 "UCO bank to lend more to retail, SME sectors")
UCO Bank is focusing on lending to retail, SME and farm sectors as the capital-to-risk weightage was lower in these categories, the bank’s chairman said Tuesday.
Bank’s chairman and managing director Arun Kaul also said that it will also need a capital inflow of Rs.14,000 crore, as per Basel III standards, to adhere to its growth targets in the next five years and was considering various possibilities to tap funds.
“We are also focusing on lending to retail, SME and farm sectors where the capital-to-risk weightage is lower,” Kaul said.
The bank now has 60 percent of its advances coming from the corporate segment, with only 8.5 percent from retail.
[caption id=“attachment_358572” align=“alignleft” width=“380” caption=“UCO bank has 60 percent of its advances coming from the corporate segment, with only 8.5 percent from retail. Reuters”]
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The bank’s domestic advances have registered a 15.65 percent growth to touch Rs.107,840 crore by March 2012. The figure was Rs.93,246 crore in the previous year.
The growth in domestic deposits is 4.11 percent at Rs.142,017 crore in March 2012, compared to Rs.136,414 crore a year back.
The bank is eying to take its number of branches to 2,500 by March 2013. In March, 2012, it had 2,394 branches.
It also opened five new asset management branches at Bhubaneswar, Bhopal, Chandigarh, Lucknow and Patna.
IANS