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UCO Bank Company History and Annual Growth Details

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

- 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

- 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

- 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.


-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


-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.


-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


-UCO Bank launches retail sales force

-UCO Bank mulls to enter into derivatives market

-Uco comes out with maiden hybrid tier-II bond


-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.


-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.


- 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.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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