Core banking in 1000 UCO Bank branches soon

Panaji, Apr 7: UCO Bank today announced it would bring 1,000 branches under its core banking network within the next three years besides opening 75 more ATM's in the country in two months and will restructure its operations, sector-wise to register further growth.

Interacting with mediapersons after opening the first ATM of its branch and Retail Sales Force here, UCO Bank Executive Director S A Bhat said the bank had spent Rs 339 crore during the last three years for developing the core banking solution system.

As many as 175 of its 1,750 branches have already been brought under the core banking network and 350 more would be under the system next year.

It had also plans to open a branch in Dhaka to promote import-export business with Bangladesh already having branch offices in Singapore and Hong Kong and representative offices in Malaysia and China.

The bank had sought permission from RBI to open 58 new branches during the current fiscal as against 55 opened already in the previous fiscal, he said.

UCO bank has recorded a provisional Rs 1,11,900 crore business in the last fiscal, Rs 900 crore more than the target, even as it aimed at 20 per cent growth target for the new fiscal year, Mr Bhat said.

According to Mr Bhat, the UCO bank is credited with developing risk management department recently. Its retail sales workforce was trained to undertake aggressive sales of its LIC and General Insurance products besides other retail products.

Its present 158 ATM network would be further strengthened with 75 more new ATM's within two months, he added.

UNI