UCO Bank recovers Rs 800-900cr 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, Essar Steel, Ruchi Soya 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 NCLT, 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 MD and CEO, A K 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..