Mumbai: The government has finalised a capital restructuring plan for UCO Bank and would soon refer it to the union cabinet for approval.
The capital restructuring plan of UCO Bank has been finalised. "It will now be referred to the cabinet for approval," news agency reports quoted sources close to the development as saying.
UCO Bank has a capital base of Rs800 crore, which is high compared to other nationalised banks like State Bank of India or Punjab National Bank, the report quoted sources as saying.
Once the approval is received, the bank would be able to reduce the equity capital base to Rs500 crore and convert Rs300 crore equity capital into preference capital.