According to recent press reports UCO Bank is expected to exceed its target of Rs 2.45-lakh crore business set in 2010-11. The bank officials said that the bank is expecting its credit to grow by 20 per cent and deposits by 18 per cent.
Mr.Ajai Kumar, Executive Director of UCO Bank said that the bank is hoping to clock a total business of over Rs 2.45 lakh crore in the financial year ended March 31, 2011. He added saying that the bank currently has around 2,200 branches and 568 ATMs and is planning to set up around 800 branches and 2,500 new ATMs across the country within two years. He also said that the bank has decided to set up new branches in places like Gujarat, Uttar Pradesh and the South where it does not have a significant presence. The bank covers a wide category of services such as Term loans, Personal loan, Bank Guarantee, Agricultural working capital financing, loan for services and trade category,
He also said that the bank will try to implement new products which will help the bank attract new customers. The bank tried to enter into a contract with Religare Securities to offer online trading options to its customers.
Mr.Ajai Kumar said that the bank will offer online trading facility which will be available in few selected branches of the bank and later implemented in all the other branches.