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Kolkata, Jul 2 () City-based UCO Bank said on Thursday that the liquidity in the economy is not a problem and all announcements made by the RBI and the government to tide over the present COVID-19 crisis are being implemented by the lender. The bank has also onboarded several fin-tech companies to verify the details of loan applications, UCO Bank MD and CEO A K Goel said. "There is enough liquidity and it is not a problem. UCO Bank has implemented all the announcements made by RBI and the government during these challenging times," Goel said at a webinar organised by MCCI. The Rs 20 lakh crore stimulus package includes previously announced measures to save the lockdown-battered economy, and focuses on tax breaks for small businesses as well as incentives for domestic manufacturing. Goel said the guaranteed emergency credit line is being given at an interest rate of 7.5 per cent to all existing customers who are seeking to avail it. For the small and micro enterprises, the external benchmark rate has been linked to the repo rate which ensures transmission when the RBI alters it. Regarding moratorium on repayment of loans, he said that the RBI has extended it for three months till August 2020 and it is up to the customers whether they will avail it or not. dc BDC BDC

Liquidity is not a problem, says UCO Bank chief

Explained: With markets volatile, should senior citizens invest in PSU bank FDs?

Kolkata, Feb 18 () Srei Equipment Finance Ltd hasentered into a pact with state-owned UCO Bank to offer jointloans for purchase of construction, mining, farm and medicalequipment.iQuippo, a Kanoria Foundation initiative, willfacilitate sourcing of loans under this programme, a companystatement said on Tuesday.The partnership will allow Srei Equipment Finance -- awholly-owned subsidiary of Srei Infrastructure Finance Ltd --and UCO Bank to collaborate, co-operate and widen theirrespective markets and customer base, it said.The strategic alliance will also allow both lenders toleverage each other's customers and cross-sell their products."UCO Bank's strong track record and wide reach,especially in eastern India, makes us confident about thesuccess of this programme," said Sunil Kanoria, vice-chairman,Srei. The alliance will also help in fulfilling thegovernment's vision of making credit available to MSME andretail customers in the infrastructure space at an affordablecost, he said. DCRBT RBT

Srei Equipment, UCO Bank enter pact for joint loans

New Delhi, Dec 18 () The government e-marketplace has signed two agreements with Bank of Maharashtra and UCO Bank to offer services like transfer of funds through GeM pool accounts and earnest money deposit (EMD) to the registered users on the portal.
The pact also include advising of performance bank guarantees (e-PBG).
The MoUs were signed on December 16, according to an official statement.
"Integration for payments and various banking services is one of the priorities for GeM towards the cherished goal of a paperless, contactless and cashless system. GeM has already signed MoUs with 19 Public Sector and Private Banks to enable these functionalities," the Commerce and Industry Ministry said in the statement.
It further said the GeM is also working with Banks, TReDs, and SIDBI to provide bill discounting and financing of working capital where the cost of capital is linked to the performance and rating of a seller on the marketplace. 
"This will help the sellers in general and the MSMEs in particular to access easy credit and do better business with the government. In addition, GeM is contemplating the creation of EMD pool account for making it easy for sellers to comply with the EMD requirements while responding to bids," the statement said.
GeM SPV is the national public procurement portal for ensuring efficient and transparent mechanisms for procurement of goods and services by central and state government organisations.
It is an initiative of the Centre which offers a one stop inclusive platform for facilitating online procurement. GeM provides tools for direct purchase, bidding and reverse auction for ensuring transparent and efficient procurement. RSN BAL

