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UCO Bank.

BSE: 532505 Sector: Financials
BSE 00:00 | 17 Jun 13.93 -0.10






NSE 00:00 | 17 Jun 13.95 -0.10






OPEN 14.00
VOLUME 894770
52-Week high 16.76
52-Week low 10.60
P/E 99.50
Mkt Cap.(Rs cr) 16,655
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.00
CLOSE 14.03
VOLUME 894770
52-Week high 16.76
52-Week low 10.60
P/E 99.50
Mkt Cap.(Rs cr) 16,655
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

UCO Bank. (UCOBANK) - Director Report

Company director report



Global economy has grew at 2.9% in 2019 and projected to decline by (-) 3.0% in 2020due to Covid-19. There is always an uncertainty around the global growth forecast becausethe economic fallout depends on uncertain factors which are hard to predict. These includeoutbreak of COVID- 19 pandemic worldwide. Considering the sporadic spread of the virusmost of the countries declared a total shutdown as a measure to counter the spread ofvirus. This has resulted in disruption of supply and production losses affecting globalfinancial market shifts in spending pattern and volatile commodity prices. It is assumedthat the Pandemic will fade away in the second half of 2020 and global economy isprojected to grow by 5.8% in 2021 as economic activity resumes. As per IMF forecast thereal GDP of advanced countries will contract during the year 2020. The negative growthestimated for United States (-) 5.9% Japan(-) 5.2% UK (-) 6.5% Germany (-) 7.0% France (-) 7.2% Italy (-) 9.1% and Spain (-) 8.0%.

Commodity Prices have decreased food prices are projected to decrease by 2.6% in 2020and thereafter increase by 0.4% in 2021. Global financial market remained extremelyvolatile because of trade conflict between US and China and a possibility of Brexit deal.Global trade Organisation sees global Merchandise Trade contracting by as much as 13-22 %in 2020. In currency market the US dollar weakened against major currencies. Most ofemerging market currencies was strengthened.

2. Indian Economy:

India's economy stood at fifth largest in the world as measure using GDP at current USdollar. The size of the economy was estimated at $2.9 trillion in 2019. The Union Budget2019-20 had articulated the vision of Hon'ble Prime Minister to make India a $5 trillioneconomy by 2024-25. The National Statistical Office (NSO) had estimated the growth of realGDP in 2019-20 at 4.2% as compared to 6.1% in 2018-19. The deceleration in growth ratefrom last year has been attributed generally to slowdown of manufacturing and servicessector. On the demand side the deceleration in GDP growth was caused by a decline in thegrowth of real fixed Investment.RBI forecasted India's GDP growth at 5% in 2020-21. IMFhad projected growth to be 1.9% in 2020 and expected to post a sharp turnaround and resumeits pre-COVID pre- slowdown trajectory growing at 7.4% in 2021-22.CPI inflation surged to5.91% in March 2020 as compared to 2.86% in March 2019. Inflation during the first half ofthe fiscal was lower than second half because there was perceptible spike in food priceswith notable increase seen in case of vegetable pulses Oils Milk Meat and fish.However decline in Crude Oil prices will work towards easing inflationary pressure in thesubsequent months. Due to COVID-19 outbreak becoming a global pandemic the inflationoutlook of India is highly uncertain. With several major economic functions in lockdownmode demand conditions may weaken sharply. Accordingly countries across the world mayface deflation and India may not be immune to these extreme downside pressure imparted bythe Pandemic. In the external sector India's overall exports and import decelerated in2019-20 due to domestic and global economic slowdown. Besides trade disputes and outbreakof COVID-19 led to shut down since March2020 in almost all states of the country. Exportfell to $314.31 billion in 2019-20 from $330.08 billion. Imports also declined to $467.19billion in 2019-20 against $514.80 billion in the previous year 2018-19. During 2019-20merchandise trade deficit was $152.88 billion lower as compared to $ 184 billion in2018-19. The budget estimate of fiscal deficit for 2020-21 has been set as 3.5% of GDP ascompared to 3.8% in 2019-20 (Revised estimate).

Banking Sector Development:

In the 2020 10 PSBs have been merged to churn out mega banks. The country will have atotal of 12 PSBs. Systemic liquidity in 2019-20 has been largely in surplus since June2019. Durable liquidity injection was undertaken through four open market operation (OMO)purchase auctions and buy/sell swap action all conducted during first quarter of 2019-20.Statutory Liquidity Ratio has been reduced 25 bps each in four steps effective April 132019. During the first half of 2019-20 the 10 year benchmark G-sec yield mostly softened.In the first quarter of 2019-20 initially from April to mid May 2019 10 year benchmarkyield hardened marginally on account of rise in crude oil pricesthereafter largelyfollowed a downward trend. In the early March yield started with a softening in the newand old benchmark respectively. GNPA ratio of Scheduled Commercial Banks(SCB's)remainedflat at 9.3% at the end of September 2019 .Growth of Bank Credit was 6.1 % (Y-o-Y basis )as on 27th March 2020 as compared to 13.2% in the corresponding fortnight end of theprevious year. Aggregate deposit of SCB's grew by 7.9 % (Y-o-Y) as on 27th March 2020 ascompared to 10.0 % recorded during the corresponding fortnight end of the previous Year.RBI introduced external benchmark system in the banking sector on 1st October 2019 andreleased the new prudential framework for resolution of stressed assets and permittingonetime restructuring of existing loans to MSMEs classified as standard without adowngrade in Asset Classification. The INR remained volatile during second half of 2019-20due to multiple factors including the high volatility in equity markets. Portfolioinvestment was severely impacted. Monetary transmission has been weakened in 2019 onaccount of rate structure quantity of credit and term structure. The pass through ofpolicy rate cut to the weighted average domestic term deposit rate on outstanding rupeedeposit improved. RBI had reduced repo rates by five times in the year 2019 and reduced135bps. During second half of 2019-20 liquidity management operations by the RBI wereconducted in line with the revised liquidity management framework. Five long term repooperations(LTROs) were conducted during Feb -March 2020 with a view to ensuring monetarytransmission. Furthermore one targeted long term repo operations (TLTRO) was conducted inMarch to address the COVID-19 inducted pressure on financial conditions.In the UnionBudget 2020-21 Finance Minister has announced to infuse about Rs. 350000 Cr by way ofcapital into PSBs for growth purpose.


1. UCO's Delivery Channels:


Bank has a geographically well-spread branch network in India and also has presenceabroad. As of 31.03.2020 Bank has 42 Zones and 3086 domestic branches and 2 overseasbranches (one each in Singapore and Hong-Kong). Bank's representative office has beenestablished in Tehran Iran which is functional w.e.f. 25.03.2017.

The Global branch network over 5 years is as under:- (Global)

March '16 March '17 March '18 March '19 March '20
Branch 3077 3104 3108 3088 3088


The population category-wise break-up of domestic branches as of 31.03.2019 &31.03.2020 is given below:

The domestic branches include 6 Flagship corporate branches 7 Asset Managementbranches 4 service branches and 1 central processing centre 1 integrated treasurybranch. Further 31 Retail loan hubs 8 SME hubs 72 currency chests are also functioningacross the country attached to the major city branches of various centres.


•Global business of the Bank stood at Rs. 308165 crore as of 31.03.2020 comparedto Rs. 317480 crore showing a decrease of 2.93% over March 2019.

•Global Deposits has decreased by 2.38% as of 31.03.2020 and stood at Rs. 193203crore. Global advances fell by 3.86% and stood at Rs. 114961 crore compared to 119573crore as of 31.03.2019.


•Overall domestic business of the Bank has decreased by 3.40% and stood at Rs.293665 crore as on 31.03.2020 from Rs. 304016.68 as on 31.03.2019.

•Total deposits decreased by 2.12% and stood at Rs. 188207.42 crore.

•Advances shown a downward growth of 5.62% from Rs. 111738.53 crore to Rs.105457.91 crore.

•CASA deposits decreased by 11.53% on Y-O-Y and stood at Rs. 75691 crore SBdeposits grew by 7.23% and stood at Rs. 63606.72 crore. Current deposits stood at Rs.12085 crore compared to Rs. 26243.07 crore as of 31.03.2019 showing a fall of 53.93% onY-O-Y basis.

•Share of low cost deposits (CASA) in domestic deposits declinedfrom 44.50% as of31.03.2019 to 40.22% as of 31.03.2020.


Bank has incurred loss of Rs 2437 crore during FY 2020 as compared to Rs.4321 crore inFY 2019. The loss during FY 2020 is decreased and Bank has earned Net Profit of Rs. 16.78Crore during the quarter ended March 2020. Operating Profit for FY 2020 is Rs 4836 croreas against Rs 2760 crore during FY 2019 thereby reflecting an increase of 75.22% . Duringthe year FY 2020 total income registered a growth of 13.64 % from Rs15844 crore in FY 2019to Rs 18006 crore in FY 2020. During the year Bank made provision of Rs 7272 crore againstRs. 7081 crore in FY 2019. Cost of deposits has decreased from 5.07 % in FY 2019 to 4.90 %in FY 2020. Net interest income increased to Rs.5092 crore in FY 2020 from Rs.4311 crorein FY 2019. Capital Adequacy Ratio (CAR) under Basel lII stood at 11.70% as on March 2020.Govt. of India infused Capital to the tune of Rs. 4272 crore during the FY 2020 and GOIholding stood at 94.44% as on 31.03.2020.


Domestic Investment of the Bank during the year 2019-20 increased by 11.05% from Rs80622 crore as on 31.03.2019 to Rs 89532 crore as on 31.03.2020 largely due to allotmentof recapitalization bond and purchase of Government securities.

