UCO Bank Looks To Raise Up To Rs 500 Crore

State-owned UCO Bank on Saturday said its board will meet next week to consider raising up to Rs 500 crore as tier-II capital. The board of directors will consider the proposal for raising tier-II capital of up to Rs 500 crore at its meeting scheduled to be held on June 23, 2021, the lender said in a regulatory filing.

Tier-II capital of a bank consists of undisclosed reserves, revaluation reserves, general provisions and loss reserves, hybrid capital instruments, subordinated debt and investment reserve account. The loss absorption capacity of tier-II capital is lower than tier-I capital.

(PTI)