UCO Bank celebrated its Platinum Jubilee
- 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.