UCO bank opens new branch for senior citizens

New Delhi, Mar 9 (UNI) State-owned UCO Bank opened a new branch exclusively for 'senior citizens' here .

It has also introduced 'reverse mortgage' scheme, called UCO Swabhimaan, in these branches exclusively for senior citizens.

''This is the fifth branch out of the 25 that will be opened in the first phase across India,'' Bank's CMD, S K Goel said.

The first branch opened in Kolkata has already generated business worth Rs 80 crore.

The Bank will also launch pension scheme with effect from April 1.

It is expecting a turnover of Rs 1.30 crore this fiscal. Also, with the sale of chunk of non-performing assets (NPA), the bank will clean up its balance sheet.

''NPAs with a minimum size of Rs five crore have been identified for putting on the block,'' Mr Goel told reporters.

The Bank is struggling with bad loans totalling Rs 1,664 crore.

Also, 50 basis points will be further slashed on home loans totalling up to 100 points. This will be decided in the board meeting scheduled to take place on March 15.

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