Gem partners with UCO Bank, BoM for Payment related services

<ul><li><keyword id="253799" type="PERSON" weightage="20" keywordseo="Yash-Birla">Yash Birla</keyword> has been named as a <keyword id="2493710" type="PERSON" weightage="20" keywordseo="Willful-defaulter">willful defaulter</keyword> by <keyword id="49007" type="CITY" weightage="20" keywordseo="Uco-Bank">UCO Bank</keyword> for non repayment of a loan of ₹676 million. </li><li>Birla’s company Birla Surya Ltd is the one to have defaulted in the payment. </li><li>UCO Bank, before it was nationalized, was founded by Birla’s great grand uncle GD Birla.</li></ul>Indian businessman Yash Birla, who comes from one of the most prestigious families of India, has been <a href="https://www.livemint.com/news/india/uco-bank-declares-yashovardhan-birla-willful-defaulter-1560660742531.html">declared</a> as a willful defaulter by the Kolkata-based UCO Bank. His company Birla Surya Ltd failed to repay loans worth ₹676 million. Birla was sent several notices regarding the repayment of the loan. His company was given a credit limit of ₹1 billion to manufacture multi-crystalline solar photovoltaic cells. Interestingly, Birla has been issued a notice for being a willful defaulter by UCO Bank – the same bank that was founded by his great grand uncle Ghanshyam Das Birla in 1943. The bank was later nationalized by the Government of India in 1969. “Due to non-repayment of dues to the bank, the account was declared NPA (non-performing asset) on 3 June, 2013. The borrower has not repaid the dues owed to the bank despite several notices. The borrower company and its directors, promoters, guarantors were declared as willful defaulters by the bank and their name reported to the credit information companies for public information," UCO Bank said in its <a href="https://www.livemint.com/news/india/uco-bank-declares-yashovardhan-birla-willful-defaulter-1560660742531.html">notice.</a> Yash Birla, head of the <keyword id="169144" type="COMPANY" weightage="20" keywordseo="Yash-Birla-Group">Yash Birla Group</keyword>, is not new to financial troubles. Over the years, financial problems have been mounting on Birla, who was also bailed out by his billionaire cousin Kumar Mangalam Birla, in the past. In January 2019, three of Yash Birla’s <a href="https://indianexpress.com/article/business/companies/mca-asks-sfio-to-probe-three-yash-birla-promoted-firms-5529347/">firms</a> – Birla Cotsyn India Ltd, Birla Shloka Edutech Ltd and Zenith Birla (India) Ltd – were under investigation for fraud as directed by the Ministry of Corporate Affairs. In <a href="https://www.business-standard.com/article/pti-stories/sbi-sends-recovery-notice-to-yash-birla-s-firm-117041301197_1.html">2017</a>, the State Bank of India had sent a recovery notice to Birla’s firm for the repayment of ₹178 million in debt. See Also: <a href="https://www.businessinsider.in/from-today-black-money-cases-cant-be-settled-by-paying-up-dues/articleshow/69818885.cms">From today, black money cases can't be settled by paying up dues</a>

Yash Birla declared ‘willful defaulter’ by a bank that was founded by his great grand uncle

<ul><li>As the US sanctions on <keyword id="41896" type="LOCATION" weightage="20" keywordseo="Iran">Iran</keyword> are set to take into effect in November, the Indian government has been ordered to wind down its purchases of Iranian <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword>. </li><li>This will be difficult. <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> is the second-largest buyer of Iranian crude oil, which is cheaper than oil sourced from other countries. </li><li>Therefore, in order to bypass sanctions, Indian refiners will pay for Iranian oil in <keyword id="6540311" type="UNKNOWN" weightage="20" keywordseo="rupees">rupees</keyword> and route payments through <keyword id="49007" type="COMPANY" weightage="20" keywordseo="Uco-Bank">UCO Bank</keyword> and IDBI Bank. </li></ul>When the Trump administration decided to pull out of the Iran Nuclear deal earlier this year and re-impose sanctions on Iran, the Indian government likely panicked. India is the second-largest buyer of Iranian crude oil, sourcing more than 10% of its overall oil <keyword id="35091" type="CITY" weightage="20" keywordseo="imports">imports</keyword> from the Middle Eastern country. Iran provides the commodity at significantly lower prices than other countries and also offers India a host of perks such as extended credit terms and cheaper freight costs. This has manifested itself in higher purchases. India’s oil imports from Iran more than doubled to <a href="https://financialtribune.com/articles/energy/87503/iran-india-drop-dollar-in-oil-trade">27.2 million tonnes</a> in the previous financial year. As the US-led sanctions are set to take into effect in November, the Indian government has been ordered to completely wind down its purchases of Iranian oil or risk violating sanctions. However, cutting imports to zero from Iran is unlikely because India simply cannot switch to more expensive sources of crude oil overnight without adverse short-term effects on its already-widening current account deficit and dramatic adjustments to its refineries, which are calibrated to process Iranian oil. Besides, Indian consumers cannot stomach a continued hike in fuel prices. Thankfully, it seems that India has found a way to bypass US sanctions for the time being even as it has <a href="https://timesofindia.indiatimes.com/business/india-business/indias-iran-oil-purchases-to-fade-ahead-of-us-sanctions/articleshow/65807940.cms">reduced imports</a>. Much like they did before the Iran nuclear deal was signed in July 2015, India’s oil refining companies will pay for Iranian oil in rupees instead of euros and dollars starting 4 November, according to the Economic Times. In turn, Iran will use the rupees to pay for Indian imports. The refiners in question - Indian Oil Corp, Nayara Energy and Mangalore Refinery and Petrochemicals - will route payments through UCO Bank and IDBI Bank, which have domestic branches in Iran and don’t have any exposure to the US. UCO Bank handled oil payments when the first round of sanctions came into effect in 2011. During 2011-2015, India also routed a portion of the payment to Iranian oil companies through Turkey’s Halk Bank. With regards to the latest round of sanctions, India was said to exploring <a href="https://timesofindia.indiatimes.com/india/india-in-touch-with-eu-over-alternative-payment-mechanism-for-iran-oil-imports/articleshow/65877456.cms">alternative payment options</a> for Iranian oil with the EU. However, it seems that nothing came of the talks.

