New Delhi, Oct. 21 -- Uco Bank raised $730 million through foreign currency deposits, exceeding its target of $500 million, and used the funds to support credit growth and avoid raising high-cost bulk deposits, Rajendra Kumar Saboo, managing director and chief executive officer in-charge, said in an interview with Mint.

The state-owned lender raised $630 million through foreign currency non-resident deposits and $100 million through other foreign currency deposits, Saboo said. The mobilization supported the Kolkata-based bank's liquidity requirements as advances grew 24.7% year-on-year in the September quarter, above its full-year credit growth guidance of 12-14%.

"We have mostly utilized that liquidity," Saboo said, adding that the ban...