Uco Bank extends finance to TCS IPO
By In a never-before-move | 29 Jul 2004
In a never-before-move, public sector undertaking UCO Bank said it would extend loans upto Rs 10 lakh to individuals wishing to subscribe to the IPO of TCS. UCO bank CMD VP Shetty said, "These are under our initiatives to diversify into IPO financing, and an attempt to augment fee-based income."
He said as per the Reserve Bank of India's stipulations, the bank could extend finance upto Rs10 lakh to individuals, with an 11 per cent interest rate.