Uco Bank Aims To Clock Rs 1 Trillion Business By 2007

The Kolkata-headquartered UCO Bank plans to nearly double its business to Rs 1 lakh crore by 2007 from the March-end 2003 level of Rs 47,927 crore, chairman and managing director, V P Shetty, said.

The bank has also earmarked Rs 184 crore for setting up an information technology infrastructure including interconnecting 200 of its branches via the core banking platform and adding 150 online automated teller machines (ATM) to the existing network of 23.

To grow its business (deposits + advances), the bank is implementing an action plan that seeks to improve its market share in terms of total business; achieve higher levels of credit growth with focus on growth in advances to the mid-market segment, housing and education loans, export credit; increase fee-based income by venturing into newer areas of operation like currency swaps; and improve quality of assets through an effective non-performing assets management strategy.

 

UCO has ruled out a voluntary retirement scheme for employees rendered excess due to computerisation. Surplus employees will be absorbed to peddle insurance products. The bank has an employee strength of around 25,000.

In respect of the bank