UCO Bank
Directors Reports
The Board of Directors have pleasure in presenting the Directors Report-2022-23
together with the Balance Sheet as on 31st March, 2023 and Profit & Loss Account for
the financial year ended 31st March, 2023.
FINANCIAL PERFORMANCE
Bank has shown excellent performance during the year and has made net profit of
Rs.1862.34 crore during the year ended 31.03.2023 as against Net Profit of Rs.929.76 crore
for the year ended 31.03.2022 registering growth of 100.30%. Operating Profit for the year
ended 31.03.2023 stood at Rs. 4,340.67 Crore from Rs. 4,797.43 Crore as on 31.03.2022.
Bank has transferred Rs. 465.58 crore, 25% of current year profit to statutory reserve
fund in compliance with Banking Regulation Act 1949.
Gross NPA has reduced to Rs. 7,726.46 Crore (4.78 %) as on 31.03.2023 from Rs.
10,237.43 Crore (7.89 %) as on 31.03.2022. Total income stood at Rs. 20,158.98 Crore for
the year ended 31.03.2023 registered a growth of 11.49% over the previous year ended
31.03.2022. Provision Coverage Ratio of the Bank has increased to 94.50 % as on 31.03.2023
from 91.44 % as on 31.03.2022.
Following are the highlights of financial performance indicators as on 31.03.2023.
(Amount in Rs Crore)
| Particulars |
31.3.2022 |
31.3.2023 |
|
Year ended 31.3.2022 |
Year ended 31.3.2023 |
| Deposits |
2,24,072.90 |
2,49,337.74 |
| Of which International Deposits |
6,353.21 |
8,597.03 |
| Domestic Deposits |
2,17,719.69 |
2,40,740.71 |
| Of which - Current Account Deposits |
10,624.33 |
10,628.21 |
| Savings Bank Deposits |
77,036.91 |
81,095.92 |
| CASA Deposits (Domestic) % |
87,661.24 |
91,054.36 |
| Domestic CASA to Domestic Deposits(%) |
40.26 |
37.82 |
| Advances |
1,29,777.34 |
1,61,629.45 |
| Of which - Domestic Advances |
115598.38 |
1,39,431.95 |
| International Advances |
14178.96 |
22,197.50 |
| /Total Assets |
2,67,784.02 |
3,00,862.99 |
| /Net Interest Income (NII) |
6,473.00 |
7,343.13 |
| Other Income |
3,101.00 |
2,508.46 |
| Of which - Trading gains |
875.00 |
375.53 |
| +NII + Other Income |
9,574.00 |
9,851.58 |
| Operating Profit |
4,797.00 |
4,340.67 |
| Provisions other than tax |
3,047.07 |
1,435.56 |
| Provision for NPAs and Bad debts written off |
3,827.41 |
1,353.17 |
| Profit before Tax |
1,750.37 |
2,905.11 |
| Provision for Tax# |
820.60 |
1,042.77 |
| Net Profit |
929.76 |
1,862.34 |
| # of which DTA |
817.71 |
1,011.07 |
| Key Performance Indicators |
FY 2022 |
FY 2023 |
| Cost of Funds |
3.12% |
3.43% |
| Yield on advances |
7.03% |
7.46% |
| Net Interest Margin |
2.81% |
2.87% |
| Cost-Income Ratio |
49.89% |
55.94% |
/Capital Adequacy Ratio (CAR)
| Particulars |
As on 31.03.2022/ |
As on 31.03.2023/ |
| III |
|
|
| Capital Adequacy Ratio- Basel III |
13.74 |
16.51 |
| CET-I |
10.97 |
13.51 |
| Tier I |
10.97 |
13.96 |
| Tier II |
2.77 |
2.55 |
Management Discussion and Analysis : Global Economy
The rise in economic uncertainties is reflected in unevenness of performance of global
economy in 2022.The ongoing Russian-Ukraine conflict leading to world wide range in
inflation has impacted on the global economy. The Central Bank across economies led by the
Federal Reserve responded with synchronized policy rate hike to curb inflation.