The SLR investment of the Bank increased by 6.48% from Rs 56834 crore as on 31.03.2019to Rs 60520 crore as on 31.03.2020 mainly due to purchase of high yielding Govt.Securities. The Non-SLR Investment (Domestic) grew by 21.96% from Rs 23788 crore as on31.03.2019 to Rs 29011 crore as on 31.03.2020 mainly due to allotment of recapitalizationbond from GoI amounting to Rs 4272 crore.

During the year 2019-20 the bank has earned income from Treasury operations includingprofit from sale of investments amounting to Rs 7762.28 crore vis-a`- vis Rs. 6252.47crore during the year 2018-19 thereby registering a 24.15% increase in treasury incomey-o-y basis mainly due to higher interest income from investments and profit from sale ofinvestments.

During the Year 2019-20 the bank has registered a growth of 10.99 % in interest incomefrom domestic investments which stands at Rs. 5876.19 crore as on 31.03.2020 as comparedto Rs. 5294.21 crore as on 31.03.19 thereby registering a growth of Rs. 581.98 crore ony-o-y basis mainly due to increase in domestic investment portfolio.

3.1 International Business

Total Business of overseas centers as of 31.03.2020 increased to Rs 14499 crore fromRs. 13463 crore as on 31.03.2019 showing a Y-o-Y growth of 7.69%. Overseas Deposit of theBank declined to Rs. 4996 crore at the end of March 2020 as compared to Rs. 5629 Crorein March 2019. Advances increased to Rs. 9503 Crore in March 20 from Rs. 7834 Crore inMarch 2019 witha y-o-y growth of 21.30%.

Our Bank with 67 B-category Branches across India is committed to actively cater to theneeds of Exporters / Importers Community and also serve the NRI Customers. The TotalMerchant Turnover of the Bank during the Financial Year ended on 31stMarch 2020 stood atRs. 39319.11 crore.

Our Bank has also been facilitating Bi-lateral Banking Trade transaction with Iranunder "Rupee Payment Mechanism" since Feb 2012 as mandated by Govt. of India/RBI thereby facilitating Indian Exporters exporting permissible goods and services toIran.


4.1 Priority Sector Advances:

The Bank has been showing significant performance in lending to Priority Sector overthe years and has been effectively servicing the priority sector and agriculture sectorwith its vast network of rural and semi-urban branches.

As on 31.03.2020 the Priority Sector Advances of the Bank stood at Rs. 57035 Croreconstituting 42.63 % of Adjusted Net Bank Credit (ANBC)

4.1.1 Agriculture Advances:

Total Agriculture Advances of the Bank stood at Rs. 23652 Crore constituting 17.68 %of ANBC.

4.1.2 Advances to Weaker Sections:

Advances to Weaker Section stood at Rs. 15796 Crore as of 31st March 2020 consisting11.80% of ANBC.

4.1.3 Minority Community Advances:

Total Minority Community Advances of the Bank as on 31.03.2020 stood at Rs.7605 croreconstituting 13.33% of Priority Sector Advances.


MISSION 10000 : Bank had set a target to finance 10000 Self Help Groups under Missionmode. As of 31st March 2020 Bank was able to surpass the target and financed to 15690SHGs amounting Rs.380 crore. Bank has received award for outstanding performance infinancing SHG for the year 2019-20 from SRLM Govt. of West Bengal.

PM Kisan Saturation: Bank had taken proactive measures for successful implementation ofthe programme of the Government. As of 31st March 2020 187980 applications werereceived under the said programme out of which 123609 beneficiaries had been given inprinciple sanction immediately and rest eligible applications will be processedsubsequently.

Sankalp for No RIDF for the Financial Year 2020-2021: Bank is required to park fundwith RIDF for the amount of shortfall in achievement of agriculture Credit target duringthe preceding financial year.Bank through its achievement in agriculture credit targetduring the FY 2019-20 is not required to park fund with RIDF for the FY 2020-21. Hencethe Sankalp for no RIDF in FY 20-21 was fulfilled.

Centralised processing of Interest Subvention: Bank has achieved its objective ofcentralised processing of interest subvention which has been successfully implementedwef. 31st March 2020.

Financing Animal Husbandry and Fishery under KCC: Bank has successfully implemented thedirection from Government and formulated a scheme for financing Animal Husbandry andFishery under KCC.


UCO Bank sponsored RRB namely Paschim Banga Gramin Bank (PBGB) is head quartered atHowrah West Bengal with four regional offices and 230 branches as on 31.03.2020.

6.1 Capital position of RRB:

The total capital of PaschimBangaGramin Bank as on 31.03.2020 stood at Rs. 309.02 crorecomprising Rs.154.51 crore (Govt. of India) Rs.108.16 crore (UCO Bank) & Rs.46.35crore (West Bengal State Govt.).

Performance of RRBs during 2019-20

6.1.1 Paschim Banga Gramin Bank:

As per unaudited financial results total deposit of Paschim Banga Gramin Bank stood atRs.5 531.74 crore as on 31.03.2020 registering growth of 6.76 %. Total advance reached alevel of Rs.2954.88 crore with an annual growth of 7.86 % as on 31.03.2020. CD ratiostood at 53.42% on 31.03.2020 as against 52.87% on 31.03.2019.

The gross NPA stood at Rs.422.76 crore as on 31.03.2020 vis-a-vis Rs.373.45 crore as on31.03.2019. Gross NPA to Gross Advance stood at 14.31% as on 31.03.2020 as against 13.76%as of 31.03.2019. The net NPA ratio of the RRB stood at 9.28% as on 31.03.2020 as against9.50% as of 31.03.2019.

Paschim Banga Gramin Bank has earned an operating profit of Rs.117.58 crore as on31.03.2020 as compared to Rs.92.25 crore as on 31.03.19 registering growth of 27.46 %

Paschim Banga Gramin Bank has recorded a net loss of Rs.36.54 crore as on 31.03.2020 ascompared to net profit of Rs.6.79 crore as on 31.03.19 thereby increasing accumulatedloss from Rs. 101.17 crore as on 31.03.2019 to Rs. 137.71 crore as on 31.03.2020.

6.2 Corporate Social Responsibility

Bank has taken several programmes/initiatives as a part of Corporate SocialResponsibility. Few of these programmes/ initiatives are as under:

a) Our Bank has set up 27 Rural Self Employment Training Institutes in 7 states namelyAssam Bihar Himachal Pradesh Odisha Punjab Rajasthan and West Bengal. These 27institutes with dedicated infrastructure are devoted to impart training and skill upgradation and to mitigate the unemployment and under employment problems of rural youths.These institutes are set up by the Bank as a part of initiative taken up by the Ministryof Rural Development to establish dedicated training Institutions for development ofentrepreneurship skills in rural youth under Corporate Social Responsibility (CSR). AllRSETIs trained 16436 candidates and 6295 beneficiaries have been provided Credit Linkageof Rs.96.31 Crore during the Financial Year 2019-20. During the year 2019-20 three (3)newly constructed RSETI Buildings were inaugurated and dedicated to the people of thedistrict for conducting Rural training.

b) Bank under UCO Utthan Scheme has adopted 31 villages falling under 26 UCO Branchesin 19 Zones of the Bank for upliftment of BPL families and all-round development ofadopted villages with financial & social intervention.

c) Under the initiative of Reserve Bank of India Bank has set up 10 CFLs (Centres forFinancial Literacy) in 10 Blocks 5 each in Bhadrak and Dhenkanal district of Odisha. TheBank and NABARD bear the cost of operationalisation of these CFLs in 40:60 ratios.

d) Bank has 34 Financial Literacy Centres across the country and has recruited 29Financial Literacy Counsellors for conducting Financial Literacy Camps. During FinancialYear 2019-20 the Financial Literacy Counsellors have conducted 3655 Financial LiteracyCamps thereby spreading Financial Awareness to 203772 participants.

e) Under the initiative of NABARD Financial Literacy Awareness Programme (FLAP) hasbeen initiated in all Rural Branches of our Bank for imparting financial literacyawareness for different target segments of population. Programmes were on digital literacyand safety measures to be adopted while doing e-transaction. Our Bank has 1075 RuralBranches where 7362 FLAPs were organized with contribution from our Bank in theseprogrammes amounting Rs.0.49 Crore .


7.1 PradhanMantri Jan DhanYojna (PMJDY)

Bank has been allotted with 16225 villages across the country to provide inclusiveBanking Facility in unbanked / under banked areas. In line with DFS directives thesevillages were categorized into 4066 Sub Service Area (SSA). Out of these 4066 SSAs 3600SSAs are covered though BC agents and remaining 466 SSAs in tier 5 villages (Populationabove 5000) are covered through Branches for ensuring universal Financial Inclusion and tobring the entire population under ambit of structured Banking facility. Bank has deployed3568 Bank Mitras in these allotted SSAs. During the FY 2019-20 total 231.10 lacstransactions amounting Rs.8969.52 crore averaging every month about 19.26 lacstransactions amounting Rs.747.46 crore carried out through Micro ATMs used by BC Agents.

By end of March 2020 Bank has Rs. 2833.98 Crore deposits in 85.75 lacs PMJDY Accountswith average balance of Rs. 3304.58. Bank has distributed around 20.21 lacs RuPay Cards tothe eligible PMJDY account holders. During the FY 2019-20 average transactions to theorder of 2.14 lacs took place through Rupay Cards on Micro ATMs used by BC agentsamounting to Rs.110.90 aggregate.

