NEWS & ADVICE : PERSONAL LOAN
UCO Bank to lend more to textile and iron and steel; abstains from power, realty
By Vaibhav Aggarwal
Jun 1, 2012
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Having troubles with the loan books, the Kolkata bank, UCO Bank has planned to revamp its lending strategies for the current fiscal. The bank will stop lending to power, roads, and realty; while emphasizing more on textiles, and iron and steel.

The lender, which has almost 60% of its advances to large corporates, is trying to amend its skewed loan books. "If economic growth slows down then there could be some stress on assets. So we have decided to go slow on certain sectors," explained Mr. Prabir K Datta, Genereal Manager, Flagship Corporates, UCO Bank.

The bank is trying to give a new look to its ailing portfolio by changing the corporate and retail lending. The bank restructured Rs. 5,000 crore of assets for power distribution companies in quarter ending March 2012. Total restructured assets stood at Rs. 7,370 crore, up from Rs. 6,345 crore a year before.

As for the retail strategy is concerned, the bank is planning to increase its current account and savings account (CASA) to Rs. 40,000 crore in the current fiscal, and has hired 1,000 employees each in clerical and official cadre. The hiring would continue this year too.

"We have a number of good loan products, but they have not been doing too well due to delay in processing. So we have streamlined the system and we are monitoring it on a real time basis," said Mr. Datta on disbursements.

The bank will also add 600 branches this fiscal to mobilize advances. Currently the bank has 2,400 branches spread across the country.


 


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