The global economy is expected to grow at 2.8% in 2023 and at 3.0% in 2024
respectively. Advance economy, growth is projected to 1.3% in 2023 and 1.4% in 2024.The
emerging market and developing economies grew at 4.0% in 2022 and projected to grow at
3.9% and 4.2% during the year 2023 and 2024 respectively. In low income developing
countries, GDP is expected to grow by 5.1% during 2023-24.The global inflation is
forecasted at 7.0% in 2023.Growth in volume of world trade is expected to decline from
5.1% in 2022 to 2.4% in 2023 due to slow down in global demand and outbreak of Pandemic
and triggered by the war in Ukraine. In many countries, the financial sector will remain
highly vulnerable to the rise in real interest rate in the coming months.
Global financial conditions tightened in the month of mid-March 2023.US and Germany 2
year yield reaching their highest level since 2007 and 2008 respectively. In equity market
the US S&P500 generally rallied during the year on expectation of less aggressive US
fed action.The European stock market outperformed the US market,over waning recessionary
concern. EME equities gained similar to developed markets. UK and German 10 year yields
tracked the US markets. The Japanese bond yields remained range bound.Bonds yields in EMEs
exhibited two-way movements, with hardening bias driven by domestic monetary tightening as
well as global cues. In the currency market, the US dollar traded down in March on
financial stability concerns.
Domestic Economy
India's Real GDP growth in 2022-23 is projected at 7% by NSO in its second advance
estimates. Agriculture, forestry and fishing posted a growth of 3.3%, food grains
production touched a new record in 2022-23. Industrial activity remained sluggish driven
by the contraction in manufacturing sector. The service sector held up well and grew at
9.3% supported by contact intensive service & construction activity. The real GDP
growth is projected by RBI at 6.5% for the year 2023-24.
CPI inflation remained elevated for much of last fiscal year because inflation in
vegetable prices remained volatile during 2022-23. Adverse supply shocks and the pass
through of inputs cost to outputs prices impacted sustained upward pressure on CPI
inflation. CPI inflation was moderated at the end of FY23 because falling international
commodity prices and govt. measures have aided in easing inflation.CPI for the full year
rose from 5.5 percent in FY22 to 6.7 per cent in FY23, So far external sector is concerned
amidst protracted geopolitical frictions and slowing global demand, merchandise export for
the period FY 2022-23 grew at 6% to $ 447.46 billion and import at 16.5% to $ 714 billion
during FY23.
The value of Indian rupee is depreciated relative to US dollar during the year amidst
tightening global financial condition. This happened due to uncertain global environment
and portfolio outflows. As on March 31,2023, India foreign exchange reverses stood at
$578.4 billion. Index of Industrial Production (IIP) grow at 5.1% during 2022-23
(April-March).
Banking Sector
Domestic financial Markets evolved in and orderly manner and money market interest
rates hardened during FY2022-23. The bond yields were largely range bound. The 10 year
benchmark yield stood at 7.3% at end of March 2023. In line with announcement the Union
Budget for 2022-23, the RBI issued Sovereign Green Bonds. Equity market exhibited two-way
movements.BSE Sensex gained 2.7% in H2 to close at 58,992 on March 31,2023.
Bank credit growth remained in double digits throughout 2022-23.The Asset quality of
SCBs improved during 2022-23 and has fallen to a seven year low of 5.0% and CRAR remains
healthy at 16.0% above the regulatory benchmark. Banks revised upward their benchmark
based lending rates by 250bps during May 2022-March 2023.The RBI announced merger of 28
days VRRR with the fortnightly 14 days main action .In term of the management of
liquidity,OMO sales and the increase in cash balances sucked out liquidity from the system
during 2022-23.The net LAF slipped occasionally into deficit mode triggered by frictional
pressure from festive related currency demand and advance tax payments. The fiscal deficit
of the Union Government, which reached 9.2 per cent of GDP during the pandemic year FY21,
has moderated to 6.7 per cent of GDP in FY22 and is further budgeted to reach 6.4 per cent
of GDP in FY23 .Russian - Ukrain conflict and aggressive Monetary Policy tightening by the
US Fed escalated global financial market volatility leading to net outflow by FPIs in Q1
FY 23. However, FPI flows turned positive in Q2 FY 23. Overall, FPIs recorded a net
outflow of $ 2.5 billion during April- December 2022 as against an outflow of $ 0.06
billion a year ago.The Central Bank has hiked the repo rate by 250bps during the FY2023.