7.2 Aadhaar Seeding & Authentication

As per revised guidelines Aadhaar can be given voluntarily as identity proof foropening customer accounts. Aadhaar is required for availing benefits under various welfareschemes. By 31st March 2020 around 86.08% operative saving accounts have been seeded withAadhaar number and Aadhaar authentication has been done in 52.22% of operative savingaccounts. Aadhaar based Direct Benefit Transfer worth Rs 8343.87 crore was transferred tothe accounts of beneficiaries.

7.3 Aadhaar Enrolment Centre

A total no of 300 Aadhaar Enrolment centers has been set up covering 10% of thebranches as per UIDAI guidelines in our Bank. So far 1245 staff members(operators/supervisor) have passed the certification exam and 1245 User IDs are activatedin our bank. At present Bank is doing about 8 enrolments/updations per day per centre.

7.4 Micro Credit-Overdraft facility

Detailed guidelines by IBA for providing Overdraft facility up to Rs10000/- has beensent to all branches/zones. Number of PMJDY accounts using the OD facility in the bank ason 31.03.2020 is 180044 involving aggregating sanctioned amount of Rs.36.55 Crore.

7.5 Social Security Schemes

Working on the Government's theme of providing social security to hitherto unbankedmasses Bank has implemented Insurance and Pension products namely Pradhan Mantri JeevanJyotiBimaYojna (PMJJBY) Pradhan Mantri Suraksha BimaYojna (PMSBY) Atal Pension Yojna(APY) through its Branch and BC network. Under PMJJBY scheme 9.75 lakh subscribers areinsured and under PMSBY scheme 19.57 lakh lives are insured. So far a total of 4155 claimsare settled under PMJJBY and 987 claims are settled under PMSBY. Further totalsubscribers under Atal Pension Yojna crossed 3.29 lac till year end.

7.6 Revenue generated through Financial Inclusion Project

Consistent efforts under Financial Inclusion have given good results and Bank hasstarted gaining both tangible and intangible benefit out of these activities. Whiledecongestion of branches reduction of transaction cost and increase in CASA base areintangible benefits of FI Project. Tangible benefits have come in the form of commissionearned under various products. Bank has earned Rs.262.33 lacs in PMJJBY Rs.32.28 lacs inPMSBY and Rs.152.13 lacs in APY as commission during FY-2019-20. Similarly an aggregateamount of Rs 4.91 Crore is earned against DBT / DBTL during the year.


Government Business Cell handles Small Saving deposit schemes collection of direct andindirect taxes Central and State Government Pension Atal Pension Yojna (APY) SovereignGold Bonds (SGB) and National Pension System (NPS).

During the year 2019-20 all Branches have been authorized for the opening of accountunder Public Provident Fund (PPF) Sukanya Samriddhi Accounts (SSA) and Senior CitizenSaving Scheme (SCSS). There was increase in the accounts opened under PPF- 4105 (41%) andSukanyaSamriddhi Accounts scheme- 2920 (16%) during the year 2019-20.

There was a substantial increase in accounts opened under APY Scheme from 78745 during2018-19 to 125584 during 2019-20 shows 60% Y-o-Y growth.

Bank received several awards /accolades for achieving targets for APY enrolment in sixmonths. These awards include:

•Winning Wednesday awards for achieving targets under APY enrolment for six months

•MD& CEO received the award for Leadership capital 2.0 meant for all Banks

•Citizenship award to both the SLBCs for APY achievement.

•Three zones received the award "Rise above the rest "meant for zones.

•Beat the best award received by 201 Branches for their achievement under APY.

•UCO Bank is the only Bank to receive "Pledge to Persist" award meantfor Banks for achievement under APY

Bank earned Turn over commission to the tune of Rs. 26 crore during the year 2019-20 onvarious products namely different state tax collections CBDT tax collections CBEC taxcollections central and state government pensions Atal Pension Yojna(APY) PPF SukanyaSamridhi Yojana SCSS Sovereign Gold Bond etc. Bank has continued its pledge to improveGovt business substantially.


The advance under Micro Small and Medium Enterprises (MSME) as on 31.03.2020 is Rs.24486.12 Crore

New initiatives taken under MSME during FY 2019-20

•Bank launched "UCO Carnival" campaign during the year 2019-20 toaugment credit to Retail and MSME segment. An amount of Rs.2964 sanctionedexclusively to Retail sector and Rs.1348 Crore loans sanctioned exclusively to MSMEsector during the campaign.

•Onboarding of MSME products up to Rs. 500 Lacs in Psbloansin59minutes portal

•Onboarding of Mudra product (up to Rs. 10 Lacs) in Psbloansin59minutes portal

•To encourage MSMEs for prompt repayment Bank has introduced incentive schemes asunder:

•In Case of Term Loans waiver of last installment to all eligible MSMEs

•In case of Cash Credit waiver of 25% of renewal charges to all eligible MSMEs

•The Bank has tied-up with RXIL and is trading at RXIL platform with effect fromFebruary 2019. Considering future business prospect under TReDS Bank has also tied-upwith TReDS platforms i.e. M1xchange and Invoicemart on 14/11/ 19 for discounting of billsat TReDS Platforms and a total of 1525 bills were purchased amounting to Rs.65.05 Croreduring FY 19-20 on this platform.

•Bank has tied-up with M/s Srei Equipment Finance Limited (SREI) on 17/02/2020 tooffer Co-origination of loans for purchase of construction and mining farm and medicalequipment under a co-lending arrangement. iQuippo a Kanoria Foundation initiative willfacilitate sourcing of loans under this programme

•A new scheme for financing Two Wheelers under MUDRA for the purpose of commercialuse launched in order to cater the target customers under MSME.

•A special scheme for MSEs "UCO VyaparSamridhi" launched on 17/06/2019where collateral free loans up to Rs.1 Crore are sanctioned to MSEs including RetailTraders.

•Eight SME Hubs created for funding to MSME sector with reduced TAT .

•With a view to mitigate the liquidity crunch of MSMEs a new scheme for MSME"Standby Line of Credit for MSME" has been introduced on 06/01/2020

•Implemented scheme "Interest Subvention Scheme for Incremental Credit toMSMEs 2018".

•Implementation of MSME restructuring scheme of GOI.

•Refinance from SIDBI of Rs. 1200 Crore taken in two tranches (Rs. 600 Croreeach).

•MSME Policy modified as per Industry benchmark .

•Monitoring of Online Applications through Portals like Udyamimitra PMEGP andPsbonline etc. to reduce TAT.

•Bank has tied up with NORKA ROOTS for implementing Government of Kerala Initiatedrehabilitation package Norka Department Project for Return Emigrants (NDPREM).

•Bank has signed MOU with CGTMSE for participating as lender on UDAAN Portal. Thiswill assist Bank to utilize technology in better sourcing of MSEs.


The performance highlights of the bank under Retail during FY 2019-20 are furnished asunder:

Product As on March 2019 As on March 2020 % Growth Y-o-Y
Home Loan 13545 14679 8%
Car Loan 1357 1507 11%
Personal Loan 514 538 5%
Other Retail Loan 7076 8499 20%
Total Retail 22492 25223 12%

•Total Retail loan Portfolio registered Y-o-Y growth of 12%. Core Retail LoanPortfolio (excluding Pool & LRD) registered Y-o-Y growth of 16%.

•Focus areas Home and Car (excluding pool) registered Y-o-Y growth of 14% and 16%respectively.

•Home Loan Property and Pensioner Loan Products are improvised.

•To cater the financial needs of students pursuing Medical Courses in India andstudies abroad new Education Loan Scheme "UCO Aspire" with increased Limits upto Rs.75 Lacs was launched. As on Mar'20 Rs. 46.14 Crorewas sanctioned under this Scheme.

•"UCO Personal Loan Scheme to Employees of BoB" for Bank of BarodaEmployees to subscribe shares offered under BoB ESPS 2019. Business of around Rs.90 Crorewas mobilized under this Scheme.

•Two new RLHs at Coimbatore & Kanpur Centres were established.

•To onboard quality customers a minimum CIBIL/CRIF High Mark score of 600 was setfor all Retail Loan Products.

•Tied up with Credit Information Companies to identify Cross Selling opportunitiesamong existing customers identify potential markets for Retail Loans and for SMS basedCustomer Profiling Solution.

•"UCO Carnival" a limited period Retail and MSME Loan Campaign waslaunched on 06/01/20. Total Sanctions during the campaign wasRs. 4312 Crore(Retail~Rs.2964Crore and MSME~Rs.1348 Crore).


•Bank is a Corporate Agent (Composite) for solicitation of Bancassurance businessand has tie up arrangement with Life Insurance Corporation of India and Future GeneraliIndia Insurance Company Limited for Life and General Insurance business respectively.

•For Group Credit Life Insurance Coverage Bank is the Master Policy Holder andGroup Administrator of Kotak Mahindra Old Mutual Life Insurance Company Limited.

