Uco Bank eyes Rs 500 cr retail sales

Uco Bank has targeted Rs 500 crore retail sales from its newly formed retail and small enterprises segment in the current fiscal, chairman V Sridhar said today at the launch of retail and SE salesforce. The launch is a part of a special initiative undertaken by the bank.

According to Sridhar, the bank is planning to have 450 sales people under the initiative by end of December. "We currently have 259 people and would like to add 200 more," he said. At present, existing employees are driving the retail initiative.

The bank is planning to roll out the retail bandwagon in 55 centres by the year-end.

According to the Sridhar, the retail sales force would primarily deal with loans, selling of insurance and mutual funds and opening of savings and current accounts. The sales force would also look into mortgage-based trade products.

"We have already achieved Rs267 crore sales from the retail segment and Rs 50 crore from SE segment. We will give special incentives to the top 10 best achievers. Besides, we are having branch incentive scheme also to step up the retail business," he added.

In the first half of this fiscal, the bank has achieved a business of Rs 97,000 crore. It has targeted Rs 1.10 lakh crore business for the whole year.

"Our deposits have grown by 19.3 per cent and advances by 21.3 per cent. We are hoping to achieve Rs 1 lakh crore business by December," he added.