The recent collapses of a few banks in the US and Europe on the back of this tightening
cycle have posed pertinent questions to policy makers on the vulnerability of their
financial systems, particularly in emerging market economies (EMEs). Banking supervision
in India, however, is robust with the RBI's overarching coverage of institutions,
regardless of asset size, in its bi-annual assessment of financial stability. Macro stress
tests are also performed from time to time on individual banks. Investment in
held-to-maturity (HTM) securities is limited to 23 per cent of deposits, reflecting an
effective insulation of asset value from adverse market developments. For the assets
exposed to the securities market (mostly G-secs whose value has also fallen with an
increase in their yield), the investment fluctuation fund (IFR) maintained by banks
provides a suitable buffer
I. PERFORMANCE OF THE BANK DURING 2022-23
1. UCO's Delivery Channels: 1.1BRICK AND MORTAR NETWORK:
Bank has a geographically well-spread branch network in India and also has presence
abroad. As of 31.03.2023, Bank has 43 Zones and 3205 domestic branches and 2 overseas
branches (one each in Singapore and Hong-Kong). Bank's representative office has been
established in Tehran, Iran which is functional w.e.f. 25.03.2017.
The Global branch network over 5 years is as under:- (Global)
| March' 19 |
March' 20 |
March'21 |
March'22 |
March'23 |
| 3088 |
3088 |
3089 |
3074 |
3207 |
1.2BRANCHES & OFFICES NETWORK:
The population category-wise break-up of domestic branches as of 31.03.2022 &
31.03.2023 is given below:
The domestic branches include 6 Flagship corporate branches, 7 Asset Management
branches, 4 service branches, 1 central processing center and 1 integrated treasury
branch. Further 27 MCU branches, 36 Retail loan Hubs, 10 SME Hub and 72 currency chests
are also functioning across the country attached to the major city branches of various
centers.
2. BUSINESS PROFILE: 2.1.GLOBAL:
-Global business of the Bank stood at Rs. 4,10,967crore as of 31.03.2023 compared to
Rs. 3,53,850 crore showing an increase of 16.14% over March 2022.
-Global Deposits has increased by 11.28% as of 31.03.2023 and stood at Rs. 2,49,338
crore. Global advances increase by 24.54% and stood at Rs. 1,61,629 crore compared to Rs.
1,29,777 crore as of 31.03.2022.
2.2.DOMESTIC:
-Overall domestic business of the Bank has increased by 14.06% reached at Rs. 3,80,173
crore as on 31.03.2023 from Rs.3,33,318 crore as on 31.03.2022.
-Total deposits increased by 10.57% and stood at Rs. 2,40,741crore.
-Domestic advances shown growth by 20.62% to Rs.1,39,432 crore as on 31.03.2023 from
Rs. 1,15,598 crore as on 31.03.2022.
-CASA deposits increased by 3.87% on Y-o-Y and stood at Rs. 91,054 crore, SB deposits
grew by 5.17% and stood at Rs. 81,017 crore. Current deposits stood at Rs.10,037crore as
on 31.03.2023 compared to Rs. 10624 crore as on 31.03.2022,showing a negative growth of
5.52% on Y-o-Y basis.
-Share of low cost deposits (CASA), in domestic deposits decreased from 40.26% as on
31.03.2022 to 37.82% as on 31.03.2023.
(Amount in Rs Crore)
3. TREASURY
Domestic Investment of the Bank during the year 2022-23decreased by 2.20% from
Rs.96817.76 crores as on31.03.2022 to Rs 94692.51 crores as on 31.03.2023 largelydue to
redemption of Government securities.
The SLR investment of the Bank decreased by 2.31% from Rs.69170.89 crores as on
31.03.2022 to Rs.67572.28 crores as on 31.03.2023 mainly due to redemption of Govt.
Securities.
The Non-SLR Investment (Domestic) decreased by 1.90% from Rs 27646.86 crores as on
31.03.2022 to Rs.27120.22 crores as on 31.03.2023 mainly due to redemption of bonds and
sale of equities.
During the year 2022-23, interest income of Rs.6244.72 crores registered from domestic
investment.
3.1 International Business
As on March 31,2023, the Bank's total business from Overseas Branches at Singapore and
Hongkong was Rs 30,794 Crores and constituted 7.49% of the global business. The Overseas
Business constituted of total deposits of Rs 8597 Crores and total advances of Rs
22197Crores.
Our Bank with 70 B-category Branches across India is committed to actively cater to the
needs of Exporters/Importers Community and also serve our NRI Customers. The Total
Merchant Turnover of the Bank during the Financial Year ended on 31st March, 2023 stood at
Rs 59,914 Crores.
