In a bid to generate employment in large number to poor and underprivileged people of the State, UCO Bank, Ranchi Zone disbursed loan to more than 550 Self Help Groups (SHGs) in financial year 2018-19 and the Bank has targeted to provide loans to 700 SHGs in this financial year 2019-20.
Talking to the Pioneer here on Saturday, Executive Director of UCO Bank, Charan Singh said that Jharkhand is a developing State and there is huge possibility to grow in banking sector. The Bank is mostly focusing on retail loans such as Agricultural Loans, Loan to SHGs, Mudra Loan for Micro Small and Medium Entrepreneurs and others, he added. “UCO Bank is mainly targeting women SHGs because women know keeping the money and doing business with the money after that they also know to disburse the loan. Giving loan to SHGs is beneficial for the Bank as at one side it provides employment to people in large numbers and on the other side recovery of loan is also very easy,” said Singh. Giving the reason on emphasizing on retail loans the ED said that the Bank was stressing on corporate loans two year earlier but the sector is affected with over leveraging, which force the Bank to give thrust on mainly three kinds of loan including Education Loan, Vehicular Loan and Retail Loans.
Singh said about Jharkhand that the Bank has 77 branches in almost all districts of the State except Chatra, very soon the Bank will open its branch in the District also. Since Ranchi is the State capital so that there is huge scope of business here. Apart from it Jamshedpur is also promising city for the growth in banking sector, he added.
“The Bank is working on making loan procedure easy for its bonafide customers so that the bank can do more business in the State. This problem generally comes due to lack in infrastructure facilities just as non availability of Evaluator, Lawyer and others. The Bank is working on to sort out the problem,” said Singh.
The mega projects going on in the State such as Pradhan Mantri Awas Yojna and Smart City projects and others, the Bank ED said that there is huge scope in the State Government’s projects. If investors will approach the Bank then it can finance them on reasonable rates, he added.
While speaking about installing new technologies in the banking sector Singh said that in an attempt to upgrade technologies in the banking sector UCO Bank is installing Finnacle-10 version which can itself upgrade Mobile Banking, E-Banking and other fields. With a view to control cyber crime the Bank has already formed a separate cell and time to time the Bank spread alert messages regarding cyber crime, he added.
“The bank is already working in life insurance and non life insurance. It is considering venturing into health insurance also through group insurance. There is no issue on coins the Bank has given direction to its all branch managers to take coins,” said Singh. UCO Bank, Ranchi Zone, Chief Manager, Alok was also present on the occasion.