Company History - UCO Bank
YEAR
EVENTS
1974 - The Company was incorporated on 15th of February.
1992 - During the year the Bank opened 11 branches in urban and
metropolitan areas
to take the total number of branches in India to 1783 at
the end of the year.
- With a view to cater to the needs of different customer
groups the Bank introduced
several innovative deposit schemes viz. Lakhpati Scheme,
Money Multiplier Schemes,
Money Back Recurring Deposit Scheme and Two-Way Deposit
Scheme.
- During the year, the Bank implemented an innovative
scheme, namely
Planning for Development of Villages (PDV) through 22
selected branches of the
Bank.
- During the year, the Bank made suitable modifications in
its Agricultural Credit Card
namely UCO Kishan Patra to make it more popular among
the farmers.
- The Bank also participated in the development of women
and children in rural areas
under the DWCRA scheme.
- The Guntur branch in Andhra Pradesh was upgraded to an
'A' category branch
with a view to capture the business of tobacco exports.
- 56 branches across the country were upgraded to 'B'
category foreign exchange
branches.
- Teller system was introduced in 16 more branches taking
the total number of branches
with teller facility to 84.
- At the branch level 130 ALPMs have been installed in 35
branches of which 116 have
been operationalised.
- The Union Finance Minister honoured the Bank for its
contribution to the first All
India Bank Official Language Conference and the Union
Minister of State for
Textiles awarded a Certificate of Merit to the Bank for
the exhibition arranged on
the occasion of the third All India Bank Official
Language Conference.
- Shri K Margabanthu joined the Bank as Chairman &
Managing Director on 11th
September, 1991.
- Shri G K Udeshi, the RBI nominee on the Board ceased to
be a Director from 1st
September, 1991.
- Prime Minister's Rozgar Yojana was launched on 2nd
October.
1994 - A new scheme under the name of FCNR (Banks) Scheme was
introduced with
the exchange risk being borne by the banks.
- The Bank has taken several steps towards improving
recovery and reduction in
NPA, lowering of the cost of funds, boosting
non-interest income, containment of
operating expenses etc. in order to improve the
financial position.
- Five new branches were opened during the year, of which
two were urban branches,
two semi- urban and one rural.
- The Bank was nominated as the principal financing agency
in six districts namely,
Howrah, Hooghly, Burdwan, Birbhum, Jaipur and
Jalandhar.
- During the year a new forum namely State Level Export
Promotion Committee (SLEPC)
was constituted in each state under the aegis of the
SLBC.
- During the year a compressive booklet was published
incorporating all the
salient features of the various non-resident deposit
schemes.
- During the year inter-cadre promotion for workmen staff
and inter-scale / grade
promotions for officers were effected, thereby enhancing
the level of motivation
of the staff.
- Shri Dipak Rudra, l.A.S. joined the Bank on 23rd July,
1993 as Chairman &
Managing Director.
1995 - During the year, the Bank opened 14 new branches comprising
six at semi urban centres, two in urban areas and six in
metropolitan cities.
- During the year, the Bank opened several specialised
branches viz. 6 recovery
branches and 6 SSI branches, the later being created by
converting 6 existing
branches into SSI branches.
- During the year the Bank merged 17 non viable branches
with other branches.
- The Bank opened three new extension countres and closed
down four extension
counters during the year bringing the total No. of
extension counters to 138.
- The Bank was nominated as the principal financing agency
in six districts namely,
Howrah, Hooghly, Burdwan, Birbhum, Jaipur and Jalandhar.
- The Development Assistance Plan (DAP) which was
introduced by the GOI in the
year 1994-95 made a selection of 49 RRBs out of 196 RRBs
based on their financial
viability which included 5 RRBs sponsored by the Bank.
- Specialised Recovery branches were opened at New Delhi,
Calcutta, Chennai,
Bangalore Jaipur and Bhubaneswar.
- An important change in the mode of calculation of
depreciation was introduced
by Reserve Bank of India during the year by increasing
the YTM for the dated
securities included in the current category.
-The Bank opened four more currency chests during the
year and now 59 chests
are in operation through out the country.