•Bank is under process of executing Agreement with newly selected InsuranceCompanies under Corporate Agency Tie-up for Bancassurance Business

•Bank also distributes products of the following Asset Management Companies:-

1. M/s. Kotak Mahindra Asset Management Company Limited

2. M/s. Nippon Life India Asset Management Limited

3. M/s. SBI Funds Management Private Limited

4. M/s. UTI Asset Management Company Limited

5. M/s. HDFC Asset Management Company Limited

6. M/s. Baroda Asset Management India Limited

7. M/s. ICICI Prudential Asset Management Company Limited

8. M/s. Franklin Templeton Asset Management (India) Private Limited

9. M/s. Aditya Birla Sun Life Asset Management Company Limited

•In order to augment Bancassurance Business Bank has 347 trained SpecifiedPersons certified by Insurance Regulatory & Development Authority of India (IRDAI)

•Business Performance under Bancassurance (Life Non-Life Group Life Credit) andMutual Fund Business for the period 01/04/2019 to 31/03/2020 is as below:-

Name of the Company Premium Collected (Rs in Lakhs) Base Commission Earned (Rs in Lakhs) No of Policy/ Folio (Rs in Lakhs)
A. Life Insurance
1. M/s Life Insurance Corporation of India 1152.49 244.74 3651
B. General Insurance
2. M/s Reliance General Insurance Co. Ltd. 196.85 26.56 9348
3. M/s Future Generali India Insurance Co. Ltd. 1717.47 248.23 82451
4. M/s Liberty General Insurance Co. Ltd. 2185.50 330.45 87746
C. Group Credit
1. M/s. Kotak Mahindra Old Mutual Life Insurance Co. Ltd. 1501.86 N/A 9451
D. Mutual Fund Business
1. Mutual Fund Business (9 AMCs) N/A 14.87 N/A
Total Business 6754.17 864.85 192647


As a specialized Department and performing an advisory role the role of Law Departmentis not limited only to defending the claims lodged against the Bank before various fora ofLaw but also in augmenting Bank's recovery in litigations filed by the Bank beforeTribunals/Courts against defaulting borrowers/guarantors. It also entails maintaining aclose follow- up and monitoring ensuring their expeditious disposal. Review of performanceof AdvocatesStanding Counsels Legal Retainers (if any) are also undertaken by LawDepartment along with vetting of the Tender Documents of the Bank Agreements etc.providing legal advice to Corporate Departments/Zonal Offices to take a balanceddecisionin Bank's interest.

Law Department has also contributed in spreading awareness and orientation amongst theField Functionaries to enable them to be conversant with latest developments on variousissues from a legal perspective by issuance of 21 Circulars Common Letters and Hand-Outsfor circulation amongst the Field Functionaries.

In auxiliary to the above Law Department has extended its support to the Central StaffCollege as faculty in imparting training on varied topics of law. Thus Law Departmentenhances value to the organization by providing responsive service commercially astuteadvice within the relative legal framework thus having a transformative impact on Bank'sbusiness.


Gross NPA % of our Bank has been decreased to 16.77% in March 2020 from 25.00% inMarch 2019 thereby quantum of GNPAs has decreased to Rs. 19281.95 Crore in March 2020from Rs.29888.33 crore in March 2019 respectively. The NNPA % of the bank has declinedby 5.45% in March 2020 against 9.72 % in March 2019.

During the FY 2019-20 the Bank has witnessed fresh slippages of Rs. 6181.38 Crore. CashRecovery of Rs. 2716.28 Crore for the year ended 31st March 2020. The total reduction inNPA through Cash Recovery & Up-gradation of NPA during FY 2019-20 is Rs. 4308.67Crore. Maintaining Bank's Asset quality and recovery of Bad debts remain main focus areafor the Bank.

13.1 Recovery performance:

Bank's recovery mechanism is also geared up at all levels of the organization to takeadvantage of modified compromise settlement scheme SARFAESI Act DRTs Lok Adalats NCLTCountry wide mega Recovery Camps Road Shows MAO campaigns declaration of wilfuldefaulters etc. were organized for speedy recovery.

The details of GNPA NNPA Cash Recovery and upgradation for the last three years areas under:

Particulars 31.03.2018 31.03.2019 31.03.2020
Cash Recovery 1680.04 2991.52 2716.28
Up gradation 2610.08 2332.20 1592.39
Total 4290.12 5323.72 4308.67
Recovery in Loss Assets
(ML & Technical Write-off accounts) 181.56 448.30 1002.97
Gross NPA 30549.92 29888.33 19281.95
Gross NPA % 24.64% 25.00% 16.77%
Net NPA 14082.07 9649.92 5510.66
Net NPA % 13.10% 9.72% 5.45%

The total cash recovery plus upgradation for the year ended 31st March 2020 is Rs.4308.67 Crore as against Rs. 5323.72 Crore for the year ended 31st March 2019. Therecovery in written-off accounts is Rs. 1002.97 Crore for the year ended 31st March 2020compared to Rs. 448.30 Crore for the previous year.

Recovery in Loss assets has a direct impact upon the profitability hence Bank givingpriority in monitoring / follow-up for recovery in such accounts. A separate vertical inthe Bank is monitoring consistently for recovery in loss assets including technically aswell as prudentially written-off accounts.

13.2. Some Recovery initiatives:

•Bank has liberal compromise Settlement scheme for NPA and ML accounts having O/sBalance up to Rs. 1.00 Crore under which the branch heads are empowered to approvecompromise proposal to ensure more NPA accounts are covered under the proposednon-discretionary/ non-discriminatory OTS Scheme.

•Bank has empanelled 492 Enforcement & Recovery Agents and 1709 BusinessCorrespondents (BCs) for effective and time-bound enforcement of action under SARFAESI Actand early resolution of NPA accounts.

•Bank has implemented the Legal Management System with the objective to facilitatedifferent departments at Head Office & Zonal Offices for monitoring legal matterscreating database of all cases pending before different courts for effective monitoringand early resolution of accounts.

•MAO (Many against One) approach is adopted against recalcitrant borrowers on aregular basis and being monitored at HO level.

•Countrywide Mega Recovery Camps are being organized on Two days every month.

•Mega e-auction of properties under SARFAESI is being conducted on quarterlybasis.

•Eligible properties put for auction are uploaded on 'e-BG' a common webportal of IBA ( (Indian Banks Auction Properties Information) formeaningful search by the prospective buyers from 28.02.2019.

•Accounts eligible for NCLT are being explored vigorously. Bank is in liaison withother financial creditors on regular basis for considering the way forward in respect ofNCLT cases.

Most of the accounts under NCLT are consortium / multiple banking accounts which arebeing monitored for resolution on case to case basis in consultation with leader ofconsortium etc. Where Bank is the leader of the consortium follow up was made in each andevery account for the purpose of resolution.

Where our Bank is a member of Consortium / JLF Bank is taking up the critical issueswith the top management of the respective Leader Banks on regular basis specifically toconvene meeting of JLF at frequent intervals and ensuring our Bank's participation atsuitable levels in such meetings.

•Eligible NPA accounts are identified for Sale to ARCs from time to time atregular interval. A total of 434 A/c's amounting to Rs.6150.99 crore has been assigned toDifferent ARCs since inception.

•State specific Schemes were formulated to widen the scope of NPA recovery as perrequirement under Debt Waiver at the State Level through the SLBC of the respective statessuch as Chhattisgarh Govt. Short Term Crop agriculture debt waiver scheme 2019.


Present economic situation has accentuated upsurge of bad loans in the banking industryforce banks to deal with NPA more proactively by stressed asset management for arrestingfresh slippage. Bank has geared up mechanism of tracking by initiating measures as under:-

•Bank has put in place framework for identification of Red Flagged Account (RFA)based on triggers known as Early Warning Signals (EWS) as per guidelines on Framework fordealing with loan frauds leading to the identification of the account as fraud or notwithin the period of six months from date of marking the account as RFA. Regarding Systemidentification of EWSa software package has been implemented which is capable ofgenerating 42 EWS triggers as suggested by RBI along with 84 EWS triggers as suggested byDFS under EASE-Public Sector Reform Agenda.

•Considering severe stress in Micro Small and Medium Enterprises (MSME) sectorsFramework for revival and rehabilitation of Micro Small and Medium Enterprises and onetime restructuring of MSME formulated in terms of RBI guidelines and has been put inplace for resolution of stressed asset under these sectors.

•As a part of stressed asset management default assets 5 crore and above weeklyreporting done to RBI at Central Repository of Information on Large Credit (CRILC)platform and monitored on daily basis.

•NPA Tracker through mobile application has been introduced for monitoringstressed and NPA accounts at base level.

To improve upon functioning at the grass root levelbank has devisedfurtherfollowingstrategic policy and guidelines:

a) Operational guidelines for Credit Monitoring 2018-19 has been updated and put inplace after obtaining approval of the Board.

b) Policy for empanelment of TEV consultants has been revised and put in place on05.07.2019.

c) Based on the feedback received from field functionaries and following the guidelinesof Reserve Bank of India (RBI) thirty Seven (37) numbers of circulars issued on effectivecredit monitoring during Financial Year (FY)2019-20.

d) Engagement of Agencies for Specialized Monitoring and effective monitoring of LargeBorrowal accounts with exposure above Rs 250.00 Crore has been introduced on 15.02.2019after obtaining approval of the Board.

e) Guidelines for empanelment and appointment of Stock & Book Debt auditors hasbeen revised and put in place on 05.07.2019.

f) Stressed accounts of Rs 5.00 Crore and above was directly monitored by High PowerCommittee (HPC) headed by Executive Director (ED) on fortnightly basis. g) Policy forempanelment of valuers for the properties offered as securities both primary andcollateral while processing of credit facility has been revised and put in place on23.05.2019.


In order to come out of Prompt Corrective Action (PCA) Bank had initiated various Turnaround Strategies after deliberating the same with the Board of directors. The riskappetite of the Bank in different segments is also captured in ICAAP Document.

Bank put in place a Contingency Funding Plan (CFP) to manage severe liquidity stressunder different scenarios.

Best practices at Industry level in Credit & Operational risk areas have beenidentified. The Policies of our Bank have been reviewed and some policies have also beenvetted by the external agencies.

