UCO Bank launches retail sales scheme

The UCO Bank, on Tuesday, launched Retail Sales Force (RSF) programme at its three branches in Vijayawada to solicit and service its various business products at the doorsteps of small customers in the retail segment.

The scheme is expected to generate Rs 60 lakh business per month from small businessmen, vendors and entrepreneurs. S K Das, bank general manager (retail), who inaugurated the programme, disbursed loans amounting to Rs 2.3 crore to 37 beneficiaries under the scheme.

Das told a meeting of beneficiaries that Vijayawada was the 36th city in the country and the first in Andhra Pradesh where the bank has launched the programme. The bank was planning to implement the programme in 55 cities by this year-end.

The scheme which was launched a few months ago, has so far done a business of Rs 600 crore. The bank, targeting a 35 per cent annual growth in this scheme, had achieved 21 per cent till now, he said.

Das also said that all the nine branches of the bank in Hyderabad were doing core business online. This facility was not available in any city in the country. In Vijayawada, the bank's advances stood at Rs 68 crore, almost double the deposits, which is Rs 35 crore, he added.

R Murgai, bank regional manager (RM), said the branches in Hyderabad had done a business of Rs 425 crore this financial year under a different programme being implemented for the benefit of small entrepreneurs.

The overall disbursement under this programme accumulated to Rs 800 crore.

He said the UCO Bank, AP region, comprised 35 branches. The bank's deposits in the state amounted to Rs 1,600 crore during the first and second quarters of this financial year (2006-07) as against the annual target of Rs 2,100 crore.

The credit touched Rs 2,200 crore so far this year as agianst the annual target of Rs 2,500 crore.

He said the region clocked a profit of Rs 50 crore in the first two quarters. The bank's three branches in Vijayawada would go online by March, he added.