- The Customer Service Committees have been set up at 1724
branches out of
total 1786 branches as at 31.3.1995.
- The Bank was awarded Rajbhasha Shield which was given
away by the
Governor of Himachal Pradesh. The employees of the
Bank won several
prizes a the Town Official Language Implementation
Committee level.
- ALPMs have been installed in 55 branches at the end of
March 1995. The Bank
proposes to install ALPMs in about 40 more branches in
the current year.
- 25 PCs have been installed in different departments of
the Head Office.
14 Zonal Centres have been equipped with mini
computers.
- Shri YK Sharma, representing the Workmen staff is the
new Director
w.e.f. 9th May 1995. Shri MK Bandopadhyaya has become
the new RBI
nominee Director w.e.f. 29th May 1995.
1996 - During the year, the Bank opened ten new branches comprising
nine in
semi-urban centres and one in a metropolitan Centre.
The Bank also opened
one extension counter during the year, taking the total
number of extension
counters to 137 as at end March.
- The Bank closed the Liecester branch in UK and the total
number of
branches at overseas centres came down to six
comprising one branch
in UK, two in Hongkong and three in Singapore..
- During the year the Bank launched a new deposit scheme
'UCO LAKSMI
YOJANA' which provides for variable instalments in a
recurring deposit
scheme.
- The Bank has undertaken the implementation of the
Planning for Development
of Villages (PDV) programme in the Cuttack PDV region
of Orissa and
Dharamsala PDV region of Himachal Pradesh.
- The Bank has also implemented the programme of Linking
Self Help Groups
(SHGs) with the Bank as per the directives of the
Reserve Bank.
- The Bank is also the Convenor of the State Level
Bankers' Committee in Orissa
and Himachal Pradesh.
- The Bank has identified Colaba and Andheri West
Branches in Mumbai
for installation of ATMs under the Shared Payment
Network System of
the IBA.
- The Bank executed a Memorandum of Understanding (MOU)
with the Trade
Unions of the Bank as a sequel to which Business
Development Committees
(BDCs) comprising representatives of the Management and
the Unions were
formed at Head Office and Zonal Office levels.
2000 - UCO Bank has introduced a `Special Settlement' scheme for
negotiating
settlement of the bank's dues classified as
non-performing assets.
- Mr. V. P. Shetty was appointed as Chairman and Managing
Director of
Calcutta-based Uco Bank for 5 years, with effect from
October 6.
- UCO Bank's executive director VP Shetty, has been
appointed as the chairman
and managing director of the bank, with effect from 6th
October.
- UCO Bank has introduced seven-day banking facility at
17 suburban branches in
Mumbai and 12 hour banking services at the Khar
branch.
- V Sridhar has been appointed the new Executive Director
of UCO Bank with effect
from December 15.
2001 - UCO Bank launched a private placement of tier-II bonds to
raise up to Rs 100 crore.
- UCO Bank has launched a new scheme for the trading
community, Christened
UCO Trader Scheme.
2003
-Comes out with Initial Public Offering (IPO) of 20-cr equity shares
of Rs 10 each for cash at a premium Rs 2 per share aggregating Rs 240
crore
- UCO Bank along with Central Bank of India (CBI) , Indian Overseas
Bank (IOB), Canara Bank and Union Bank of India (UBI) have formed an
alliance to launch `Cash Online' ATM network
2004
-UCO Bank unveils new branch in Kottayam
- Raised Rs.300 crore from the capital market in its private
placement issue of unsecured redeemable non-convertible subordinated
bonds.
-UCO Bank has launched a new scheme to enable rural poor avail easy
loans for receiving LPG connections on World Environment Day.
2005
-Western Union forges alliance with UCO Bank
-Crisil signs agreement with Uco Bank for providing ratings for SSIs
-UCO unveils new deposit scheme
-UCO Bank adopts H-P for core banking solution
2006
-UCO Bank launches retail sales force
-UCO Bank mulls to enter into derivatives market
-Uco comes out with maiden hybrid tier-II bond
2007
-UCO Bank Ltd has appointed Shri. P L Mittal, Chartered Accountant,
Chandigarh as part time non official Director in the Board of the
Bank under Chartered Accountant Category with effect from January 02,
2007.