4. SOCIAL BANKING
4.1 Priority Sector Advances:
Our Bank has been showing significant performance in lending to Priority Sector over
the years and has been effectively servicing the priority sector and agriculture sector
with its vast network of rural and semi-urban branches.
As on 31.03.2023, the Priority Sector Advances of the Bank stood at as under:
| Priority Sector advance |
Rs. 63974.53 Crore |
| Investment |
Rs. 171.00 Crore* |
| Total |
Rs. 63803.53 Crore |
| * which includes : |
|
| (i) Investment in RIDF & Other funds |
- Rs. 4354.04 Cr. |
| (ii) Purchase of PSLC Agri |
- Rs. 475.00 Cr. |
| (iii) PSLC Micro Enterprises sold |
- Rs. 5000.00 Cr. |
Total Priority Sector Advance is Rs.63803.53 Cr. which constitutes 51.35% of Adjusted
Net Bank Credit (ANBC).
4.1.1. Agriculture Advances
As on 31.03.2023, the Agriculture Advances of the Bank stood at as under:
| Agriculture Advance |
Rs. 21773 Crore |
| Investment |
Rs. 3544 Crore |
| Total |
Rs. 25317 Crore |
Total Agriculture Advances of the Bank is Rs.25317 Cr. which constitutes 20.37 % of
ANBC.
4.1.2 Advances to Weaker Sections:
Advances to Weaker Section stood at Rs.17730 Cr. as of 31st March 2023 consisting
14.27% of ANBC.
4.1.3 Summary of PSLC for FY 2022-23:
| Sl. No. |
Parameter |
Details |
Amount (Cr.) |
| 1. |
Purchase |
PSLC - Agri |
Rs. 475.00 |
| 2. |
Sell |
PSLC - Micro |
Rs.5000.00 |
4.2 Initiatives for growth
To register growth under Agriculture business, Bank launched various campaigns during
FY 2022-23. Some of them are enumerated below:
-Agriculture Business Camp: Bank has launched special campaign from 17.05.2022
to 27.05.2022 focusing Investment credit & production credit in Agriculture. Bank has
achieved Rs. 211.10 Cr. sanctions in this campaign.
-"Agri Fest" Campaign: Campaignwas launched from 16.08.2022 to
15.09.2022with an initiativeto increase the Net GL of agriculture advance. Bank was able
to increase the net GL by Rs.212.80 Cr. in the said campaign.
-"Krishi Shakti 2.0": AgricultureCampaign "Krishi Shakti
2.0" was launched from21.11.2022 to 06.01.2023. Under this campaign, Bank has
achieved Rs.245.27 Cr. sanctions under agriculture advance.
-"Mission Lakshya": Special Agriculture Campaign was launched from
20.02.2023 to 20.03.2023. Bank was able to achieve the growth of Rs.181.03 Cr. in GL under
said campaign.
-"BEST" Campaign was launched from 01.01.2023 to 15.03.2023 as per
direction of Ministry for sanction under Agriculture Infrastructure Fund, where Rs.92.71
Cr. sanctions were made for 165 accounts.
-Bank has entered into Co-lending business for agriculture with Paisa-Lo Digital
Limited and garnered business of Rs.167.39 Cr. under said arrangement.
4.2.1 Achievements
-Our Bank was awarded for Outstanding Performance under SHG- Bank linkage for FY
2021-22 by Ministry of Rural Development.
5. Regional Rural Banks (RRBs)
UCO Bank sponsored RRB namely, PaschimBangaGramin Bank (PBGB) is head quartered at
Hawrah, West Bengal with four regional offices and 230 branches as on 31.03.2023.
5.1 Capital position of RRB
The total capital of PaschimBangaGramin Bank as on 31.03.2023 stood at Rs.567.31 Cr.
comprising Rs.283.66 Cr. from Govt. of India, Rs.198.56 Cr. from UCO Bank (as sponsor
Bank) &Rs. 85.09 Cr. from West Bengal State Govt.
5.2. Performance of RRBs during 2022-23 Paschim Banga Gramin Bank:
As per auditedfinancial results, total deposit of Paschim BangaGramin Bank stood at
Rs.6570.00 Cr. as on 31.03.2023, registering growth of 5.09%.Total advancereached a level
of Rs.3748 Cr. with an annual growth of 8.97%. CD ratio stood at 57.05% as on 31.03.2023as
against 55.01% on 31.03.2022.
