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UCO Bank has opened four special rupee vostro accounts

July 31, 2023

UCO Bank has opened four special rupee vostro accounts
UCO Bank has opened four special rupee vostro accounts with Russian banks so far and has received permission from Reserve Bank of India for opening eight more accounts. Of these eight, six are with Russian banks and two are with banks in Belarus, said Ashwani Kumar, MD & CEO, UCO Bank.

Further, it has received interest from four more banks for opening special rupee vostro accounts. “We have already opened four special rupee vostro accounts so far and have received RBI permission for opening eight more such accounts, which we will be opening soon. This apart, four more banks have expressed interest in opening accounts. We will approach RBI for seeking their permission,” Kumar told newspersons at a virtual press conference to announce the bank’s financial performance during the first quarter on Friday.
 
Though the volume of transaction under these accounts is still small, it is expected to pick up in the days to come once the level of awareness increases, he said.
 
UCO Bank has registered around 81 per cent growth in net profit at ₹223 crore during the quarter ended June 30, 2023, as against ₹124 crore same period last year on the back of higher core income and lower provisioning.
 
Net Interest Income (NII) increased by around 22 per cent at ₹2,009 crore in Q1FY24 as against ₹1,650 crore last year. Net interest margin (NIM) improved to 2.86 per cent as on June 30, 2023 as against 2.74 per cent same period last year.
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