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· The Reserve Bank of India has taken public sector lender UCO Bank out of the Prompt Corrective Action (PCA) framework on improving financial and credit profiles.
· This decision gives more freedom to the bank to lend, especially to corporations, and to develop the network subject to the prescribed norms.
· The Kolkata-based lender was placed under PCA in May 2017 due to high net net-performing assets (NPA) and negative return on assets (ROA).
Important facts
About RBI
v Governor: Shaktikanta Das
v Headquarters: Mumbai
v Founder: British Raj
v Founded: 1 April 1935, Kolkata