Atul Goel takes over as MD, CEO of UCO Bank

Atul Kumar Goel Friday assumed charge as Managing Director and CEO of UCO Bank. Prior to this assignment, he was executive director of Union Bank of India.

Goel takes over from R K Takkar who completed his three-year tenure on November 1, 2018.

Goel, who holds a Bachelor degree in Commerce, is considered one of the youngest and dynamic executives in the banking industry, UCO Bank said in a statement.

He started his carrier as Chartered Accountant in Allahabad Bank in 1992 and worked various segments including corporate credit, foreign exchange and treasury, it said. 

Earlier in May, the RBi had initiated a 'Prompt Corrective Action' against UCO Bank for high bad loans and negative return on assets. The move will place various restrictions on the public sector lender including on fresh loans and dividend distribution.

"Reserve Bank of India (through a letter dated May 5) has initiated Prompt corrective Action for UCO Bank in view of high net NPA and negative RoA (return on assets)," UCO Bank said.

The gross non-performing assets (NPAs) or bad loans of the bank grew to 17.12% of gross advances at the end of 2016-17, from the earlier 15.43%. Earlier this week, the RBI had initiated a similar action in case of IDBI Bank.

The UCO Bank further said these measures 'aim at improving' performance of the bank and strengthening internal controls of the Bank.

"These measures will not adversely impact performance of the bank," it said in the filing.

Earlier, Indian Overseas Bank was put under 'Prompt Corrective Action' (PCA) in 2015.

The Reserve Bank last month issued a new set of enabling provisions under the revised PCA framework with a clause that if the bank does not show improvement then it could be either be merged or taken over by other bank.