The gross NPA stood at Rs.351.00Cr. as on 31.03.2023 vis-a-visRs. 358.24 Cr. as on
31.03.2022. Gross NPA to Gross Advance stood at 9.37% as on 31.03.2023 as against 10.42%
as of 31.03.2022. The net NPA ratio of the RRB stood at 3.94% as on 31.03.2023 as against
4.74% as of 31.03.2022. PaschimBangaGramin Bank has recorded a net loss of Rs.55.01 Cr. as
on 31.03.2023 as compared to net loss of Rs.99.95 Cr. as on 31.03.2022, thereby increasing
accumulated loss from Rs.404.45 Cr. as on 31.03.2022 to Rs. 459.46 Cr. as on 31.03.2023.
The loss is due to provision for staff pension to the tune of Rs.175.66 Cr. and payment of
arrear (learning allowance, locational allowance, PL encashment & PLI) amounting to
Rs.10.00 Cr in the current financial year.
6. CORPORATE SOCIAL RESPONSIBILITY
Bank has taken several programmes/initiatives as a part of Corporate Social
Responsibility. Few of these programmes/ initiatives are as under: a) Our Bank has set up
27 Rural Self Employment Training Institutes in 7 states namely Assam, Bihar, Himachal
Pradesh, Odisha, Punjab, Rajasthan and West Bengal.
These 27 institutes with dedicated infrastructure are devoted to impart training and
skill up gradation and to mitigate the unemployment and under employment problems of rural
youths. These institutes are set up by the Bank as a part of initiative taken up by the
Ministry of Rural Development to establish dedicated training Institutions for development
of entrepreneurship skills in rural youth, under Corporate Social Responsibility (CSR).
All RSETIs conducted 683 training programmes involving 20054 candidates and
8034beneficiaries have been provided Credit Linkage of Rs.24.80 Cr. during the Financial
Year 2022-23.
b) Under the initiative of Reserve Bank of india , Bank initially has set up 50 CFLs (
Centre for Financial literacy) involving 6 states namely Assam, Bihar, Odisha, Punjab,
Rajasthan and West Bengal in 22 Districts with collaboration of NGO identified by RBI
namely M/s Swadhaar Fin Access, Crisil Foundation and Dhan foundation with support for
fund from either DEA fund (Depositor education and awareness fund) from RBI / FIF
(Financial inclusion fund) from NABARD. In this arrangement 90% of OPEX (Operational
expenditure) and 100% of CAPEX (Capital expenditure) will be reimbursed. Further, under
CFL Project -Phase 2, 56 new CFLs (Centre for Financial literacy) has been allotted to UCO
bank in state of Odisha, Himachal Pradesh, Assam and West Bengal in collaboration with
Dhan foundation, M/s Mother, M/s Aravali and Crisil foundation with support for fund
either from DEA fund (Depositor education and awareness fund) from RBI / FIF (Financial
inclusion fund) from NABARD.
c) Bank has 35 Financial Literacy Centres across the country wherein 22 Financial
Literacy Counsellors conduct Financial Literacy Camps. During Financial Year 2022-23, the
Financial Literacy Counsellors have conducted 3873 Financial Literacy Camps thereby
spreading Financial Awareness to 126097 participants as of 31st March 2023.
7. FINANCIAL INCLUSION
7.1 PradhanMantri Jan DhanYojna (PMJDY)
Bank has been allotted with 16281 villages across the country to provide inclusive
Banking Facility in unbanked / under banked areas. In line with DFS directives these
villages were categorized into 4122 Sub Service Areas (SSAs). Out of these 4122 SSAs, 3656
SSAs are covered though BC agents and 466 SSAs in tier 5 villages (Population above 5000)
are covered through Branches for ensuring universal Financial Inclusion and to bring the
entire population under ambit of structured Banking facility.
Bank has added more than 2000 Bank Mitras making the total BC deployment to 6909.
During FY 2022-23 total 280.56 lacs transactions with 14.14% y-o-y growth amounting Rs.
11236.35 Crores with 05.05% y-o-y growth (averaging every month about 23.38 lacs
transactions amounting ) Rs.936.36 Crores) carried out through MicroATMs used by BC
Agents.
