A recent press report said that UCO bank has planned to more than double its total business to Rs 6 lakh crore by FY16 through customer acquisition and network expansion.
Mr.R.K. Agrawal, its field General Manager of the bank said that the bank’s total business stands at Rs 2.45 lakh crore and that the bank wants to take this to Rs 3.5 crore by March 2013 and Rs 6 lakh crore by March 2016.
He also said that the bank has planned to increase its number of branches to 4,000 by March 2016 from 2,239 now and the automated teller machines to 5,000 from the current 681. It covers a wide category of services such as Term loan, Personal loan, Bank Guarantee, Agricultural working capital financing, loan for services and trade category etc.
The bank has organised a special drive christened “total freedom” in order to raise low-cost current and savings account (CASA) deposits.
Mr.R.K. Agrawal said that the bank has joined its peer IDBI Bank and waived charges on a slew of transactions like making demand drafts, payment orders, fund transfers etc. as part of its efforts to raise low-cost current and savings account (CASA) deposits.
He also said that the waiver will be operational for 174 days from July 11 to December 31 this year and the bank is targeting to open 25 lakh accounts as part of the drive.