UCO Bank

UCO Bank has reported robust growth for the first quarter of FY26, with total business rising 13.67% year-on-year to Rs. 5.24 lakh crore. This expansion was driven by a 16.58% jump in total advances and an 11.57% increase in deposits. Domestic operations contributed significantly, with domestic advances rising nearly 20% and domestic deposits nearing 10% growth. The bank also witnessed a sequential uptick in business, reflecting continued momentum. While the CASA ratio saw a minor decline, the credit-deposit (CD) ratio improved meaningfully.

India’s banking sector, long viewed as a cornerstone of economic growth and financial discipline, is increasingly shadowed by high-profile arrests of former top executives from leading banks. The recent detention of Subodh Kumar Goel, former chairman and managing director of UCO Bank, on charges linked to a Rs. 6,200 crore loan fraud, underscores a deepening crisis of governance and accountability.

In a major development in one of India’s largest bank fraud investigations, the Enforcement Directorate (ED) has arrested former UCO Bank Chairman and Managing Director Subodh Kumar Goel on charges of money laundering linked to a loan scam exceeding Rs. 6,200 crore. The case, centered on Kolkata-based Concast Steel and Power Ltd (CSPL), involves allegations of massive loan diversion, systematic fund siphoning, and illicit gratification.

UCO Bank has posted impressive financial results for the quarter ending March 31, 2025, with a nearly 24% year-on-year increase in consolidated net profit, amounting to Rs 665.72 crore. The state-owned lender also reported an uptick in total income and improved asset quality, as reflected in the reduction of non-performing assets (NPAs). This performance is underpinned by strong growth in advances and deposits, particularly in retail, agriculture, and MSME portfolios. UCO Bank’s full-year results for FY25 also showed a significant profit increase.

In response to the Reserve Bank of India's (RBI) decision to reduce its key policy rate, Bank of India and UCO Bank have announced reductions in their lending rates by 25 basis points. These moves are expected to benefit both existing and prospective borrowers, as the changes come into effect within days of the RBI's policy adjustment. The shift is likely to prompt other banks to follow suit, further impacting borrowing costs in the economy.

RBI's Policy Rate Cut Sparks Lending Rate Reductions