The Reserve Bank of India on September 8 lifted Prompt Corrective Action Framework (PCA) on UCO Bank.
The performance of UCO Bank was reviewed by Board for Financial Supervision and it was noted that as per its published results for the year ended March 31, 2021, the bank is not in the breach of the PCA parameters, the central bank said in a release.
UCO 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, the central bank said.
The bank also apprised the RBI of structural and systematic improvements it has put in place to help the bank in continuing to meet the requirements.
It has been decided that UCO Bank is taken out of the PCA restrictions subject to certain conditions and continuous monitoring, RBI said in the release.
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