Risk Management culture has been percolated down to the zonal office and branch level.Zonal Office Level Operational Risk Management Committee has been formed to review theoperational risk areas at field level and analysis of its Root Causes and its pluggingthereof.

Credit Risk Vertical has been created to evaluate inherent credit risk in creditproposals before its fresh sanction or enhancement. Bank is in the process of linking itwith our system especially with the Early Warning System (EWS) Loan Management Systemand Credit rating modules.

Asset Liability Management (ALM) Cell was upgraded. Pricing of our Liabilities andAsset Products is mostly linked with RBI policy rate and it is market driven. It istransparent with the change in Repo Rate.

Credit Rating Cell is engaged in evaluation of credit risk and the risk rating modelsare also recalibrated from time to time. As decided by the competent authority the creditrating will be system driven.

Fraud Risk Management Cell has been formed for identifying and monitoring various fraudprone areas and fraud accounts examining the cases by committee of executive (COE) andFraud Management Group (FMG).

Our pricing of loan to Corporate Borrowers is linked with RAROC document. The onlinemodule for Credit Audit system has been implemented.

The Public Sector Banks (PSBs) Reform Agenda - "Enhanced Access & ServiceExcellence" (EASE) has been successfully implemented in our Bank and UCO Bank hassecured 9th Rank in December'19 quarter under EASE 2.0 amongst all PSBs.

UCO Bank unveiled its plans for customers to obtain via appportal or call CentreDoorstep Banking Services offered collectively by PSB as " PSB Alliance " forservice such as pick -up of cheques and income-tax exemption certificates and delivery ofIncome-tax challan drafts and account statements in major cities across India.

During Covid-19 pandemic crisis Bank implemented all the directives of Govt of Indiaunder AatmaNirbhar Bharat without loss of time and Emergency Credit Lines also extendedto the MSME and Non MSME borrowers with the approval of Board of directors.


1. ATMs/Debit Cards :

•Introduction of UCASH (Cardless cash Withdrawal) at our Bank's ATMs for ourCustomers.

•Cash@POS for Bank's Rupay& Visa Debit Card holders and Rupay prepaid cardholders.

•Launching of Rupay Select Card .

•To resolve ATM related customer issues on the spot Bank provided WhatsApp Number7596049109.

•Introduced additional 400 new ATMs to increase operational efficiency.

2. M-banking :

Features implemented in Mobile Banking:

•New Mobile Banking App mBanking plus launched with following additional services:

•Generation of TDS certificate.

•Enrolment of PMJBY and PMSBY.

•Debit card issuance and activation.

•PPF account opening.

•UPI DMSportal launched for lodging disputed transaction of UPI.

•New mPassbook App launched for Customers of Singapore and Hong Kong branches.

•Complaint management system portal launched for reporting unauthorized digitaltransactions.

•New account opening option introduced through UCOPAY+ app with AADHAAR validationand Branch selection.

•Implementation of UPI Mandate management system.

3. E-Banking :

As part of EASE of Banking and Customer Convenience initiatives following features havebeen implemented during last financial year:

•A/c Statement on email.

•Debit Card Request through internet banking.

•Renewal of Fixed Deposit and addition of nominee. •Implementation of CAPTCHAfor enhanced security.

•Apply for Locker

•Seeding PAN number in account.

•Online Submission of 15G/ 15H

•Cheque Book Request

4. Other important facility implemented for Customer Convenience

•Availability of 24X7 NEFT in line with RBI guidelines

•Online facility of One Time Settlement of NPA Accounts -Non-discriminatory andNon-Discretionary (OTS-NDND)

•Integration with DigiLocker for TDS certificate.

•Implementation of Door Step Banking facilities under EASE in Banking facility forSenior Citizens and Differently abled persons including those who are visually impaired -through e-Banking and UCO Bank's website.

•UCO Bank being anchor Bank selected service providers for Universal Door StepBanking for all strata of customers on behalf of all Public Sector Banks.

•Integration done with GeM Portal for seamless processing of payments.

•Facility for giving Standing Instruction for payment in PPF account.

•Centralized eTDS has been implemented in pension payment.

•To improvise CBS access at branches 2802 nos. of Branches have been upgraded to 2Mbps Link.

5. Call Centre :

Bank introduced IVR based Phone Banking solution called "UCO SAMPARK" throughtoll free number 18002740123 from registered mobile number. Interactive Voice Response(IVR) systems help customers complete various banking activities with minimal to noinvolvement of an agent for assistance.

It is available in Hindi English and ten (10) other regional languages and can beaccessed anytime and anywhere.


•SWIFT NOSTRO and Message Reconciliation System made live.

•Bank has initiated process for implementation of SWIFT GPI(Global PaymentInnovation) and SWIFT Domestic Messaging Platform.

7. Smart Pay :

•Total 27 New merchants have been added during the financial year 2019-2020 forcollection of fee/funds from School/ Colleges and other merchants.

•Bharat Bill Pay has been made live since 01.10.2019


•Bank has Cyber Crisis Management Plan in place to ensure rapid identificationinformation exchange swift response and remedial actions to mitigate and recover fromcyber threats impacting critical business functions.

•Bank has Cyber Security Policy and Information Security Policy in place toprovide direction and support for cyber security in accordance with business requirementsrelevant laws and regulations.

•Cyber risk awareness workshops and programmes have been conducted for employeesfor disseminating awareness at different user level.

•Table Top Exercises have been carried out to assess the preparedness andefficiency of Branches and Offices in reporting cyber incidents.

•Cyber security best practices and safety tips have been shared through Facebookand Twitter to make customers aware of the challenges of cyber risks and threats.

A Handbook on "Your awareness is your safety" has been published to spreadawareness amongst employees. Cyber Security threats and best Cyber Security practices havebeen explained in this book in an illuminating manner.

Employee awareness has also been enhanced through various kinds of advisory viz CyberSecurity Thought of the Week series Cyber Cable 2020 series Be Aware Be Secure seriesThink Before You Act series and Cyber Patrika series. Computer Security Day was beencelebrated on 30th November 2019 and an awareness campaign was also been organisedthroughout the month of November 2019 by circulating Infosec Series among all theemployees through Email.


Standardised Public Grievance Redressal System ( SPGRS ) is available for the public tolodge complaints online. 98 % of the total complaints received during the financial year2019-20 have been redressed. Under RTI a total of 966 applications were received duringFY2019-20. There were 152 appeals made under RTI.


Bank is having Management Information System (MIS) vertical for internal reporting aswell as reporting to regulatory and various statutory bodies etc.

MIS-ADF is integrated with all the discrete systems of our Bank viz. Finacle (Domesticand Overseas) GBM LAPS Domestic Treasury E-Banking Mobile Banking M-Wallet etc. andis performing as a one stop solution in providing information to the organization formultipurpose like co-ordination control visualization data analysis to increase thevalue and profit of business its implementations and TOP Management level for effectivedecision making by providing data and information in the shortest period of time.

Bank has developed reporting system under MIS ADF for submission of RBI returns/dataviz. BSR SIBC NRDCSR etc. without any manual intervention through XBRL platform.Internal reports are made available for business verticals - Credit Risk ManagementRecovery Treasury International Overseas and Finance for control monitoring andreporting on day to day business parameters. Department faces the challenge of submissionof all adhoc data on regular basis in time bound manner and succeeds in doing the sameexceptionally well.

Digital channel performance reporting is made to Ministry of Electronics &Technology Govt. of India on daily basis.

Bank is also reporting credit information to consumer commercial and SHG segments onmonthly basis to different Credit Bureau like CIBIL CRIF Highmark and Equifax.

Department has developed automated process for SLBC data generation /submissiondirectly to SIBC portal as per standardized format. Bank has also successfully implementedCentralised Information Management System (CIMS) project launched by RBI. Under thisproject 117 RBI returns to be automated in a time bound manner. 1st phase of automationprocess have been completed successfully. Department is constantly taking initiatives toautomate the processes of data generation and submission.

Department has also initiated the process of implementation of Data ware housingproject data for enhanced Business Analytics through the BI module and act as DecisionSupport system for improving organizations operational efficiency add value to existingproducts engender new innovative products for successful growth of the Organization.


Bank reinforces strong corporate reputation through its high degree of transparency andconsistency in communication with stakeholders and also disseminates timely informationwith clarity coherence and credibility including information through the websites of theBank on real-time basis. Bank aims to inform persuade and involve one and all in theactivities and growth through sustained consistent and relevant messages and using ajudicious mix of both external and internal communication tools.

Bank has taken up multiple initiatives through various channels namely Print MediaOutdoor Media sponsorship of different events CSR activities and dissemination ofrequisite information to stakeholders to build and maintain the brand-image of a worldclass financial institution.

a) Publicity Campaigns :

Print Media:

Print Media is an effective medium to connect to masses. Corporate CommunicationsDepartment has utilized it effectively by carrying out focused intensified and vigorouspublicity campaigns throughout the FY 2019-20. Liability products and Asset products viz.UCO Carnival UCO Challenge UCO Home Loan UCO Car Loan Festival offer for UCO Home& Car loan PMMY Stand-Up India psbloanin59minutes KCC etc. were prominentlypromoted during the period.

With a thrust on routing the transactions through Alternate Delivery Channels (ADC) andmaking banking more customised and customer-oriented UCO Pay+ E-Banking etc. were widelypublicized through Print Media during the period.

Publication of financial results in leading national and local dailies was alsoexecuted through Print Media.

