UCO Bank ties up with Religare, aggressive expansion on cards

UCO Bank has tied up with Religare Securities to offer online trading to its customers as part of expanding the product bouquet and has drawn up ambitious expansion plans

UCO Bank said it has tied up with Religare Securities to offer online trading to its customers as part of expanding the product bouquet and has drawn up ambitious expansion plans.

"We are looking forward for greater brand recall of the bank and adding new facilities like mobile banking and internet trading facility to customers," UCO bank executive director Ajai Rai said on the sidelines of signing the MoU with Religare.

Kumar said the bank planned to open 800 new branches and 2,400 ATMs across the country in the next two years for stronger presence.

"New branches will be pan India, but focus will be given to places like Gujarat, Uttar Pradesh, West Bengal and the North East," Kumar said.

The bank would surpass the Rs2.45 lakh crore business target for 2010-11, with 20 per cent growth in credit and 18 per cent in deposit, Kumar said.
The bank has about 2,200 bank branches and 600 ATMs across country as of now.

Speaking about the tie up, Religare CEO Gagan Randev said it was the eighth bank and the alliance would go a long way in generating business in future.

On Monday, UCO Bank ended 0.63% down at Rs118 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.09% to 19,584.31

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COMMENTS

abhay

6 years ago

please provide me kit for opening account for the same

B Upadhyay

6 years ago

Someone should getb wiser with these announcements by/about UCO Bank, conspicuous by even the minimum semblance of "customer service" or "customer satisfaction" and the lacklustre approach and attutude of its employees from top to the bottom. Opening of an SB a/c is a curse, getting entries made in the SB Passbooks must invite insulting refusals from the employees to the chagrin of the Chief Manager/Manager, getting TDS certificates for pension/interest takes months-invariably long after the time-limit for filing returns of income are over (and even then the papers do not come), getting loans for house building sanctioned may take God knows how long and after how many verifications by "private" consultants forcing the applicant for loan to sell the property to builders, etc. The ATMs do not function well, the Chief Managers/Banks NEVER respond to e-mails (since they do not know computer handling) and for months their mail boxes are not opened resulting in bouncing of mails. Is anybody listening?

REPLY

CJyoti

In Reply to B Upadhyay 6 years ago

Here is a delayed reply to this comment to give an example of the type of customer service and the possible complicity of the Mamagers in respect of disbursement of HB loans.
In a particular case of a housing loan sanctioned by UCO Bank, I have come accross a very weird case of the bank making direct payment for the construction (of additional floors) to the contractor appointed by the loanee (by mortgaging the property) and not to the loanee despite the fact that the contractor is not a party to the bilateral agreement entered into by the owner and the bank. It is NOT a tripartite agreement and, since the contractor is not a party to the loan agreement, he has no locus standi in the matter of disbursement or repayment of the amount of loan. And, in my opinion, any payment made direct to the contractor constitutes a clear violation of the Banking rules. And, therefore, any payment made directly to the contractor would, in my opinion again, appear to be very suggestive of possible collusion between the bank officials and the contractor by ignoring the person(s) on whom the liability gets fixed.

Wockhardt gets tentative approval from USFDA for Aricept tablets‎

Wockhardt has received tentative approval from the US health regulator to sell a generic copy of Aricept tablets, used in the treatment of Alzheimer’s disease and dementia

Pharmaceutical and biotech firm Wockhardt Ltd said it has received tentative approval from the US health regulator to sell a generic copy of Aricept tablets, used in the treatment of Alzheimer's disease and dementia.

The tentative approval by the US Food & Drug Administration (USFDA) is for marketing of Donepezil HCl tablets in 5 mg and 10 mg strengths, which is used for the treatment of Alzheimer's disease and dementia, the company said in a statement.

Donepezil is the generic name for the brand Aricept, marketed in the US by Eisai in partnership with Pfizer.

"Wockhardt will be launching the product in the US market on May 28, 2011," it said.

Citing IMS Health, the company said the total market for this product in the US is about $2.5 billion.

Commenting on the approval, Wockhardt Chairman, Mr Habil Khorakiwala, said: "We are continuing to get a steady stream of FDA approval and are able to launch them on the date the generic market opportunity opens."

On Monday, Wockhardt ended 2.13% up at Rs359.80 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.09% to 19,584.31

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Unity Infra wins orders worth Rs89.29 crore in Hyderabad

Unity Infraprojects has secured two construction orders worth Rs89.29 crore from Ministry of Earth Sciences & Andhra Pradesh Industrial Infrastructure Corporation Ltd in Hyderabad

Unity Infraprojects has secured two construction orders worth Rs89.29 crore from Ministry of Earth Sciences & Andhra Pradesh Industrial Infrastructure Corporation Ltd in Hyderabad.

The first order is for construction of new buildings under Phase-II at Indian National Centre for Ocean Information Services in Hyderabad. The said project is to be completed in 15 months. The contract value is Rs32.24 crore.

The second order is for construction of office complex for Insurance Regulatory and Development Authority at Financial District, Nanakramguda, Hyderabad. The project is awarded by Andhra Pradesh Industrial Infrastructure Corporation Ltd worth Rs57.05 crore. The contract is to be completed in 18 months and defect liability period is 24 months.

With the addition of these two construction orders the order book of the company stands at Rs3,662 crore.

On Monday, Unity Infraprojects ended 1.16% down at Rs72.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.09% to 19,584.31.

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