Total exposure to SEBs stands at Rs 8,000-9,000cr: UCO Bank

Jun 28, 2013, 02.22 PM IST

Arun Kaul Chairman of UCO Bank does not see any rate cut in near future, says cost of funds still high and total exposure to discom currently stand at Rs 8000-Rs 9000 crore.

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Cost of funds still high; discom exposure Rs 9k cr: UCO Bk

Arun Kaul Chairman of UCO Bank does not see any rate cut in near future, says cost of funds still high and total exposure to discom currently stand at Rs 8000-Rs 9000 crore.

Like this story, share it with millions of investors on M3

Cost of funds still high; discom exposure Rs 9k cr: UCO Bk

Arun Kaul Chairman of UCO Bank does not see any rate cut in near future, says cost of funds still high and total exposure to discom currently stand at Rs 8000-Rs 9000 crore.

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State-owned UCO Bank does not expect Reserve Bank of India to cut rates in near future. On transmission of previous rate cuts, Arun Kaul Chairman of UCO Bank said that the cost of funds for the bank still remains high not allowing it to cut lending rates.

At a time when banks are facing lower credit growth, cut in lending rates would be much desired observed Kaul. However until deposits rates come down banks will not be able to provide cut in lending rates, Kaul said.

UCO bank's total exposure to discom or state electricity boards is nearly Rs 8000-Rs 9000 crore, where as exposure to four states- Hariyana, Rajasthan, Tamil Nadu and Madhya Pradesh which recently signed a bailout package with the government stands at Rs 6500-Rs 7000 cr, Kaul said. He does not see any immediate impact of the bail out package on the bank's profit and loss account.  

Kaul expect rupee to recover and fall below 60 against dollar in next few days.

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