-UCO Bank Ltd has appointed Shri. N P Sinha as Director in the Board
of the Bank with effect from February 27, 2007.
-UCO Bank Ltd has appointed Shri. S A Bhat Executive Director as
Chairman & Managing Director of Indian Overseas Bank.
- UCO Bank names S K Goel as CMD.
2008
-UCO Bank has informed that Shri. Samir Kumar Sinha, Deputy
Secretary, Department of Financial Services, Government of India has
been appointed as a Director of the Bank vide Notification dated June
10, 2008.
- UCO Bank has appointed Shri. Jai Dev Gupta as part-time
non-official Director on the Board of Directors of the Bank w.e.f.
July 04, 2008 vide notification dated July 04, 2008.
2009
- UCO Bank has informed BSE that as per notification of Government of
India, Ministry of Finance dated February 24, 2009 Shri. Nirmal Khatri
has been appointed as part-time Non-Official Director on the Board for
a period of three years from February 25, 2009.
2010
-UCO Bank has announced the launch of a 'Festival Bonanza Offer' for
borrowers.
-Toyota Kirloskar Motor Pvt. Ltd (TKM) has signed an agreement with
the UCO Bank to extend auto retail finance to its prospective
customers.
-UCO Bank, Kolkata zone, set up two new ATMs at its Jodhpur Park and
Kasba branches to ensure a better cash delivery system to the
customers.
2011
-UCO Bank has collaborated with Religare Securities for offering
online trading to its customers,
which is a part expansion of the product bouquet.
-UCO Bank launched its small and medium enterprises (SME) loan hub in
Bangalore to increase lending to sector.
2012
- UCO Bankhas recommended dividend of Rs. 3/- per share on the face
value of Rs. 10/- each for the year.
-UCO TOWER, Bank's internal magazine has been awarded the Certificate
of Merit at 'ICE Awards' (In-House Communication Excellence), 2012
initiated by Shailaja Nair Foundation, Mumbai.
2013
-Ministry of MSME, Govt. of India awarded National Award to UCO Bank
for implementation of PMEGP scheme in the North-East Zone for the
year 2012-13.
-UCO Bank received SKOCH RENAISSANCE AWARD 2013 for Development.
-Ministry of Rural Development, Govt. of India awarded UCO Bank as
3rd Best Bank for nurturing the RSETI movement in the country for the
year 2012-13.
-UCO Bank received Global Sustainability Award from World CSR
Congress under the category Outstanding Social Impact.
2014
-UCO Bank has been awarded 1st Prize in the category of Best Bank for
operational performance for 2014.
-UCO Bank received prestigious SKOCH AWARD for Excellence in Banking
in Financial Inclusion and Deeping 2014.
-UCO Bank had been awarded First Prize for Highest average loan to
SHGs in West Bengal State during the year 2013-14 under Commercial
Bank category.
2016
-UCO Bank has raised Rs 270.59 crore by issuing over 7 crore shares
to LIC on preferential basis, reported PTI.
2017
-Central Government nominated Shri Asish saha as part time non
official director of our Bank for a period of three years under
clause (h) of Banking Companies (Acquisition & Transfer of
Undertakings)Act,1970.
-UCO Bank said that it has inked Corporate Agency Tie up agreements
with Future General India Insurance Company Ltd and Liberty Videocon
General Insurance Company for distribution of General Insurance
Products.
2018
-The Company launches 3 new
digital products.
-UCash enables customers to withdraw
money from ATMs through mobile banking without using debit card,
Digilocker aims to eliminate the use of physical documents and
enables sharing of verified electronic documents.
The third product, the new mobile app, integrates four existing apps
of the bank.
-UCO Mbanking, UCO UPI, UCO Mpassbook and UCO
Secure- in a single interface,.
2019
-The bank also launched a new current
account.
2022
-Acquisition of
Shares in PSB Alliance Private Limited