Outdoor Media:

The contribution of Outward Media towards establishing a strong brand value in themarket cannot be underestimated. Outdoor media publicity is basically done throughhoardings kiosks wall paintings banners sponsorship and beautification of gardens/parks etc. Proposals related to sponsorship of events health check-up camps sportingevents etc. are also done from time to time.

Rural Publicity:

Rural publicity is an integral part of publicity-campaign for UCO Bank having pan-Indiaand strong rural presence. Bank has promoted and monitored various rural publicitycampaigns through zonal offices located across the country. Wall-Paintings announcementsby Rickshaw Loan fairs etc. were carried out for promoting awareness about products andservices offered by the Bank.

b) Celebration of 77th Foundation Day:

The Bank completed 77th glorious years of service to the nation on 6th January 2020.The occasion was celebrated with much enthusiasm and vigor across the country and overseascenters. Employees and executives of the Bank jubilantly participated in a Walkathon fromHead Office I to PrincepGhat. Zonal Offices and Branches across the country organiseddifferent activities viz. planting saplings blood-donation camp health check-up campetc.

c) Public Relations: Press Meet :

Dissemination of information and coverage of important events and occasions viz.Financial Results Awards & Recognition Opening of new branch is prerequisite forstrengthening the public relations. During the FY 2019-20 Corporate CommunicationsDepartment organised Press Meets for declaration of quarterly and yearly financial resultsand other important events. Department has also arranged for press-release of financialresults AGM & EGMs and other important events in leading national and localnewspapers throughout the Financial Year. d) Corporate Social Responsibility :

Bank believes that carrying out CSR activities help in tangible value creation.Moreover CSR creates a positive image in the mind of customers and society at large. Thiscreates a sense of belongingness and loyalty in existing and prospective customers.

e) UCO Tower :

Bank is also publishing the in-house magazine "UCO Tower" where all theconstituents are encouraged to participate. UCO Tower also aims to create awareness of allhappenings and activities of the Bank among all employees.


Human Resource Management Department comprises of various Cells looking after differentsegments of the departments. All these cells worked in tandem during FY 2019-20 to createa harmonious and productive work environment. Training and workshop were organized forimproving/enhancing the skills and knowledge of the staff.

21.1 Manpower Management:

The Total staff strength as on 31st March 2020 stood at 22436 including employeesserving overseas. We have 12281 Officers and 7023 Clerks out of which 3309 are SC 1684are ST and 4132 are OBC. There are 3132 Sub staff in our Bank.

Out of total staff 484 employees are Differentially-abled and 1456 belong to theMinority Communities. Women employees (5832) constitute 25.99 % of the Total Workforce ason 31st March 2020.

21.2 IR Negotiation Cell:

During the period the Industrial Relations climate in the Bank remained cordialbetween the Management and the Unions/ Associations. Meetings and discussions were heldwith Unions/ Associations at periodic intervals through mutual co-operative attitude andrespect during the financial year 2019-20.

21.3 Reservation Cell:

Bank has been implementing reservation relaxation and other concessions extended toSC/ST/OBC / Differently Abled Persons and Ex-Servicemen employees as per reservationpolicy of the Government of India. During internal promotion process for the FY 2019-20as per GOI guidelines Bank has imparted Pre-promotion Training to 840 candidates forinter-scale promotion of officers (SC - 278 ST - 145 OBC - 383 and PWD - 34); 646candidates for promotion from clerical to officers (SC - 241 ST -118 OBC - 279 and PWD -8); and 596 candidates for promotion from sub - ordinate to clerical cadre (SC - 342 ST -72 OBC -177 PWD - 7) belonging to SC/ST/OBC and PWD category. Our Bank being the NodalAgency in two states i.e. Shimla and Odisha also provides pre -recruitment training.

In order to address the issues of SC / ST & OBC employees of the Bank meetings arecalled at Apex level as well as at Zonal office level (Where reservation roster ismaintained) with Welfare Association of such employees. The grievances of the employeesare also handled and subsequently redressed by the cell as per Bank's policy andguidelines.

The reservation cell hosted a review meeting for monitoring the implementation ofreservation policy for OBC with Dr. Bhagwan Lal Sahni Hon'ble Chairman NationalCommission for Backward Classes along with Dr. Lokesh Kumar Prajapati Vice - ChairmanShri Kaushalendra Singh Patel Hon'ble member and in-charge Finance along with otherdignitaries of the Commission on 13.02.2020.

21.4 Recruitment Cell:

In the year 2019-20 Bank has recruited 435 Probationary officers. Out of total 435officers 155 officers are females. 454 clerks have also been recruited during thefinancial year 2019-20. Out of total 454 clerks 135 are females. Bank also proposes torecruit 115 Probationary officers and 146 Clerks under CRP-VIII reserve list for year2019-20 and 500 Probationary officers and 650 clerks for 2020-21 under CRP-IX.

21.5 Training Cell:

Our Organization being a part of one of the most dynamic industries has to keep upwith the constantly changing environment by continuously updating its workforce withvarious Training Programmes in the concerned Fields. Training programmes are held aligningthe corporate vision mission and fulfilling the expectations of the Top Management.

In FY 2019-20 221 Executives 11581 Officers 4536 Clerks and 606 Sub-Staffs totaling16944 were trained in Internal Training programmes conducted at our Central Staff College(CSC) situated at Kolkata and 7 Regional Training Centres as well as Zonal Offices acrossIndia. We also continued to sponsor our Executives & Officers in reputed ExternalTraining Institutes like IIMs NIBM CAB (RBI) IIBF CAFRAL IIBM etc. in which 578employees were trained in External Training programmes which helped them in acquiring aglobal competitive edge.

Specialized Training Programme for Visually Impaired employees was conducted in which35 employees participated.

In FY 2019-20 some important Training programmes like Risk Management programme forRisk Officers Programme for Visually Impaired employees Programme on Ethics andPrevention of Corruption Workshop on HR Analytics Programme on MSME FinancingHeartfulnessProgramme etc. were conducted. During this period employees have been givencomprehensive training in the areas of MSME Priority Sector & Agriculture andFinancial Inclusion. The numbers of employee trained in these areas are: MSME- 633Priority Sector-2141 and Financial Inclusion-678. Apart from this some specific topicslike Awareness in IT & Cyber Security Customer Service Branch Profitability DigitalProducts etc. have been included in all Internal Training Programmes.

In FY 2019-20 total of 557 employees were paid honorarium/ incentive for passing Bankapproved courses as per RBI guidelines on Capacity Building.

21.6 Internal Complaints Committee (ICC):

Our Bank is committed to promote gender equality and women's empowerment which resultin economic development and inclusive growth and benefit the nation as a whole.

In terms of creating safe workplace environment for women our Bank has constitutedInternal Complaints Committees at Apex level as well as Local Level enforcing the rules aslaid out in the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013 for quick redressal of such complaints if any.

In FY 2019-20 total 02 complaints received in the month of Feb'2020. These complaintsare under investigation with the Internal Complaints Committee-Apex Level.


•After the introduction of Risk Based Supervision of Banks by RBI and adoption ofBasel-III norms the function of Audit& Inspection has undergone a sea change. Alongwith traditional functions of ensuring proper follow up of policies & proceduresstrengthening the internal control the Audit & Inspection measures the risk the Bankfaces in day to day operations. Hence the policies process followed up by the Audit &Inspection Department have undergone significant changes.

•The Risk Based Internal Audit of Branches and other service outlets have beenadopted since 2014. Our Integrated Treasury branch Mumbai is also under RBIA from June2019. The Bank has switched over to Risk based Online Concurrent Audit and ManagementAudit System from May 2019. During the year under review Bank has empanelled 80 retiredOfficers/Executives for conducting RBIA of branches.

•The Offsite surveillance cell of Audit & Inspection Department has beenstrengthened. The system generated alerts are being generated in 33 parameters. Thedisposal of alerts by branches has reached an average of 93%. Apart from generation ofalerts this cell is also monitoring various internal accounts suspicious transactionsthrough back-end data mining.

•During the year under review RBIA has been conducted in 2087 branchesManagement Audit conducted in 25 Zonal Offices and 4 Head office Departments and 887Branches / Offices are under Concurrent Audit.


1. Preventive Vigilance Initiatives taken by the Organization

Following preventive vigilance initiatives have been taken by the Bank during the year2019-20.

•Direct interaction of the CVO was concluded successfully with 21 zones out of 42zones in our Bank in an effort to sensitize field functionaries regarding vigilancematters. It was a unique opportunity to explain at appropriate level all vigilance relatedissues without fear or favour.

•Vigilance officers have visited sensitive branches/offices for surpriseinspection and have submitted reports directly to the Department.

•RBIA/Concurrent Audit Reports have been examined on a regular basis to detect anyirregularity or scope for the same.

•Best practices and systemic improvements were shared with field functionariesduring Preventive Vigilance workshops and trainings.

•Circulars have been issued highlighting the modus operandi or certain fraudswhich have been detected at Department level for dissemination of knowledge at Branchlevel.

•Circular elaborating certain irregularities being committed often unknowingly(entries in staffs and office accounts) and preventive steps

•Scrutiny of Annual Property Returns has been conducted by the Department toascertain its genuineness.

•As part of Vigilance Awareness Week held from 28.10.2019 to 02.02.2019 with thetheme "Integrity-a way of Life" Executive from the Department visited variouszones and participated in various outreach activities / programmeattended by staffmembers customers and local people where preventive and participative vigilance measureshave been elaborately discussed to create awareness.

•There has been an appreciable increase in the number of young citizens who haveparticipated in literary and artistic events organized by our Bank.