Bank has garnered deposit of Rs 5685.23 Cr at the end of March 23 in 124.25 lakhs PMJDY
accounts registering 32% growth in PMJDY saving deposit and 10% growth in PMJDY account
opening.The average per account balance under PMJDY accounts increased from Rs 3791.53 to
Rs 4550.29. Bank has opened 10.68 lakhs PMJDY accounts during FY 2022-23.
We have distributed around 27.25 lacsRuPay Cards to the eligible PMJDY account holders.
During the FY 2022-23 average transactions per month to the order of 1.92 lacs took place
through Rupay Cards on Micro ATMs used by BC agents amounting monthly average of Rs.91.57
crore.
7.2 Aadhaar Seeding & Authentication
As per revised UIDAI guidelines, Aadhaar number can be given voluntarily as identity
proof for opening customer accounts. Aadhaar is required for availing benefits under
various government welfare schemes. By 31st March 2023, around 84.52% operative saving
accounts have been seeded with Aadhaar number and Aadhaarauthentication has been done in
43.99% of operative saving accounts.
7.3 Micro credit-Overdraft facility
Number of PMJDY accounts using the OD facility in the bank as on 31stMarch 2023 is 3.71
Lakhs aggregating sanctioned amount of Rs.74.95 Crores. As per Finance Minister's budget
announcement (FY 2020-21), an overdraft of Rs 5000/- is allowed to verified women SHG
member in their PMJDY Accounts.
7.4 Social Security Schemes
Working on the government's theme of providing social security to hitherto unbanked
masses, Bank has implemented Insurance and Pension products namely, Pradhan Mantri Jeevan
Jyoti BimaYojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY), Atal Pension Yojna
(APY) through its Branch and BC network. Under PMJJBY scheme, 18.58 lakh subscribers are
insured and under PMSBY scheme 39.51 lakh customers are insured. So far a total of 9988
claims are settled under PMJJBYand 1652 claims are settled under PMSBY. Further, total
subscribers under Atal Pension Yojna crossed 8.01 lac till end of FY 22-23. During FY
22-23 2.36 lakh customers have been added to APY Fold with Y-to-Y growth of 42%. We have
qualified for Rise above the Rest campaign (15th Nov'22 to 31st Dec'22) with achievement
of 109% of target. We have also qualified for APY BIG BELIEVERS (15th Feb'23 to
31stMarch'23) with achievement of 121% of target.
7.5 PMJJBY and PMSBY enrolment through SMS
Electronic mode of enrolment of PMJJBY and PMSBY was made available last year in UCO
E-Banking and UCO m banking app. A new mode of enrolment through SMS message was
introduced in FY 2021-22. Through the facility, customers can self-enrol by sending SMS
from their registered mobile numbers. Incentive for digital self-enrolment is being passed
on to the customers by the way of reduced premium
7.6 DFS Target and Achievement
I. Saturation Drive under PMJSS (PradhanMantri Jan Surakshya Schemes, i.e PMJJBY,
PMSBY, APY):
In the backdrop of honourable Prime Minister's Independence Day speech 2021, Department
of Financial Services (DFS) directed Banks to implement Saturation Drive for PMJDY account
opening &Jansuraksha Schemes to connect every entitled person with the Government's
Insurance and Pension scheme to have cent percent (100%) achievement by 30-09-2024.
Saturation Drive in PMJDY Account: The target of opening 9 lakhs PMJDY accounts has
been given by DFS to be achieved during FY 2022-23.We have achieved 11.67 lakh(UCO-10.68
lakh & PBGB-0.99 lakh) against the target of 9.00 Lakh with an achievement of 130% of
the target.
Saturation Drive in PMJSS Schemes:
The following two groups of customers are to be targeted for 100% saturation in PMJSS
by 30-09-2022.
• Existing PMJDY account holders having quarterly average balance of Rs 1000/- and
more in Q2 of 2021-22.
• All eligible Standard PMMY account holders.
Time line for Saturation Drive has been revised from Sep 2022 to Sep 2024(DFS letter
dated 20/04/2022). Now 40% of the target was to be achieved by Sep 2022 while 70% up to
Sep 2023 and 100% up to Sep 2024.
We have enrolled 61% of proportional target under PMJJBY and 114% of proportional
target under PMSBY in Jansuraksha Saturation Drive Scheme.
