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.

UCO Bank has confirmed that Mr. Rajesh Kumar Ailawadi has officially assumed the office of Shareholder Director effective March 8, 2026, following his deemed election after receiving a single nomination for the position. The bank notified stock exchanges on March 9, 2026, confirming the appointment and providing comprehensive details about the new director's background.

Director Appointment and Term Details

The appointment follows the bank's earlier announcement of Mr. Ailawadi's deemed election after only one nomination was received by the February 27, 2026 deadline. The bank's Nomination and Remuneration Committee of the Board accorded "Fit and Proper" status to Mr. Ailawadi in accordance with Reserve Bank of India regulations.

Professional Background and Experience

Mr. Ailawadi brings extensive experience from his distinguished career with Life Insurance Corporation of India, where he retired as Executive Director (Legal) on December 31, 2025. His educational qualifications include a Bachelor of Science degree from Kirori Mal College and a Bachelor of Laws degree from Campus Law Centre, both affiliated with the University of Delhi.

Regulatory Compliance and Election Process

Since only one valid nomination was received for the single vacancy and the candidate was found "Fit and Proper," Mr. Ailawadi was deemed elected as Shareholder Director under Regulation 66(i) of the UCO Bank (Shares and Meetings) Regulations, 2003. The appointment was made in terms of Section 9(3)(i) of the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970.

Impact on Extraordinary General Meeting

Due to the uncontested election, Agenda item no. 1 relating to the election of one Shareholder Director was not transacted at the Extraordinary General Meeting scheduled for March 16, 2026. The EGM proceeded with the remaining agenda items as planned through Video Conference and Other Audio-Visual Means.