UCO Bank slumps 8 per cent as govt orders forensic audit

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    UCO Bank slumps 8 per cent as govt orders forensic audit
    UCO Bank: Quotes, News
    BSE 17.35BSE Quote0.4 (-2.31%)
    NSE 17.65NSE Quote0.25 (-1.42%)
    Shares in UCO Bank slumped 8 per cent as the government ordered a forensic audit on the bank. The stock was last trading at Rs 90.85 on the National Stock Exchange, down 8 per cent over its previous close.
     

    PTI reported that the government has ordered limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out any irregularities in sanction of loans.

    "We have ordered a limited forensic audit after complaints were filed with regards to some accounts. Those accounts have turned non-performing," official sources said.

    This is the fourth public sector bank where forensic audit is being conducted after alleged cash-for-loan scam came to light with the arrest of Syndicate Bank chairman and managing director SK Jain earlier this month.
    Mr Jain was arrested for allegedly receiving a bribe of Rs 50 lakh to enhance credit limits of Bhushan Steel and Prakash Industries.

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    Read more about: uco bank syndicate bank
    Story first published: Wednesday, August 27, 2014, 12:18 [IST]
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