Uco Bank launches Retail Loan Shoppe

Public sector Uco Bank on Wednesday launched Retail Loan Shoppe in Lucknow for centralised and time-bound processing of loan proposals. While in-principle approval for an eligible loan application would be given within 3 days, the final sanction would materialise in 10 days, bank director Ram Niwas Jain told mediapersons here.

Of the 20 branches in Lucknow, the shoppe has been launched at 11 branches, while others would be brought under its fold by the end of April 2009.

“The scheme has already been launched at Kolkata, Bangalore and some other places,” deputy general manager RK Mehrotra said, adding the proposal to open such shoppe in other zonal branches, including Aligarh, had been sent to headquarters for approval.

Meanwhile, the Lucknow zone of the bank has rescheduled 176 loans relating to the micro, small and medium enterprises since the repayment capacity of these units has suffered due to the ongoing recession.