UCO Bank's stock rises on hike in lending rates

the Kolkata-based bank will join the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) pilot project by September 2023.

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UCO Bank shares were trading 2 percent higher on September 11 morning after the state-run firm raised lending rates.

The stock opened at Rs 35.25 on the NSE on September 11. As of 11:29 am, the shares were trading at Rs 35.85, up by 2 percent from close on September 8.

On September 8, the public sector lender announced a 5 basis points increase in lending rates across tenures.

One basis point is one-hundredth of a percentage point

According to a regulatory filing, UCO Bank revised the marginal cost of fund-based lending rates (MCLR) and Treasury Bill Linked Lending Rates (TBLR) with effect from September 10.

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The overnight rates are now 7.95 percent, one-month 8.15 percent, three-month 8.30 percent, six-month 8.55 percent and one-year rates now stand at 8.70 percent.

According to the bank, benchmark rates such as repo-linked rate, base rate and BPLR will remain unchanged.

Also read: Exclusive | UCO Bank to join CBDC pilot project by September 2023, says MD & CEO Ashwani Kumar

In an interview with Moneycontrol in the previous month, UCO Bank MD and CEO Ashwani Kumar said that the Kolkata-based bank would join the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) pilot project by September.

Kumar added that while the bank would initially join only in the retail segment, it would look for more opportunities in the future.

Under the pilot, participating banks can invite select customers and merchants to try services through mobile applications. After this, they can make peer-to-peer transactions and peer-to-merchant transactions.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.