UCO Bank to focus on retail, agri & MSME lending

New Delhi, July 18 (KNN) Public sector lender UCO Bank has redesigned its strategies to implement ‘Aatmanirbhar Bharat’ package announced by the central government, with enhanced focus on lending to retail, agri and MSME sectors amid COVID-19 crisis.

In its 2019-20 annual report, the bank said, ''to fall in line with the current situation, Bank has redesigned its strategies to implement Atmanirbhar Bharat package announced by Central Government.''

''The thrust area of the Bank is improving Retail, Agriculture and MSME (RAM). At these tough times, the Bank will extend emergency credit lines, on merits, to the borrowers who were affected by COVID 19 economic crisis,'' it added.

The Bank further said that it has taken up several technological initiatives like migrating to Finacle 10, improving software of mobile, internet and phone banking. These initiatives in customer convenience will give good results in coming months.

''With the help of PHYGITAL (Physical & Digital) network, the Bank will focus on mobilisation of low-cost resources that will augment bottom line,'' the bank stated.

The bank also said that it is in the process of upgrading its loan processing with introduction of technology driven loan origination system which will be rolled over in a couple of months. With the introduction of this system, there will be almost end to end automation of loan appraisals and lapses in loan processing can be avoided to a great extent.

''With the speedy approvals, the Bank will boost its retail portfolio,'' the bank added.

Besides, the bank will focus on strengthening its customer reach techniques by tieing up with a few Fintech firms who are having expertise in evaluation of GST & IT returns, analysis of financial statements, Bank statements, customer information including behavioural pattern of customers.

''Economy is likely to be muted till the end of the first half. Bank will make its products and services more competitive and improve its internal processes for robust growth soon after economic revival takes place,'' it added.