UCO Bank celebrated its Platinum Jubilee

Highlights:

  • The public sector bank,UCO Bank recently celebrated its Platinum Jubilee of foundation.
  • The leading public sector bank of India, completed its75 years of operations on 6 January 2018.
  • All branches of UCO Bank celebrated the 75th Foundation Day of the bank on this day.
  • The bank was founded by industrialist Ghanshyam Das Birla as United Commercial Bank on 6 January 1943 in Calcutta (present Kolkata).
  • Birla conceived the idea of organising a commercial bank with Indian capital and management during the Quit India movement of 1942.
  • The bank was started with Kolkata as its head office with an issued capital of Rs. 2 crores and a paid-up capital of Rs. 1 crore.
  • The Government of India nationalized United Commercial Bank on 19 July 1969.
  • An act of parliament changed the bank’s name to UCO Bank in 1985, as a bank in Bangladesh existed with the name “United Commercial Bank”, which caused confusion in the international banking arena.
  • UCO Bank had assets worth $39 billion during 2016 while its revenue stood at around $2.9 billion.