II. 5-year targets of jansuraksha schemes have been allotted to Banks by DFS- DFS
had allotted us policy year wise target for 5 years. For the policy year 2022-23, target
for PMJJBY fresh enrolment is 6.6 lakh and 12.7 lakh. We have achieved 73.81% of
proportional target under PMJJBY and 87.90% of proportional target under PMSBY up to
31/03/2023.
III. Special scheme of saturation drive for enrolment of eligible operative PMJDY
account holders under social security schemes (SSS) launched by NABARD in 117 Aspirational
Districts- NABARD has launched special scheme for saturation of enrolment of eligible
operative PMJDY A/C holders under social security Schemes (SSS) in 112 Aspirational
districts of 28 states Special Scheme for saturation will be operational from 10/02/2022
to 31/05/2022. Further NABARD vide its letter dated 10/08/2022 has extended the timeline
up to 31/03/2023. We have 389 of branches in 101 identified Aspirational districts where
in we are conducting village & block level special camps for enrolment of PMJDY
customers for PMJJBY and PMSBY coverage.
IV. Onboarding of 5000 BCs (as direction given by DFS)-As per the instructionsof
Finance Secretary for on- boarding of 5000 more BCs to make our BC Force to 9000 by March
2023. Accordingly, we have issued work order during the month of Nov 22. Additional 2001
BC points have been allotted to Corporate BC Partners in rural and semi-urban branches
during the month of February 2023. We have appointed about 2400 BCs in under banked and
unbanked areas.
7.7 Aadhaar Enrolment Centre
A total no of 300 Aadhaar Enrolment centers has been set up covering 10% of the
branches as per UIDAI guidelines in our Bank. Bank has outsourced the Aadhaar Operator
activity to Corporate BCs in order to create efficient operation of AECs and optimum use
of Bank's staff.
7.8 Revenue generated through Financial Inclusion Project
Consistent, efforts under Financial Inclusion have given good results and Bank has
started gaining both tangible and intangible benefit out of these activities. While
decongestion of branches, reduction of transaction cost and increase in CASA base are
intangible benefits of FI Project. Tangible benefits have come in the form of commission
earned under various products. Bank has earned Rs.208.14 lacsin PMJJBY, Rs.38.23 lacs in
PMSBY and Rs.230.10 lacs in APY as commission during FY-2022-23.
8. GOVERNMENT BUSINESS
Government Business cell handles Small Savings Deposit Scheme of GOI , collection of
Direct and Indirect Taxes, issuance of Sovereign Gold Bond , Floating Rate Savings Bonds,
Central and state Government Pension, National Social Security Scheme -Atal Pension Yojna
(APY) & National Pension scheme (NPS).
There was an increase in total account base under Public Provident Fund (PPF) from
110295 as on 31.03.2022 to 139106 as on 31.03.2023 registering 26.12 % Y-o-Y growth and in
Sukanya SamriddhiYojna (SSY) from 92855 as on 31.03.2022 to 110977 as on 31.03.2023
registering 19.51 % Y-o-Y growth.
There was an increase in total account base under APY scheme from 592515 as on
31.03.2022 to 826635 as on 31.03.2023 registering 39.51% Y-o-Y growth. Bank has received
appreciation for achieving the target under APY "Big Believers" and "Rise
Above the Rest" campaigns launched by PFRDA during FY 2022-23.
Bank gives emphasis to promote Govt. Business product to increase fee based income.
Turnover Commission of Rs.25.85 Crores earned in FY 2022-23 from various Government
Business products i.e. Tax Collection, Pension, Small Savings Schemes, APY, Bond Issuance
etc. Business performance has also been improved under Govt. Business products
substantially.
Bank has introduced new direct tax payment system i.e. Tax Information Network (TIN
2.0) with effect from 01.01.2023 for individuals and corporate customers.
9. MSME :
• Bank's MSME portfolio grew by 17.95% (YoY) as of 31.3.2023
• Bank including RRB disbursed Mudra Loans amounting to Rs.5430 Crores up to
31.03.2023 (101% achievement) against target of Rs.5350 Crores allocated for FY 2022-23.
• Cumulative outstanding of Mudra Loans including RRB stood at Rs.6898 Crores as
on 31.03.2023 which is 109% of allocated target of Rs.6300 Crores of Mudra outstanding for
FY 2022-23.