India’s refiners will bypass US sanctions by paying for Iranian oil in rupees

Banking futures showed an uptrend as traders bought into beaten down valuations primarily in the public sector banking space. The <keyword id="151330" type="COMPANY" weightage="100" keywordseo="Bank-Nifty">Bank Nifty</keyword> was up 0.7 percent at 18,638 points by mid-afternoon trade. 
 All 22 bank futures showed positive gains between 0.1 percent and 4 percent. Their Open Interest position, which denotes <keyword id="6360903" type="POSITION" weightage="100" keywordseo="Trader">trader</keyword> interest in the stocks, rose between 0.5 percent and 9.7 percent for individual futures. Only three banking futures -- <keyword id="6358006" type="CITY" weightage="100" keywordseo="Andhra-Bank">Andhra Bank</keyword>, Oriental Bank of Commerce and <keyword id="49007" type="CITY" weightage="100" keywordseo="Uco-Bank">UCO Bank</keyword> -- showed a fall in Open Interest, which was minimal. 
 Mid-sized <keyword id="66845" type="COMPANY" weightage="100" keywordseo="Karnataka-Bank">Karnataka Bank</keyword> was the top gainer with a 4 percent jump in the futures and options segment. It was the only banking future where volumes rose 21 percent over the previous day. 
 Deliveries are also rising substantially in the PSU bank segment: <keyword id="47268" type="ORGANIZATION" weightage="100" keywordseo="PNB">PNB</keyword>, Bank of India, Andhra Bank and <keyword id="6358005" type="CITY" weightage="100" keywordseo="Allahabad-Bank">Allahabad Bank</keyword> showed a sharp spurt in delivery volumes. 
 
 
(Image credits: Indiatimes)

Domestic Banks are having the last laugh

<keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> has urged India to pay up its $ 6.5 billion <a href="http://www.businessinsider.in/searchresult.cms?query=oil">oil</a> dues in two months, partly in rupees and the rest in dollars or euros. 
 
"The payment will be in at least three installments. The modalities of installments and the route are being worked out," a top official said. 
 
The dues on <a href="http://www.businessinsider.in/searchresult.cms?query=crude+oil">crude oil</a> have increased as Western sanctions blocked payments since 2013. Around 45% of the oil import bill is paid in rupees, and the other half has accumulated. 
 
The official said the repayment may happen through the <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India">Reserve Bank of India</a> (RBI). <a href="http://www.businessinsider.in/searchresult.cms?query=Iran">Iran</a> is expected to open a new account with one of the Indian banks to accept the payment. The country will use the rupee payments to settle bills for goods and commodities it imports from India. 
 
