UCO Bank IFSC and MICR Code:

UCO Bank and Future Generali partnership

UCO Bank and Future Generali has partnered up to provide a host of insurance related products. Future Generali has already tied up with over 100 banks in India for offering their products and services nationwide. Future Generali's products such as health and personal accident insurance, home, travel, motor, and rural insurance will be provided through their tied up banks in India. Since the announcement, the share prices for UCO Bank has gone up. UCO Bank has over 3050 branches over pan India, the tie-up can turn out to be mutually benefiting for both the institutions.

UCO Bank's share prices are up by 2% after tie-up with Future Generali India

UCO Bank's share prices have gone up by 2% after the tie-up with Future Generali India for offering health and personal accident insurance along with travel, motor, home and rural insurance products. The insurance products will be offered across 3050 branches of UCO Bank in India. Recently, Future Generali India has tied up with over 100 banks across the nation to offer a broad range of insurance products and services. The tie-up has caused a surge in the share prices of UCO bank. The insurance products are targeted more towards health and accident coverage.

India’s UCO Bank plans to open in Iran

After reaching international sanctions deal last year Iran hopes to boost investment, for this purpose three international banks are opening representative offices in the country. Oman’s Bank Muscat SAOG, Woori Bank of South Korea and India’s UCO Bank will be the three banks. Iranian and Austrian bankers met in Vienna to discuss the continuation of trade financing. There are three Austrian banks which could possibly join the fray and begin operations in Iran.

UCO Bank Set to Raise Rs. 270 Crore Through Sale of Equity Shares to LIC India

SUCO Bank is all set to raise Rs. 270 crore by way of selling 7.17 crore equity shares to LIC India. The Bank’s Board of Directors approved the issue of equity shares that will give LIC India a 5.5% stake in the bank. The shares of Rs. 10/- are set to be issued on a preferential basis and the issue price will be fixed in accordance with the SEBI ICDR Regulations, 2009. At present, insurance companies, including LIC India, have a 12.02 stake in UCO Bank.

UCO Bank Announces Issue of Equity Shares to LIC India

UCO Bank recently announced the issue of 7,17,00,000 equity shares on a preferential basis to LIC India at Rs.10/- per share. The Bank’s board of Directors cleared the proposal and subsequently informed the Securities and Exchange Board of India. The issue price will be be determined as per the SEBI ICDR Regulations, 2009. The bank’s Board of Directors duly approved the proposal through circulation.

UCO Bank Employees Preparing for Intensified Revival Efforts

UCO Bank, which was one of the worst performers in the banking sector due to a large number of non-performing assets (NPAs), is looking forward to turning around its performance and fortunes. Banks Board Bureau Chairman Vinod Rai said recently that UCO bank would receive a boost to continue as a standalone bank instead of merging it with any larger institution.

K. Vijhayan, general secretary, All India UCO Bank Employees’ Association, said the employees were confident of the bank’s success. “We are all working hard to recover dues, mobilise CASA (current account and savings account) deposits, curtail costs and improve customer service,” he said.

In the fiscal year 2015-16, UCO Bank – whose headquarters in Kolkata sports the IFSC code UCBA0000190 – registered a net loss of Rs.2,799 crore.

UCO Bank to take corrective measures to compensate losses

Owing to continuity in non-performing assets (NPAs), UCO bank posted heavy losses in the last fiscal quarter. In its elaborate plan to turn things around quickly, the management and regulators are working towards recovering dues and mobilise current account and savings account (CASA) deposits. In its path aimed at quick recovery, UCO is strongly considering cutting costs and upping customer service to retain existing customers and add more to the base.

There were also talks of merger which looks like will be abandoned due to protests from the employee unions. This Kolkata based bank recorded a net loss of Rs.2,799 crores in FY 2016. Another contributing factor seems to be emanating from the shrinkage of corpus fund from the scheme where the bank was the only channel for banks to settle trade with Iran. The imbalance in retail-corporate mix of business has also led to losses during the fourth quarter.

Central Government Employs Takkar as CEO & MD of UCO Bank

UCO Bank has announced BSE that in exercise of the powers deliberated by the clause (a) of the sub-section (3) of Section 9 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/80, read with sub-clause (1) of clause 3, clause 8 and sub-clause (1) of clause 8 of The Nationalized Banks (Management and Assorted Provisions) Scheme, 1970/80, the Central Government after a discussion with the RBI appointed Mr. Ravi Krishan Takkar, as Managing Director and Chief Executive Officer of the Bank for a duration of three years with effect from 2nd November 2015 or till the day of his retirement, stepping down or until more orders, whichever is earliest as mentioned in the notification. fund transactions can be done online too using IFSC Code.

FreeCharge Ties-up with UCO Bank to Promote E-Payments

FreeCharge and government-owned UCO Bank have become alliance partners in the bid to increase efficiency of e-payments. Some of the additional features introduced through this tie-up will be: cashback offers on recharges and bill payments made through UCO Bank. This alliance is expected to enhance user experience through higher rewards and better accessibility. The recent trend of banks entering a partnership with e-commerce organizations have been attributed to their intention of earning a higher ROI by facilitating more digital cash transactions by their customers. Net Banking and Mobile banking transactions enabled through the process of entering the IFSC code and beneficiary account, etc. for online transactions, have taken a backseat with the availability of platforms like FreeCharge.

UCO Bank Quarterly Returns Go Down by 51 Percent

UCO Bank's first three months’ overall income came down by a shocking 50.76 percent as lesser interest earning and higher supplies pulled down its outcome. It is a sorry day for a bank that has done prolific work that resulted in enhancing people’s financial discipline. UCO’s total turnover in the specific quarter was INR 256.70 crore. This is less than half of what was before the previous year, INR 521.40 crore.

Income from interest alone dropped to INR 4728.99 crore from the previous year’s revenue, INR 5072.94. The metropolitan-based bank continued to drop returns in the commercial sector as requests for credit became weaker by the day. Supplies and emergencies augmented to INR 763.56 crore from INR 521.40 crore.