UCO Bank auctions non-perfroming assets next week

UCO Bank will open the auction for sale of Rs.3 to 4 billion non-performing assets next week.

"We had one round, of course... we did not get a good response and we did not sell anything because most of the bids received, it was the minimum price we had set ourselves... we will once again be opening the auction in the current year... we will open it next week," said UBO Bank's CMD Arun Kaul.

The bank has also urged the central government for a capital infusion.

The bank's credit growth, as on Dec 31, 2011, was 19.16 percent.

UCO Bank's deposit growth, as at the end of December, was 18.5 percent, while CASA stood at 23-24 percent.

Kaul said the bank has no immediate plan to change the base rate, currently 10.7 percent.

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