State-run, UCO Bank is soon going to start its financial service arm in the country. The bank expects to receive approvals from the Reserve Bank of India and SEBI for its new project in a month's time.
S K Goel, Chairman and Managing Director of the bank states: "We have short-listed four corporates and four foreign partners for the JV."
The bank is aiming to cross Rs 1,600 billion business by the end of this fiscal. It also plans to scale up its lendings in SME and agriculture portfolios in addition to activate more low-cost deposits to fuel the growth.
Moreover, UCO targets to increase the current, savings accounts deposit (CASA) proportion to total deposits to 29% by end-fiscal, from 27% at present. This would help the bank to achieve a total deposit growth of 20% during the current fiscal year.
UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial bank of India. Competing with global banking UCO bank has been participating actively in all segments of the economy - Agriculture, Industry, Trade & Commerce, Service Sector, Infrastructure Sector etc., is keeping pace with the changing environment.
Today, UCO Bank has nearly 2000 branches and 35 regional offices spread all over India. The Bank also operates in two major international financial centers namely, Hong Kong and Singapore. The bank has strong banking fundamentals, capital base, high proportion of long-term liabilities, and a well-diversified asset portfolio.