UCO Bank successfully conducted its Extraordinary General Meeting (EGM) on March 16, 2026, securing overwhelming shareholder approval for key governance decisions through video conferencing. The meeting, attended by 23 members including one authorized representative of the Government of India, addressed critical board appointments and tenure extensions with comprehensive voting procedures.

Meeting Overview and Proceedings

The EGM commenced at 11:00 AM on March 16, 2026, conducted through Video Conference/Other Audio-Visual Means (VC/OAVM) in compliance with applicable SEBI regulations. Shri Aravamudan Krishna Kumar, Non-Executive Chairman, presided over the meeting, while Company Secretary Vikash Gupta provided procedural guidance to shareholders.

Executive Director Tenure Extension Approved

The primary agenda item involved approving the extension of Shri Rajendra Kumar Saboo's tenure as Executive Director for an additional three years. Saboo was initially appointed on November 21, 2022, for a three-year term that concluded on November 20, 2025. The Central Government subsequently extended his tenure for another three years, requiring shareholder approval under SEBI (LODR) Regulations, 2015.

The resolution received overwhelming support from shareholders, with 579 participants casting votes through both remote e-voting and during the meeting.

Shareholder Director Appointment

A significant development occurred regarding the Shareholder Director position, where the election process was streamlined due to a single nomination. Rajesh Kumar Ailawadi emerged as the sole nominee for the Shareholder Director position, eliminating the need for a contested election.

The Nomination and Remuneration Committee deemed Ailawadi fit and proper under Reserve Bank of India (Commercial Banks - Governance) Directions, 2025, dated November 28, 2025. Consequently, he was deemed elected and assumed office on March 8, 2026.

Scrutinizer Report and Compliance Framework

S. N. Ananthasubramanian & Co. Company Secretaries served as the appointed scrutinizer, ensuring fair and transparent voting processes. The comprehensive scrutinizer report confirmed the validity of all votes cast and successful passage of the ordinary resolution with requisite majority.

The bank ensured comprehensive shareholder participation through multiple voting mechanisms, with remote e-voting available from March 12-15, 2026 (9:00 AM to 5:00 PM), while e-voting during the meeting provided additional opportunities for participation. The meeting concluded at 11:25 AM after all procedural requirements were fulfilled, with the scrutinizer's report confirming regulatory compliance under SEBI LODR Regulations.

UCO Bank has announced selective revisions to its benchmark interest rates effective March 10, 2026, following a comprehensive review by the bank's Asset Liability Management Committee (ALCO). The changes primarily focus on Treasury Bill Linked Rates and government securities-linked rates, while keeping the Marginal Cost of Funds based Lending Rate unchanged.

MCLR Rates Remain Unchanged

The bank has decided to maintain its MCLR rates across all tenors without any revision. The current MCLR structure remains as follows:

Treasury Bill and G-Sec Linked Rate Revisions

The most significant changes have been implemented in the Treasury Bill Linked Rates (TBLR) and government securities-linked rates. The bank has reduced select rates to align with current market conditions:

Other Benchmark Rates Maintained

Several key benchmark rates have been kept unchanged, providing stability in the bank's lending structure:

Implementation Timeline

The revised TBLR Linked Rates for 3-month and 6-month tenors, along with the G-Sec Linked rates, became effective from March 10, 2026. The bank has communicated these changes to both the National Stock Exchange of India Ltd. and BSE Limited as part of its regulatory compliance under Regulation 30.

This selective approach to rate revision demonstrates the bank's strategic focus on specific market segments while maintaining stability in its primary lending rates. The reductions in shorter-term TBLR rates and government securities-linked rates reflect the bank's response to prevailing market conditions.