The Reserve Bank of India has removed state-run restrictions after the bank has been committed to improving its financial position and prudence. The bank now kicks off so-called prompt corrective action, leaving only two banks to the curb. This leaves the Indian Overseas Bank and the Central Bank of India under the PCA.
Regulator reviews UCO Bank’s performance and finds it is the bank’s earnings
There is no violation of PCA standards for the year ended March 31, 2021.
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“It has been decided that UCO Bank has been taken out of it” PCA restrictions subject to certain conditions and constant monitoring.” reserve Bank of India said in a statement.
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The Bank has also given a written undertaking that it will comply with the norms of Minimum regulatory capital, Net NPA and Leverage Ratio on an ongoing basis and has apprised RBI of the structural and systemic reforms that it has undertaken which will help the Bank to meet these commitments.
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