The UCO bank has launched a unique scheme in Orissa. The scheme called a compromise scheme has been launched for the defaulting small borrowers who have outstanding less than Rs 25,000 in Orissa.
The loans which have been declared as non-performing assets (NPAs), under this scheme those can be settled by paying 10 to 50 percent of the outstanding amount.
N Sambasiva Rao, zonal manager (Bhubaneswar zone), UCO Bank told that the compromise amount will be according to the period for which the account was in non-performing stage.
Speaking to the media person he told, UCO Bank is having 184 branches and three zones in the state. From these 68 branches are under the administrative control of Bhubaneswar zone. Around 4013 NPA account holders having a loan outstanding of Rs 3.94 crore will be able to avail the benefit of the scheme. The scheme will continue till the end of March 2009.
He added the zone is having 68 branches out of which 28 branches have already been converted to core banking solutions (CBS) platform. The remaining branches will be converted to the new platform before March 2010. Meanwhile real time gross settlement (RTGS) facility is being provided in 14 branches of the zone, and the process is going on of adding one more branch in Raygada before the end of the current fiscal.
Speaking about the business achievement, Sambasiva Rao told, the total business target for the zone was set to Rs 3672 crore by March 2009 and already it has achieved a business of Rs 3132 crore and sees no intricacy in achieving the target.
In the current fiscal, the zone has provided loans amounting to Rs 1080 crore by February 6 including Rs 108 crore to the small and medium enterprises in the state. The loans given to the agriculture sector were of Rs 360 crore which is about 33.33 percent of the total loans given by the bank during the current fiscal.
