Indian Public Sector Banks Insulated From Global Banking Crisis – UCO Bank Chief

[lang_en]Shimla: Indian Public sector banks were well regulated and fairly insulated from the crisis financial markets were facing globally, SK Goel, Chairman cum Managing Director UCO Bank stated here on Tuesday.

He said that with the RBI reducing CRR ratio, the liquidity infused would help to tide over any crunch in the market.

Volatile conditions in the stock market had deferred the decision to go in for a follow up issue, said Goel. The market is likely to improve by December and we intend to do the issue by the third or fourth quarter, he disclosed.

He said that risk management of public sector banks were doubly monitored, one by regulator RBI and second by the government. On the other hand the private banks were only regulated by RBI, he said.

He said that bankers favoured the SEBI suggestion to have a comprehensive review of FIIs participation in Indian Securities market.

Talking about the performance of the bank, he said that NPA’s which were high in 2000 have come down substantially. In the last financial year gross NPAs stood at 2.91 and net was only 1.8 percent, said the CMD. Faster recoveries more than made up for slippages, he added.

Corporate NPAs were at about Rs 500 crore and agriculture NPAs were at about Rs 390 crore.[/lang_en]

As Editor, Ravinder Makhaik leads a team of media professionals at Hill Post. Spanning a career of over two decades in mass communication, as a Documentary Filmmaker, TV journalist, Print Media journalist and with Online & Social Media, he brings with him a vast experience. He lives in Shimla.

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