The Uco Bank board met today and vested the decision on revision in prime lending rate (PLR) with the asset liability committee (ALCO). | |
| V Sridar, chairman and managing director, said, "Nothing has been decided yet regarding the revision of PLR. The board has said that it is an internal matter and the ALCO will take a call on the matter after evaluating the scenario." The PLR stands at 11.50 per cent. |
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| But even in the rising interest rate regime, the bank would comfortably achieve its credit growth target, Sridar said. |
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| "This year our credit growth target is 22 per cent, significantly lower than the last few years' rate of 32-33 per cent. It would not be a problem to achieve the target," said Sridar. |
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| Meanwhile, the bank today inaugurated its state-of-the art data centre at Salt Lake. |
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| It has been designed and built by Hewlett Packard. The centre would host the server, storage and connectivity infrastructure for the bank. |
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| The bank is having its second data centre in Bangalore, to take care of disaster recovery needs and business continuity planning. Sridar said, "Our bank is the first public sector bank to start its core banking solution operation with two data centres." |
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| The bank will also be introducing multi city cheque facility, internet banking and SMS banking in September 2006. |
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| The bank will also be introducing debit cards in tie up with VISA next month. |
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| Among other infrastructure expansion, the bank will be implementing core banking solution in 125 branches by March 2007 and to 500 branches by 2007-08 from the current comparable number of 10 branches, added Sridar. The CBS is based on Infosys' 'Finacle' CBS. |
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| The total project cost was Rs 139 crore spread over five years period, he added. |
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| The bank would also double its ATM facility to around 350-400 from current figure of 117, Sridar informed. |
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