•704 Gram sabhas were held across the country and it was clearly spelt out thatthe Bank is not the only truste of vigilance and probity and it is rather a two wayprocess wherein ordinary citizens are equal shareholders in maintaining integrity in allwalks of life.

•In-house workshops and literary events were also held.

2. Systemic improvements undertaken by the organization

•A comprehensive policy incorporating systemic improvement measures for loanagainst pledge of Ware House Receipts has been circulated by Agriculture and RuralBusiness Department.

•A centralized cell at Zonal Office level for verification of all new CurrentAccounts has been introduced with at attempt to monitor authenticity of current accounts.SMS alerts have been generated for any change in nomination.

•Mobile number change request now entails a message generated for the same whichis sent to the earlier mobile number and then subsequently to the new mobile number toprevent possible frauds.

•Introduction of e-tendering for procurement and e-payments to vendors withcapturing of GSTIN in all relevant cases.

•Introduction of Captcha for e-banking and mobile banking applications along withOTP for initiating any transaction.

•Inclusion of all MSME and Agriculture schemes under LAPS-Lending AutomationProcessing System for standardization of credit appraisal.

•Further 260 number of vigilance cases have been disposed off while 267 new caseshave been added during the year 2019-20.

•Workshops and Training programmes undertaken by the Department on PreventiveVigilance - The bank has nominated officers / executives to different training programmeson vigilance matters organized by CVC New Delhi IIBF Kolkata NIBM Pune and GujaratForensic Sciences University at Gandhinagar.


The Bank took proactive steps to implement the Official Languages Policy of Govt. ofIndia and has meticulously taken measures to comply with the provisions of OfficialLanguages Acts and the rules made thereunder. The Bank has also taken appropriate followup actions to implement the directives as contained in the Annual Programme with regard tothe use of Official Language Hindi issued by Departments of Official Language Ministry ofHome Affairs Govt. of India and also endeavoured to achieve various targets prescribed inthe said Annual Programme. Bank has also given preferred attention to comply with theinstruction of Department of Financial Services Ministry of Finance Govt. of India.

24.1 Sankalp Rajbhasha - 2020

With the inspiration and encouragement of Our Top Management Bank for the first timeadopted an action plan namely SankalpRajbhasha- 2020 to achieve the target of winningRajbhashaKirtiPuraskar the highest award for Head Office and RajbhashaKshetreeyPuraskarfor Zonal Offices given by Official Language Department Govt. of India in the field ofOfficial Language.

Head Office as well as Zonal Offices actively implemented all the items enumerated inthe SankalpRajbhasha- 2020 Action Plan the outcome of the endeavour are as under:

1. UCO Bank G D Birla Memorial Lecture

Total 17 Zonal Offices organised the lecture on different topics. The Speakers includedVCs Scientists Economists Professors and several distinguished persons.

2. UCO Bharteeya Bhasha Sauhard Samman

Dr. N Chandrashekharan Nayar renowned Hindi and Malyali Writer Translator Teacherand Director-Kerala Hindi Sahitya Academy was honoured with first UCO Bharteeya BhashaSauhard Samman comprising Rs. 51000/- and a memento.

3. UCO MatribhashaSamman

Total 15 Zonal Offices honoured 28 candidates of 8 States with Rs. 5000/- and a mementowho cleared Civil Services Exam of State Public Service Commission through Hindi/ RegionalLanguages.

4. UCO Rajbhasha Samman

Head Office and all 41 Zonal Offices honoured 90 students of different Universitieswith Rs. 5000/- and a memento who topped MA (Hindi) Exam.

5. Sponsoring Popular Hindi Programme

Head Office sponsored 25th Hindi Mela the largest Hindi Programme organised for sevendays for Students in India with Rs. 1.00 Lakh. Besides this 11 Zonal Offices alsoassisted Popular Hindi Programme in their respective Centers with Rs. 10000/- each.

24.2 National Hindi Seminars

Bank organised a National Level Hindi Seminar on 'Contribution of Public Sector Banksin Indian Economy' at IIBM Guwahati on 1st July 2019 wherein altogether eight paperswere presented by winners of All India Inter Bank Hindi Essay Competition. The Seminar wasinaugurated by our Managing Director & CEO Shri A K Goel. Dr. Jawahar KarnavatGeneral Manager- OL Bank of

Baroda Mumbai; Shri Badri Prasad Yadav Officer in Charge RIO Guwahati; Shri NareshKumar General Manager- HRM PSD & OL and other dignitaries also graced the Seminar.

Our Zonal Office Patna organised a two days National Seminar on 'Role of Commissionfor Scientific and Technical Terminology in Development of Official Language' at Patna on30-31 July 2019 in collaboration with CSTT New Delhi. Scholars from Patna New DelhiLucknow Varanasi Kolkata Guwahati Agartala Ranchi and Bhagalpur attended the Seminar.

24.3 Hindi Training

•Approx. 3400 Officers and Clerks were trained through 172 Hindi Workshops to dotheir day to day work in Hindi. Also approx. 3200 Officers and Clerks were also impartedDesk Training on computer on Hindi Unicode.

•Central Staff College Kolkata & all Regional Training Centres imparted HindiTraining covering all aspects of OL Policy of GOI in each training programme.

•Further approx. 200 Officers and Clerks passed Prabodh Praveen &PragyaHindi Exams of Govt. of India.

24.4 Hindi Publication

Bank published a book on 'Contribution of Public Sector Banks in Indian Economy' whichis compilation of selected essays of participants of All India Inter Bank EssayCompetition.Our Hindi Magazine 'Anugoonj' is continuously being published in which for thefirst time Regional Languages Articles were included. All our Zonal Offices are alsobringing out their Zonal Hindi Magazines regularly. Altogether they reflect theactivities of the Bank and creativities of the Staff at same time.

Head office started two e-magazines namely UCO Dainiki a daily publication and UCOMasiki a monthly publication. Both are being circulated to all our branches and offices.All Zonal Offices are also bringing out their UCO Dainiki and UCO Masikiwhich are beingcirculated under their respective Zones.

24.5 Town Official Language Implementation Committee (TOLIC)

Apart fromHead Office who is the convenor of TOLIC (Bank) Kolkata our Ajmer &Bhagalpur Zonal Offices and our LDM Roopnagar under ZO Chandigarh & LDM Bilaspurunder ZO Dharmashala are convenor of TOLIC at Ajmer Bhagalpur Roopnagar and Bilaspurrespectively.

For the first time in the history of TOLIC (Bank) Kolkata Hon'ble ShriJagdeepDhankhad Governor West Bengal was invited as Chief Guest in the 68th Half YearlyReview Meet held on 23rd October 2019 at Hotel Hindustan International Kolkata. Hon'bleShri EknarayanAryal Consul General Nepal at Kolkata was invited as Chief Guest in aprogramme to celebrate Vishwa Hindi Divas held at Bank's Central Staff College Kolkata.

24.6 OL Inspection

Head Office inspected 11 Zonal Offices- Hooghly Burdwan Guwahati Bhopal PatnaKolkata Salt Lake Nagpur Raipur Bhagalpur Bhubaneshwar and Central Staff Collegeduring the year. Similarly Zonal Offices in altogether inspected 784 Branches in theirrespective Zones.

24.7 Achievements

•UCO Bank Head Office being the convenor of TOLIC (Bank) Kolkata was awardedFirst Prize-Kshetriya Rajbhasha Puraskar for the third consecutive year by Department ofOL Ministry of Home Affairs Govt. of India for excellence in implementation of OfficialLanguage for the year 2018-19 amongst all TOLICs in Eastern Region - a Hattrick worthmentioning.

•OurAjmer Zonal Office convenor of TOLIC (Bank) Ajmer was also awarded ThirdPrize- KshetriyaRajbhashaPuraskar for the year of 2018-19 by Department of OL Ministry ofHome Affairs Govt. of India for excellence in implementation of Official Language.

•Our Varanasi ZO Allahabad Main br. and Akola br. under ZO

Nagpur won First Prize of their respective TOLIC;

•Our Surat ZO Dharamshala ZO Jodhpur ZO Panaji br. Balod br. Raopurabr won2nd prize of their respective TOLIC;

•Our Bhubaneshwar ZO Raipur ZO Patna ZO Ernakulam ZO Mumbai ZO &Ghazipurbr. won 3rd Prize of their respective TOLIC

•Our Guwahati ZO New Delhi Zo and Dhamtaribr won Special Prize of theirrespective TOLIC.

•Apart from this our several staff members from different Zones won 24 First 15Second 21 Third and 11 Consolation Prizes under various competitions organised by TOLICsall over Country.

•Further our staff won several Prizes - one First three Second and 7 ConsolationPrizes in All India Inter Bank Hindi Essay Competitions organized by Bank of Baroda Bankof Maharastra Indian Bank Indian Overseas Bank & UCO Bank thus increasing the imageof the Bank among all Banks.

24.8 Miscellaneous

•Official Language Officer's Conference of the Bank was held on 12-13 July 2019at RTC Bhopal. The Conference was inaugurated by Shri Charan Singh Executive Directorand Shri Harish Singh Chauhan In Charge RIO Bhopal was Chief Guest. The Conference washeld under the able guidance of Shri Naresh Kumar General Manager- HRM PSD & OL;Shri S SRatan Zonal Manager Bhopal and Shri O P Gunani Principal RTC Bhopal gracedthe conference.

