What is UCO Full Form?

Created By:Aruna Singh | Created Date :10 March, 2023

What is UCO Full Form?

UCO Bank, formerly United Commercial Bank, is an Indian public sector bank established in Kolkata in 1943. In fiscal 2020–21, its total business was 3.24 lakhcrore. According to 2020 data, it ranks 80th in Fortune India 500. UCO Bank ranked 1948th in Forbes Global 2000 list for 2018. As of March 30, 2017, the bank had over 4000 service units and 49 zone offices in India. It also has two overseas branches in Singapore and Hong Kong. The head office of UCO Bank is located in BTM Sarani, Kolkata.

G.D. Birla, a major Indian industrialist, had the idea of establishing a commercial bank with Indian capital and management during the Quit India movement of 1942 and the United Commercial Bank Limited was brought in to give shape to this idea. The bank was incorporated with Calcutta as its headquarters with an issued capital of ₹2 crores of which 1 crore was actually paid out. Birla was its president; The Board of Directors included prominent personalities in India from many fields. The bank simultaneously opened 14 branches in India.

After World War II, United Commercial Bank opened several branches abroad. The first took place in Rangoon in 1947. Subsidiaries followed in Singapore (1951), Hong Kong (March 1952), London (1953) and Malaysia. In 1963, the Burmese government nationalized the three branches of United Commercial Bank there, which became People's Bank No. 6 became.

On September 15, 1967, the Jalpaiguri Banking and Trading Corporation (JBTC), incorporated in Jalpaiguri in 1887 (or 1889; accounts vary), voluntarily transferred its assets and liabilities to United Commercial Bank. JBTC had only one office and specialized in mortgage lending for tea gardens.

The Government of India nationalized United Commercial Bank on July 19, 1969. The nationalized bank continued to operate overseas branches in London, Singapore and Hong Kong. However, Malaysian law prohibits foreign government ownership of banks in Malaysia. Therefore, United Commercial, Indian Overseas Bank and Indian Bank brought their Malaysian operations into a new Malaysia-incorporated joint venture bank, United Asian Bank, with each of the three parent banks owning one-third of the shares. At that time, Indian Bank had three branches, Indian Overseas Bank and United Commercial Bank eight altogether.

An Act of Parliament in 1985 changed the bank's name to UCO Bank, as a bank existed in Bangladesh under the name "United Commercial Bank", causing confusion in the international banking arena.

In 1991, Bank of Commerce acquired United Asian Bank; CIMB eventually became the owner of the Bank of Commerce.

In 1998 UCO closed its London office. The Bank of Baroda acquired the assets and liabilities but not the staff who were laid off.

As of March 31, 2021, the State's ownership of the bank was 94.44%. For the 2020-21 financial year, it recorded a net profit of Rs 167 crore. Branch expansion began rapidly, particularly in rural areas, and the bank achieved several unique awards in priority sector lending and other social support activities. In 1972, in order to keep up with the business development and the expansion scenario, the bank undertook an organizational restructuring. This led to greater functional specialisation, management decentralization and an emphasis on developing people's skills and attitudes. Side by side, steadfast commitment to government poverty reduction programs continued, and the convening of the State Level Bankers Committee (SLBC) was entrusted to the Bank for Odisha and Himachal Pradesh in 1983.

The Bank's governance in each respective regional area of the country is administered through a network of 42 zone offices located in the most important and crucial parts of the country.

In addition to providing internal banking services through its extensive branch network in India, UCO Bank has an important presence in financial markets outside of India. UCO Bank currently has four offshore branches in two major international financial centers in Singapore and Hong Kong.

UCO Bank has had an international presence for more than 60 years.

The bank's operations in Singapore began on April 21, 1951 with the opening of the Singapore Head Office, and subsequently the Serangoon branch was opened in "Little India" on March 7, 1959. Singapore's international connection is supported by a large number of Indian branch networks through the Integrated Treasury. Branch, Bombay. Other branches in India also offer international banking services through s

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