UCO Bank employees and officers' unions has signed a Memorandum of Understanding (MoU) with the management with some conditions for implementing its turnaround plan. The management has promised that there shall be no cut in financial benefits available to employees and officers. Meanwhile, the bank is also planning to raise Rs 1,000 crore from Life Insurance Corporation of India (LIC) through issuance of Tier-2 bonds.
UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.