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|Formerly||United Commercial Bank|
| NSE: UCOBANK |
|Industry|| Banking |
|Founded||6 January 1943|
|Headquarters|| Kolkata, |
|Atul Kumar Goel |
(MD & CEO)
|Products||Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management|
|Revenue||₹18,166.42 crore (US$2.4 billion)(2021)|
|₹5,420.62 crore (US$720 million) (2021)|
|₹167.03 crore (US$22 million) (2021)|
|Total assets||₹253,336.1092 crore (US$34 billion) (2021)|
|Owner||Government of India (95.37%) (2021)|
Number of employees
|22,012 (March 2021)|
|Parent||Ministry of Finance , Government of India|
|Capital ratio||13.74% (2020)|
UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the nationalized banks in India. ₹ 3.24 lakh crore. Based on 2020 data, it is ranked 80 on the Fortune India 500 list. UCO Bank was ranked 1948 in Forbes Global 2000 list of year 2018. As of 30 March 2017 [update] the bank had 4,000 plus service units 49 zonal offices spread all over India. It also has two overseas branches in Singapore and Hong Kong. UCO Bank's headquarters is on BTM Sarani, Kolkata.During FY 2020–21, its total business was
G. D. Birla, an eminent Indian industrialist, during the Quit India movement of 1942, conceived the idea of organising a commercial bank with Indian capital and management, and the United Commercial Bank Limited was incorporated to give shape to that idea. The bank was started with Kolkata as its head office with an issued capital of ₹2 crores and a paid-up capital of ₹1 crore. Birla was its chairman and the Board of Directors included eminent personalities of India drawn from many fields. The bank opened 14 branches simultaneously across India.[ citation needed ]
After World War II, United Commercial Bank opened several overseas branches. The first, in 1947, was in Rangoon. Branches in Singapore (1951), Hong Kong (March 1952), London (1953), and Malaysia followed. In 1963 the Burmese government nationalized United Commercial Bank's three branches there, which became People's Bank No. 6.
On 15 September 1967, Jalpaiguri Banking and Trading Corporation (JBTC) which had been established in Jalpaiguri in 1887 (or 1889; accounts differ), made a voluntary transfer of its assets and liabilities to United Commercial Bank. JBTC had only one office and specialised in lending against mortgages on tea gardens.[ citation needed ]
The Government of India nationalised United Commercial Bank on 19 July 1969. The nationalised bank continued the operations of the overseas branches in London, Singapore, and Hong Kong. However, Malaysian law forbade foreign government ownership of banks in Malaysia. Therefore, United Commercial, Indian Overseas Bank, and Indian Bank contributed their operations in Malaysia to a new joint-venture bank incorporated in Malaysia, United Asian Bank, with each of the three parent banks owning a third of the shares. At the time, Indian Bank had three branches, and Indian Overseas Bank and United Commercial Bank had eight between them.[ citation needed ]
An act of parliament changed the bank's name to UCO Bank in 1985, as a bank in Bangladesh existed with the name "United Commercial Bank", which caused confusion in the international banking arena.[ citation needed ]
In 1991, Bank of Commerce acquired United Asian Bank; in time CIMB came to own Bank of Commerce.[ citation needed ]
In 1998, UCO closed its London branch. Bank of Baroda acquired the assets and liabilities, but not the personnel, who were made redundant.[ citation needed ]
As on 31 March 2021, government share-holding in the bank was 94.44%. For FY 2020-21, it registered ₹167 crore net profit. Branch expansion started at a fast pace, particularly in rural areas, and the bank achieved several unique distinctions in Priority Sector lending and other social uplift activities. To keep pace with the developing scenario and expansion of business, the Bank undertook an exercise in organisational restructuring in the year 1972. This resulted in more functional specialisation, decentralisation of administration and emphasis on development of personnel skill and attitude. Side by side, whole hearted commitment into the government's poverty alleviation programmes continued and the convenorship of State Level Bankers' Committee (SLBC) was entrusted on the Bank for Odisha and Himachal Pradesh in 1983.[ citation needed ]
As of August 2021, the UCO Bank Board of Directors has six members:
The governance of the Bank all around the nation's respective regional areas is managed by a network of 42 Zonal Offices present in major as well as crucial parts of the country.
The training of newly recruited as well as present staff is overseen by seven training colleges around India:
The Bank's Regional presence includes 3,078 branches and 2,564 ATMs. The near Future will see a growth in the number of ATMs and Branches.
Besides providing inland banking services through its vast network of branches in India, UCO Bank has a vital presence in the financial markets outside India. UCO Bank presently has four overseas branches in two important international financial centres in Singapore and Hong Kong.
UCO Bank has international presence for over 60 years now.[ citation needed ]
The Bank's Singapore Operations commenced from 21 April 1951 with the opening of Singapore Main branch and subsequently Serangoon branch was opened in "Little India" on 7 March 1959. The international linkage from Singapore is supported by a large number of Indian branches network through Integrated Treasury Branch, Mumbai. Other branches in India also provide international banking facilities through Authorised Branches of the bank.[ citation needed ]
This international network is further augmented by correspondent arrangements with leading Banks at all important world centres in various countries.
The bank has requested the RBI for an approval for new Non-Banking entities under its command. The new entities would ensure a complete market foothold.
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