UCO Bank targets Rs 4,885 cr business

The Bhubaneswar zonal office of UCO Bank targets Rs 4,885 crore business in 2009-10 representing a growth of 25 per cent over the last fiscal. The total business will consist of Rs 3,412 crore deposits and Rs 1,873 crore advances.

The Bhubaneswar zone of the bank recorded a business growth of 30 percent in 2008-09. The business reached Rs 3,908 crore by the end of March, 2009 which consisted of Rs 2,410 crore deposits and Rs 1,498 crore advances.

In the current fiscal, the bank plans to increase advances for retail business from to Rs 500 crore from Rs 434 crore in the last fiscal, for MSME sector to Rs 385 crore (Rs 309 crore), for agricultural sector to Rs 600 crore (Rs 478 crore) while other advances like those meant for minority community development and government sponsored schemes will be increased as per requirement.

 

In the last financial year, the credit deposit ratio of the Bhubaneswar zone increased by 10 percent to 62 per cent as against the national parameter of 60 per cent, said zonal manager, N. Sabasivarao.

The bank provided Rs 209.24 crore loans to people belonging to weaker sections and Rs 25.99 crore as education loans to 1400 students in the last year.

UCO Bank has three zones in Bhubaneswar, Cuttack and Sambalpur. Bhubaneswar zone has 68 existing branches and intends to add seven more during this financial year. One of the new branches will be opened in Rayagada shortly.

At present, 42 branches are situated in rural areas while 26 branches are in urban and semi-urban area.