UCO Bank announces modernisation plans | india | Hindustan Times
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UCO Bank announces modernisation plans

india Updated: Dec 23, 2006 01:46 IST

UCO BANK on Friday announced its modernisation plans for the Indore region including the launch of core banking solutions (CBS) in its City branch, the first UCO branch in the State to have this facility.

It will help the customers access the bank’s products and services round the clock and banking and financial services anytime, anywhere, through the Internet banking.

Interacting with a select media group, bank’s executive director S A Bhat, who was in the City to inaugurate the CBS branch, acknowledged that the bank was late in joining the modernisation bandwagon but expressed confidence that it would win back the customers it had lost to the competition.

His confidence stems from the fact that so far he had not received any complaint from the customers against UCO Bank employees, with most of the complaints having been related to non-availability of CBS or ABB facilities.

The bank’s plans include adding more branches to CBS network, starting anywhere banking branches (ABB) and door-to-door contact with prospective customers through retail sales force. Bhat said the bank had decided to open almost all its new branches in the CBS environment.

“We have also soft launched Internet banking facility at these branches, and the facility will be available in a full-fledged manner by the year-end or early next year”, he said.

The bank has a target of at least 150 CBS branches by the fiscal end and it will add another 350 such branches by the next year. Once the task is over about 70-75 percent of the bank’s business will be carried out through the CBS branches, he said.

Bhat said that the bank had also launched its retail sales force in Indore and would launch the same at Ujjain on Saturday. These sales forces will have select UCO Bank personnel who will mobilise bank’s schemes, deposits, mutual funds, and life insurance products through door-to-door campaign.

Along with the retail sales force the bank also has SE (small enterprise) sales force, another area on which the bank is focusing on. The bank has opened SE sales force in 24 centres, which have so far mobilised business worth Rs 145 crore.

The bank is also going to launch its international debit card by early next year. Besides, the bank plans to add additional 150 ATMs by the end of the current fiscal and another 250 by the next year. The bank in association with ‘Mitra’ and SBI provides access to almost 7800 ATMs across the country to its customers.

Apart from its urban thrust, the UCO Bank has also been focusing on rural market. In fact over 60 percent of its branches are either in semi-urban or rural areas, says Bhat.