA restrictions subject to certain conditions and continuous monitoring.
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