UCO bank to set up 60 new branches by 2009

By March 2009 UCO Bank, a leading banking service provider will be setting up 60 new branches across the country from which 13 units will be set up in rural areas.

During the launch of bank’s pre-funded cheque scheme, UCO bank General Manager N Kumaraswamy told the reporters that all the new branches will be providing Core Banking Solutions (CBS). "We will be opening up 20 new branches within a couple of months", he added.

He told that setting up CBS in all branches will be completed by 2009. "Currently out of our total 1,980 branches in India, 975 branches would provide CBS".

Kumaraswamy said there are plans of increasing banks revenue by 20 per cent this fiscal.

He informed the bank will be concentrating more on providing education loans to students in the country. "More than 4,000 students were provided education loan in South India alone to the tune of Rs 120 crore."

Regarding the pre-funded cheque scheme, he said it will protect against dishonor of cheques due to insufficiency of funds. The customer will also be able to earn interest on funds kept in the savings bank account and at the same time, can save on commission normally charged at the time of issuing demand drafts.

Under the scheme, the customer will get Rs 1,000, Rs 5000 and Rs 10000 pre-determined denominations cheque book.

He said in the beginning the new product will be launched at 261 select CBS branches of the bank in the country. "We hope to increase our saving bank deposits and current deposits through aggressive marketing of pre-funded cheques", he said.

UCO bank launched technology enabled product "Pre Funded Cheque"

UCO Bank as a unique initiative launched a technology enabled new product “Pre-Funded Cheque” in Jalandhar. At the time of launching the product R K Mittal, Zonal Manager of the bank informed that the new product is going to benefit the customers a long way, who were desirous of having “Order Cheques” having adequate back up funds.

Mittal said the "Pre Funded Cheques" are secured against the dishonor of cheque on account of insufficiency of funds as back up funds are arranged at the time of issuance itself. He added that through new product interest can be earned on the funds kept in the savings bank account and will also help in saving on commission which is normally charged on the issuance of the Demand Drafts, Traveler Cheques or Gift cheques.

He told that the Pre Funded Cheques will be issued in three pre-determined denominations of Rs 1000, Rs 5000 and Rs 10000 in cheque books which will have multi-colored cheque leaves and the cheque books can be obtained on payment of very nominal charges.

He said initially the new product will be introduced at 261 selected CBS branches of the bank and it is expected that the new product will help in increasing its savings bank deposits and current deposits through aggressive marketing of pre funded cheques.