UCO Bank is among four public sector banks in which the Indian government plans to pare its stake to 75% in the next one year via the offer for sale route, depending on market conditions, to meet 25% minimum public shareholding, with the greater public float expected to improve valuation.

UCO Bank raised $730 million through foreign currency deposits, including $630 million via foreign currency non-resident deposits and $100 million via other foreign currency deposits, exceeding its $500 million target. Managing director and CEO in-charge Rajendra Kumar Saboo said the funds supported liquidity as advances grew 24.7% year-on-year in the September quarter and helped avoid high-cost bulk deposits.