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UCO bank enters into an MOU with PSFC and PAIC

10 Oct 2014 Evaluate

UCO bank, a public sector lender, has entered into a Memorandum of Understanding (MoU) with Punjab State Farmers Commission (PSFC) and Punjab Agro Industries Corporation (PAIC) to promote National Pension Scheme (NPS) among rural people, especially farmers. Through this MoU, the agriculture department and PAIC would work closely with the UCO Bank to sensitise people to open their pension accounts and deposit funds on a half-yearly basis so that sufficient capital is generated to guarantee old-age pension when a person turns 60. The bank will also offer a proper platform to the people for their savings by providing the facility of savings account. The purpose of this tie-up is offer income security to the old age people through the NPS scheme.

UCO bank’s net profit for first quarter ended June 30, 2014 increased by 2.01% at Rs 521.40 crore as compared to Rs 511.11 crore for the quarter ended June 30, 2013. Its total income has surged by 15.56% to Rs 5395.17 crore for the quarter under review from Rs 4668.81 crore for the corresponding quarter of the previous year.

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