•BhartiyaBhashaSauhardSwaroop Hindi Pakhwada/Mahwas celebrated by Head Office aswell as all Zonal Offices with enthusiasm and zeal starting 1st September. SeveralCompetitions for all cadres including GMs were organised. The main programme was organisedat Rotary Sadan Kolkata on 16th Sept 2019 which was attended by MD & CEO and boththe EDs Executives and large number of staff members. Shri Nirmal Kumar Dubey in chargeRIO Kolkata was Chief Guest of the programme. Altogether 82 staff members were awarded.

•Third Sub Committee of Parliamentary Committee on Official Language inspected ourPuri Branch under Bhubaneshwar Zone on 19th February 2020. Department of FinancialServices Ministry of Finance inspected our Zonal Office New Delhi on 2nd Dec 2019 andHead Office on 26th Dec 2019.

•During the year Chennai Nagpur and Bengaluru Zonal Offices were inspected byRegional Implementation Office Deptt. of OL Ministry of Home Affairs.

25. Marketing

•Bank has launched its enhanced Online Fee collection module supported by mobileapp & real time MIS report for merchants.

•Bank launched its official Instagram page in January 2020 and total followersreached: 854

•Bank has run variousfocussed outreach programmes and campaigns forpromotion/customer awareness of our products such as Current Accounts Salary accountsRetail & MSME loans POS Online fee collection Debit cards etc.

•Bank has designated Relationship Executives at all branches( forpromotionof ourproducts to prospectivecustomers through enhancing customer awareness) and also to providepersonalized experience to them.

• Total Transactions in Fee Collection Module stood at 1.61 Cr

• Total Debit Card Issued: 25.41 Lac

• New Registration in Mobile Banking is 550296.

• New registrations in BHIM UCO UPI is 87775.

• Increase in Facebook followers to 11660.

• Increase in Twitter followers: 7620

• Increase in Youtube Subscriber to 2.3 k.

•Achieved Target Given by MEITY for Digital Transaction.

•Doctor loan: Total 365 accounts opened within 1.5 months with Total sanctionamount of Rs. 18.96 crore during the Doctor loan campaign observed from16.11.2019 to31.12.2019 (earlier only 59 accounts were opened during the period 01.04.2020 to15.11.2020).

•Personal loan for BOB Employees for ESPS: Total account opened 2793 with Totalsanction amount of Rs. 92.75 crore during the campaign period from 26.09.2019 to15.10.2019.

•Current account: Total 19091 current account opened with Total balance of Rs.173.93 crore during the campaign period from 23.09.2019 to 25.10.2019 and then from16.11.2019 to 31.12.2019.

•UCO Smart Kids: Total 66146account opened under UCO smart kids campaign organizedfrom 25.10.2019 to 15.11.2019

UCO Telewinger

Department launched a dedicated Youtube channel "UCO Telewinger" to inspireand educate the people about banking related topics and to promote our products.Departmenthas launched an e-magazine called "UCO Adda" which contains variety of topicsto engage all age groups. It is an initiative to provide a platform to discover theunderlying potential and talent in UCOites. This is being published on monthly basis.


Our Bank has taken initiative for centralised rent payment of branches ATM and otheradministrative Buildings on pan India basis to check and balance the rental expenditure aswell as minimise the pendency of renewal of lease. The Centralised Rent payment System (CRPS ) has now been implemented and made live since January 2020 and the rent paymentrelated to our branches. ATMs and other Administrative office is being made centrally byHead office except for a few Branches /offices.


Compliance Functions mandated by the Reserve Bank of India and all other regulatorsdomestically as well as globally are the responsibility of Compliance Department. Emphasisis being laid on continuous perfection in reporting of various regulatory returns andprovisions e.g. KYC/AML issues STRs (Suspicious Transactions Report) CTRs (CashTransaction Reports) CBWTRs (Cross Border Wire Transfer Reports CFT (Combating ofFinance for Terrorism) etc. to the Regulators Govt. Of India Authorities SEBIFIU-IND under PMLA Act 2002 as Reporting Entity (RE).

Compliance & KYC/AML Policies are being revisited / reviewed periodically andapproved by the Board of Directors to mitigate breaches in Compliance Functions if any.During FY 2019-20 Compliance Test Checking (CTC) was undertaken in all the 3051 regularbusiness Branches and all Branches/Offices have been sensitized about the need forensuring timely Compliance functions. Critical issues are being discussed at appropriatelevels before being reported to the Regulatory/Statutory Authorities thus enhancing thesystem efficacy.

Periodic interactions with Risk Management Department and Audit & InspectionDepartment is being done on critical control and compliance functions as a part ofeffective Risk Management and development of robust Compliance Culture.


The Outbreak of COVID - 19 and effect of lock down from last week of March 2020 to June2020 caused severe adverse impact across all the sectors of Indian economy includingbanking. To address this situation Reserve Bank of India has taken series of measures toprotect financial stability and arrest an economic meltdown. As a relief measure CentralGovernment unveiled Rs.20 lakh crore Atmanirbhar Bharat package to boost various sectorsof economy.

To fall in line with the current situation Bank has redesigned its strategies toimplement Atmanirbhar Bharat package announced by Central Government. The thrust area ofthe Bank is improving Retail Agriculture and MSME (RAM). At these tough times Bank willextend emergency credit lines on merits to the borrowers who were affected by COVID 19economic crisis.

Bank has taken up several technological initiatives like migrating to Finacle 10improving software of mobile internet and phone banking. These initiatives in customerconvenience will give good results in coming months. With the help of PHYGITAL(Physical& Digital) network Bank will focus on mobilisation of low cost resources thatwill augment bottom line.

Bank is in the process of upgrading its loan processing with introduction of technologydriven loan origination system which will be rolled over in couple of months. Withintroduction of this system there will be almost end to end automation of loan appraisalsand lapses in loan processing can be avoided to a great extent. With the speedy approvalsBank will boost its retail portfolio.

Bank will focus on strengthening its customer reach techniques by tie up with fewFintech firms who are having expertise in evaluation of GST & IT returns analysis offinancial statements Bank statements customer information including behavioural patternof customers.

Economy is likely to be muted till the end of first half. Bank will make its productsand services more competitive and improve its internal processes for a robust growth soonafter economic revival take place.


29.1 Corporate Governance

Bank firmly believes in and has consistently practiced good corporate governance wovenaround its core values of transparency professionalism and accountability. By constantlyfocusing on these aspects in its day-to-day operations the Bank strives to enhanceshareholders' value. The Bank being committed to the principles of good governance itsBoard of Directors has formed various committees of the Board to monitor every aspect ofBank's business. The systems and business processes of the Bank are continuously reviewedat various levels for identifying and strengthening areas of weaknesses if any. TheDirectors of the Bank believe that good governance is the key to earn trust loyalty andgoodwill of clients business associates employees and investors and also to haverespectable position in the society at large.

29.2 Changes in the Board of Directors

• The tenure of Shri Charan Singh as Executive Director of the Bank ended on09.03.2020.

• The tenure of Shri Anil Sharma Director under CA Category ended on 25.07.2019.

• The tenure of Shri Amit Chatterjee as Part-time Non-Official Director of theBank ended on 29.02.2020.

29.3 Meetings of the Board of Directors

During the FY 2019-20 fifteen meetings of the Board of Directors were held. The numberof meetings of various Committees of the Board held during the period is given below

Name of the Committee No. of meetings held
1. Management Committee of the Board 15
2. Audit Committee of the Board 09
3. Risk Management Committee of Board 04
4. Stake holders' Relationship Committee of the Board 02
5. Special Committee of the Board for Monitoring Large Value Frauds 06
6. Customer Service Committee of the Board 03
7. Committee on HR Related Issues of the Bank (HR Committee) 03
8. Nomination and Remuneration Committee of the Board 02
9. IT Strategy Committee of the Board 04
10. Board Level Committee for Monitoring Recovery in NPA Accounts 10
11. Committee of the Board for Disposal of Appeal Cases 03
12. Review Committee (Wilful Defaulters) 03

29.4 Statement of Director's Responsibility:

The Board of Directors confirm that in the preparation of the annual accounts for theyear ended March 31 2020 the applicable accounting standards have been followed alongwith proper explanation relating to material departures if any. The accounting policiesframed in accordance with the guidelines of Reserve Bank of India were consistentlyapplied. Reasonable and prudent judgements and estimates were made so as to give a trueand fair view of the state of affairs of the Bank at the end of the financial year and ofthe profit of the Bank for the year ended March 31 2020. Proper and sufficient care wastaken for the maintenance of adequate accounting records in accordance with the provisionsof applicable laws governing banks in India; and the accounts have been prepared on anon-going basis. Internal financial controls have been laid down by the bank for ensuringorderly conduct of business.

29.5 Acknowledgements:

The Board welcomes the Executive Director Shri Ajay Vyas nominated on the Board duringthe year 2019-20 and look forward for his valuable inputs towards the growth of the Bank.The Board acknowledges the valuable contributions of Shri Charan Singh

Executive director; Shri Amit Chatterjee and Shri Anil Sharma Directors whose tenurecompleted during the financial year 2019-20. The Directors remain thankful to theGovernment of India Reserve Bank of India and other regulatory authorities for theirsupport and valuable guidance. The Board also thanks other financial institutions andcorrespondent banks for their cooperation.

The Board of Directors expresses its gratitude to the loyal customers for their trustand continuous patronage of the Bank. The Board also thanks the staff unions/associationsand shareholders of the Bank for the support extended by them. The Directors place onrecord their deep appreciation of the dedication shown by each employee of the Bank.

By order of the Board of Directors

(A. K Goel)
Place: Kolkata Managing Director &
Date: 30th June 2020

Chief Executive Officer