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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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.