UCO Bank Ltd: Breaking News: Huge Blow:

In Q3, Current Account Deposits have GONE down by 4700 crores (-19%). UCO Bank was sole banker designated for Rupee trade with IRAN and Hence was enjoying Current Account Deposits of Rs 20000 crores with ZERO COST ( as no interest to be paid on same) and same was contributing approx Rs 2000 crores to OPERATING PROFIT of UCO. With USA lifting sanctions on Iran, these Rupee based VOSTRO deposits are no longer required. Withdrawal of funds from this Vostro already started in Q3, leading to reduction of 4700 cr in current account deposit. Once entire amounts of Vostro are withdrawn ( which should happen/ complete in next 1-2 quarters, not only CASA will plunge but UCO WILL report operating LOSS. It means TOTAL LOSS for Q4 should be 2300-2500 crores.

BIG BIG BLOW for UCO which already under big stress from all sides For next update/Breaking News/Revelation   pl stay tuned at

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