PUBLIC SECTOR BANKS IN INDIA – UCO BANK
PUBLIC SECTOR BANKS OF INDIA – UCO BANK
Uco Bank, formerly United Commercial Bank was established in 1943 in Kolkata City, in West Bangal in India. It is one of the oldest and major commercial bank of India. Ghanshyam Das Birla, an eminent Indian industrialist, during the Quit India movement of 1942, had conceived the idea of organizing a commercial bank with Indian capital and management, and the United Commercial Bank Limited was incorporated to give shape to that idea.
The UCOBANK has international presence for over 50 years now. UCO presently has four overseas branches in two important international financial centres in Singapore and Hong Kong and representative office at Kuala Lumpur, Malaysia and Guangzhou, and China. The international linkage from India is supported by a large Indian network through Integrated Treasury Branch and Authorised Forex Branches. Other branches in India also provide international banking facilities through the Authorised Branches of the bank.
Uco Bank steadily grew into a large All Indian Bank, with nine smaller banks merging with it from 1963-68. The credit for this merger as well as growth goes to Mulki Sunder Ram Shetty,who was then the Chief Executive of the bank. The bank was nationalised on April 15, 1980. This is the first bank to bring credit card facility in the banking industry.