Chairman and Managing Director of public sector lender, UCO Bank, Mr Arun Kaul has urged all bank employees to strive hard for improving the share of current and savings account (CASA) deposits.
The bank is currently lagging behind in terms of CASA deposits which amount only to 24% of the total deposits.
He confronted employees of his bank saying that when peers in the public sector domain are maintaining CASA not less than 35% with the largest lender of the country, State Bank of India having CASA at 48%, it would be difficult for the bank to retain its space in the arena if it does not work towards improving its figures.
The main reason found to be deterring CASA figures for UCO bank is its low customer base. Being a bank with more than 3200 branches, its customer base is just 1.30 crore while that of SBI is 25 crores.
The CMD has thus put a very simple message in front of his employees asking them to just go and get customers.