UCO Full Form - United Commercial Bank

What is UCO? The full form of UCO is United Commercial Bank. With its headquarters located in Kolkata, UCO Bank, formerly known as United Commercial Bank, is a public sector bank and financial services regulatory organization in India. In terms of total assets, UCO Bank ranks 10th among public sector banks in India.

It was rated 48th on the Forbes Global 2000 list in 2018 and 80th on the Fortune India 500 list in the year 2020. Its entire revenue for FY 2022–2023 was ₹4.10 lakh crore. As of 2023, the bank's market capitalization is ₹48,947.69 crore.

In east India, UCO Bank is the sole bank owned by the Indian government. The bank operated 44 zonal offices and more than 4,000 service units across India as of March 30, 2023. Additionally, it has two international locations in Hong Kong and Singapore.

One of the unique banks that makes the Rupee-Ruble and Rupee-Rial trading mechanisms of India easier for Russia and Iran, respectively, is UCO Bank. In an effort to honor the people's widespread belief in Lord Shani, it became the first bank to open a special "lockless" branch in Shani Shinganapur, Maharashtra.

History

Following the historic "Quit India" campaign in 1942, Mr. G.D. Birla, the doyen of the Indian Industrial Renaissance, created the notion of a truly Indian bank. This fledgling concept quickly materialized, and on January 6, 1943, United Commercial Bank Ltd. was established, with its registered office and head office located in Kolkata.

Eminent individuals from diverse backgrounds comprised the initial Board of Directors, and the Bank has diligently upheld its all-Indian identity to this day, not only in the makeup of its Board but also in the distribution of its over 3000 employees throughout the nation and its overseas locations in Singapore and Hong Kong.

After going through phases of growth and consolidation, the bank was nationalized on July 19, 1969, by the Indian government, which resulted in the government acquiring 100% of the United Commercial Bank. This momentous occasion fundamentally altered the bank's whole way of thinking and operating, in line with the nation's socio-political strategy of mass banking as opposed to the class banking that had previously been practiced.

The Bank pursued an initial public offering (IPO) of Rs. 200 crore in 2003–04, and it is currently a listed business. The government held 65.19 percent of the bank's shares as of March 31, 2012. Branch growth got off quickly, especially in rural regions, and the bank won many special distinctions for its priority sector financing as well as other social initiatives.

In 1972, the bank conducted an organizational reorganization effort in order to keep up with the changing business environment and pace of development. More functional specialization, decentralized administration, and a focus on employee skill and attitude development were the outcomes of this.

The State Level Bankers' Committee (SLBC) convenorship was given to the Bank for Odisha and Himachal Pradesh in 1983 as the government's poverty alleviation initiatives continued to receive unwavering dedication.

An Act of Parliament changed the bank's name to UCO Bank in 1985, ushering in a new era for the institution. Even after this name change, the bank's reputation for being socially conscious and customer-focused has endured, making it one of the nation's most well-known and active institutions.

With all of its internal resources, UCO Bank has made great strides toward becoming a symbol of customer service excellence and efficiency in the banking industry. But international banks may enter the market as a result of economic liberalization, which would increase rivalry amongst banks for wealthy and commercial consumers.