UCO Bank to computerise branches in Andhra

UCO Bank is investing Rs 250 crore in computerisation of all its 36 branches in Andhra Pradesh. The move is part of the bank's plan to offer efficient and quick services to its customers in the state.

"By March 2006, we will be completing the process of computerisation in all the branches and will be extending the anywhere banking facilities to our customers," N Kumaraswamy, deputy general manager, UCO Bank, told Business Standard.

Besides, the bank plans to open seven more branches at Kakinada, Warangal, Cuddapah, Ongole, Nizamabad and in Hyderabad by the end of this fiscal. At present, the bank operates two overseas branches "" in Hong Kong and Singapore. It plans to open another branch in Malaysia, Kumaraswamy said.

The other areas of immediate focus include doubling of agricultural credit to Rs 400 crore from Rs 200 crore and increasing educational loans to Rs 100 crore in the fiscal 2006-07 from Rs 40 crore in the current fiscal. It will also sanction Rs 5,000 crore to 500 self-help groups , he added.

The bank has financed as many as 400 rural godowns under the 'Grameena Bandaru Yojana' scheme of the State government by giving more than Rs 60 crore for implementation of the scheme.

The total deposits of UCO Bank stands at Rs 1,600 crore while the advances are at Rs 800 crore. In all, there are 1,750 branches which registered a total business of Rs 77,500 crore in 2004-05, Kumaraswamy said.

Recently, the bank moved to a new premises in Rajahmundry. According to R V Sastry, senior manager of the Danavaipet branch, the branch has generated a business of Rs 35 crore in the last fiscal 2004-05.