UCO Bank calls back ‘sweets for NPAs’ circular

UCO Bank has withdrawn a circular which instructed branch heads to meet with top defaulters and distribute Diwali sweets to them. The circular had sparked significant attention due to its unconventional approach. UCO Bank’s MD and CEO, Ashwani Kumar, addressed the matter during a press conference where the bank’s quarterly results were announced. “The intention was to break the ice and meet and greet those whose accounts had turned into non-performing assets, but somehow it got captured as distribution of sweets,” he said.