UCO Bank to open branches in Ludhiana, Mohali

Kolkata-based UCO Bank is planning to open more branches in Mohali, Ludhiana and Bhiwani as part of its plans to open 57 more branches across the country this financial year.

It also plans to open 20 mid-corporate branches, including one in Ludhiana.

"Our thrust area would be to mop up the retail business. So in order to strengthen our presence further, we will probably open 57 more branches across the country after getting approval from the Reserve Bank of India," said UCO Bank Executive Director VK Dhingra, who was in Chandigarh to inaugurate the bank's regional training institute here.

On the institute, he said: "This is a state-of-the-art institute with highly qualified faculty, which provides training and acquaints the employees with the latest computer and core banking solution techniques.

The institute will cater to the needs of staff in Punjab, Haryana, Himachal Pradesh, Delhi, Rajasthan, Uttar Pradesh, Uttarakhand, Jammu and Kashmir and Chandigarh."

At present, they are providing residential training facility for the award staff, which could be extended for all employees. The bank also has plans to impart technical training to the staff of other banks in the region.

He said the bank was implementing the core banking solution technology fastest in the industry. Already, 273 branches have been implemented core banking solution and Internet banking and more than 500 branches will shift to this system by March 31, 2008.

He also said the bank had more than 300 real time gross settlement-enabled branches and there would be more such branches.

The bank has achieved Rs 27.71 crore against the target of Rs 24.60 crore through the three retail sales force appointed by the bank at Chandigarh, Ludhiana and Ropar.

The bank has achieved Rs 1,110 crore against the nationwide target of Rs 780 crore through the retail sales force. The retail sales force deal with loans, selling of insurance, mutual funds and opening savings and current accounts.

The bank has business plan to achieve total business of Rs 134,350 crore for 2007-08 compared with Rs 112,331 crore in 2006-07.

About follow on public offer, which is expected in the first quarter, he said, "Very soon, an announcement will be made in this regard." The bank had raised more than Rs 200 crore at Rs. 12 a share through its initial public offering in August 2003.