The official said the new account will be different from the <a href="http://www.businessinsider.in/searchresult.cms?query=UCO+Bank">UCO Bank</a> account which is a non-interest bearing account. "They want the payments to be made to an interest-bearing account", he said. 
 
Image credit: Indiatimes

Iran urges India to clear $6.5 billion oil dues in 2
months

<ul><li>As of December 2017, public sector banks accounted for 55.4% of all loans to micro-small-and-medium sized enterprises. </li><li>However, half of the country’s public sector banks are on the RBI's <keyword id="6417074" type="ORGANIZATION" weightage="20" keywordseo="prompt-corrective-action">Prompt Corrective Action</keyword> (PCA) watchlist, which involves the imposition of credit limits. </li><li>As a result, funding for small businesses is harder to come by. They will have to the turn to the private banks and non-banking financial companies in the meantime.</li></ul> Following the twin hits of demonetisation and the GST, India’s small businesses have another problem to contend with: a dearth of credit options. This is largely due to the credit limits that the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has placed on half of the country’s public sector banks through its Prompt Corrective Action (PCA) framework. As of December 2017, public sector banks accounted for 55.4% of all loans to micro-small-and-medium sized enterprises (MSME), according to a report by <a href="https://udyamimitra.in/Default/DownloadFile/MSME_Pulse_Report.pdf">Transunion CIBIL</a>, a credit information firm, as well as 79% of all loans less than ₹1 million to new borrowers. State-owned banks are an important source of cheap financing for these businesses, especially since the MSME segment is a priority sector under government guidelines. However, funding is harder to come by for this segment. As a result of a pileup in non-performing loans, 11 of India’s public sector banks are currently placed under the Reserve Bank of India’s PCA programme. Banks are added to the watchlist once they cross a certain risk threshold for bad loans, return on assets or capital adequacy. All the banks on the watchlist, which includes the likes of IDBI Bank, UCO Bank and Oriental Bank of Commerce, have non-performing loan ratios in excess of 15%, which means more than 15% of their outstanding loans are unlikely to be recovered. Under the <a href="https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&amp;Id=10921">PCA framework</a>, which was revised in April 2017, the major activities of banks are curtailed by the RBI. The programme imposes restrictions on lending, risk-weighted assets, branch expansion, capital expenditure and compensation of senior managers as well as higher provisions for loan losses. The restrictions are meant to discourage profligacy, encourage tighter lending standards and restore the financial health of a bank. However, being sanctioned under the framework does not necessarily translate into an improvement in performance. India Overseas Bank was put on the watchlist in October 2015. It’s non-performing ratio has swelled from 12.6% at the end of 2015 to 22% at the end of 2017. The bank’s net loss also widened to ₹34.2 bilion at the end of fiscal 2017, from ₹29 billion the previous year, partly on account of higher loan provisions. Hence, it’s quite likely that some of the banks on the PCA watchlist will have to deal with credit limits for a long time. An additional 5 public sector banks are expected to be added to the PCA watchlist soon, according to ICRA, a ratings agency.This is unfortunate. Small businesses reportedly account for 40% of India’s GDP and are a major engine of job creation. Their growth, and consequently, India’s growth depends upon access to a sufficient amount of financing from state-owned lenders. To make matters worse, they’re often perceived as a riskier bet than larger businesses, which don’t rely on banks for funds as much their smaller counterparts owing to their access to bond markets. The Indian government’s ₹2.11 trillion recapitalisation plan, which was announced in October last year, is envisioned as a solution to this problem. The first round of the plan involves the allocation of ₹523 billion to the 11 banks on the PCA watchlist. While this is a step in the right direction, it will likely be a while before small businesses benefit from the increased liquidity at these banks. The bulk of the invested funds will primarily be used to plug the holes caused by large non-performing accounts in these banks’ balance sheets. Additionally, as part of a complementary set of reforms, smaller public sector banks have been asked to reduce their <a href="http://indianexpress.com/article/business/banking-and-finance/cut-loans-to-firms-focus-on-retail-govt-to-smaller-banks-5040722/">lending to corporate clients</a>, which includes small businesses, and increase their retail lending. The private sector is looking to fill the void in the meantime. According to CIBIL, private banks have increased their share of loans to the MSME sector from 25.4% to 28.4% from December 2015 to December 2017, while non-banking financial companies (<keyword id="6354598" type="ORGANIZATION" weightage="20" keywordseo="NBFCs">NBFCs</keyword>) have increased their share from 7.9% to 10.4%. There are also a growing number of startups that are focusing on lending to SMEs such as Instamojo, Namaste Credit and Lendingkart. However, in turning to the private sources, the MSME segment has to deal with higher rates of interest and stricter norms. While this might reduce the rate of defaults, a lot of small businesses will be left behind.

