UCO Bank to sell off Rs 500-cr bad loans

UCO Bank, which is sitting on an Rs 1,285-crore pile of non-performing assets, will put up about Rs 500 crore of the stressed assets next month for bidding by various asset reconstruction companies (ARCs). Stressing that the bank would sell the loans only if it got a fair price, the bank’s Chairman and Managing Director, Mr S.K. Goel, told that there would be no let-up in efforts to effect recoveries . He said that two General Managers and about 300 of the bank’s staff had been put on the task of making recoveries.