India’s small businesses are suffering from a shortage of credit options

New Delhi, Mar 26 () More than a dozen public sector banks out have announced COVID-19 Emergency Credit Line to deal with the hardship faced by various sectors of the economy. Though public sectors banks (PSBs) were quick to respond with steps to deal with the hardship faced by various sectors of the economy, private sector banks such as ICICI Bank, HDFC Bank and Axis Bank are yet to come out with any relief measures for their customers. As many as 15 PSBs out of the total 18 government-owned banks till Thursday evening announced schemes to mitigate hardship faced by various segments. Taking the lead, the country's largest lender SBI last week announced an emergency credit line to meet any liquidity mismatch for its borrowers. The additional liquidity facility COVID-19 Emergency Credit Line (CECL) will provide funds up to Rs 200 crore and will be available till June 30, SBI said in a circular issued on Friday. Following the suit, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India and Bank of India. Besides, Indian Bank, Bank of Maharashtra, Syndicate Bank, Indian Overseas Bank, UCO Bank and Andhra Bank have also introduced relief schemes till date for meeting liquidity requirements under COVID-19 emergency. "In wake of #CORONA virus Out break, #OBC supports all its existing borrowers by launching COVID19 Emergency Credit Facility which would help them meet temporary liquidity mismatch in operating cycle," Oriental Bank of Commerce said in a tweet on Thursday. Another public sector lender United Bank of India also launched a special scheme "UBI COVID-19 Emergency Credit Facility" for its existing MSME, agriculture and other business segment borrowers. PSBs have announced schemes for existing MSME borrowers with some banks additionally extending schemes to other segments including agriculture, self-help groups, organised sector employees, a senior public sector bank official said. The quantum of loan is in the form of additional line of credit ranging from 10 per cent or higher of existing working capital limits, the official said adding that the banks have kept provision for creation of charge on existing securities for this additional facility without seeking any fresh requirement of prime or collateral security. The loan schemes have a moratorium period of up to 6 months. The official further said the public sector banks are gearing up to do heavy lifting with regards to various direct benefit transfer scheme announced by Finance Minister Nirmala Sitharaman on Thursday. Even state-owned financial institution SIDBI announced a concessional interest rate of 5 per cent for MSME under the SIDBI Assistance to Facilitate Emergency Response against coronavirus. The micro, small and medium enterprises that are into manufacturing of any products or providing any services related to fighting pandemic such as senitisers, masks, gloves and body suit ventilators will get loan at a concessional rate of 5 per cent, SDBI said in a statement. DP HRS

You Searched For "uco bank credit" and got 10 results

Liquidity is not a problem, says UCO Bank chief

PTI

Explained: With markets volatile, should senior citizens invest in PSU bank FDs?

Anagh Pal

Srei Equipment, UCO Bank enter pact for joint loans

PTI

Gem partners with UCO Bank, BoM for Payment related services

PTI

Yash Birla declared ‘willful defaulter’ by a bank that was founded by his great grand uncle

India’s refiners will bypass US sanctions by paying for Iranian oil in rupees

Dilsher Dhillon

Domestic Banks are having the last laugh

Shailendra Bhatnagar

Iran urges India to clear $6.5 billion oil dues in 2 months

BI India Bureau

India’s small businesses are suffering from a shortage of credit options

Dilsher Dhillon

More than dozen PSBs announce COVID-19 emergency credit line

PTI

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