• For end-to-end digital experience of customers, STP Shishu Mudra Loan up to
Rs.50,000 introduced to help small borrowers to avail quick loans from bank without
visiting Branch.
• Implemented auto renewal of MSME cash credit account up to Rs.10.00 Lacs
• Bank has introduced 5 New MSME Products namely UCO
GST Mitra, Modified PMEGP Scheme, UCO MSME Gold Loan, UCO Contractor Scheme and MSME
Property Loan.
• Bank business on TReDS platforms has increased manifold from Rs. 50.61 Crores as
on 31.03.2022 to Rs. 413.62 Cr as on 31.03.2023 registering a Growth of 717.26%.
• 21 (Twenty One) MSME Schemes integrated in Loan Processing System (LPS) thereby
enabling better credit underwriting and fast processing of MSME loans.
• Bank sanctioned loans to 70,108 Street Vendors under Prime Minister Street
Vendors AtmaNirbharNidhi Scheme (PM
SVANidhi).
• Bank sanctioned loans to 2355 units amounting to Rs.206.39 Crores under Prime
Minister Employment Generation Programme Scheme (PMEGP).
• Bank along with RRB has achieved 77% of allocated target under Stand Up India
Scheme up to 31.03.2023.
• Board has approved to operationalize 11 newSME Hubs at prominent business
centres across the country for quick processing of MSME loans with reduced TAT. With
addition of these new SME Hubs, total number of SME Hubs will become 21.
• Bank has identified 496 MSME Designated Branches to facilitate MSME Enterprises.
• Bank has launched two Campaigns during FY 2022-23 to augment MSME business.
Performance under these Campaigns are as under:
|
Amount in Rs Crore) |
| SL Campaign Period |
MSME Business |
| 1 07/11 - 06/01/22 |
1340 |
| 2 01/02 - 22/03/23 |
1280 |
10. RETAIL
-Bank had a tie Up with MuthootFincorp Ltd. In the current year, we have commenced
Co-Lending with AadhaarHousing Finance Ltd, IIFL Finance Ltd and Capri Global Housing
Finance Ltd. Co-Lending Portfolio (Retail) has increased by Rs. 1121 Crores in FY 22 -23
and stands at Rs. 1822 Crores as on 31.03.2023.
-Bank has introduced Pre - Approved Personal Loans to Staff, Ex-staff, Asset and
Liability customers of Bank in FY 22-23. Portfolio stands at Rs. 122 Crores as on
31.03.2023.
-Bank has made its retail products more competitive through modifications in Home
Loans, Top-Up Home Loans, Property Loan, Pensioner Loan and Cash Loan (Personal Loan).
-Bank had also increased the lending power of retail products for Branch Heads in
different scales considering the increase in cost of properties and cars and for quicker
disposal of loan proposals.
-Bank has also linked the Rate of Interest in Home Loan, Car Loan, Property Loan, Top
Up Home Loan and PAPL to risk profile of Customer as a result of which customer with
better credit scores avail the loans at a lower ROI whereas customers with satisfactory
credit scores are charged a premium.
-New Retail Loan Hubs have been formed in Bikaner, Vijayawada, Cuttack and Varanasi.
Existing Retail Loan Hub in Mumbai has been bifurcated in to two for better efficiency and
to fully utilise the potential of Mumbai region.
-Bank had been proactive in reacting to the changes in market and had waived processing
charges in Home Loans & Car Loans from 15.07.2022 to 31.03.2023 and had also revised
the rate of interest of our home loan and car loan product thrice to remain competitive.
-Bank had also started a dedicated vertical for Gold Loans and had introduced new
product for extending Gold Loan to staff members and had also modified the existing Gold
Loan product - agriculture allied by extending loans for 6 months and 12 months tenor with
15% and 20% margin respectively.
-Department had launched 6 campaigns, to activate and motivate field functionaries, in
the financial year with various rewards and recognition for performers.
-Bank had also introduced DSA policy with commission on par with peer Banks.
-Sales Teams were also formed in major locations throughout India to aid and assist
business growth.
-Bank had also identified 22 branches as Gold Boutiques taking the total tally of Gold
Boutiques to 35 branches.
Special focus was placed upon branding, safety & security, seating arrangement for
customers and TAT for availing Gold Loans in Gold Boutiques.
-Bank had also identified 565 Branches for Gold Loan Business taking the total no. of
Branches carrying out Gold Loan business to 1895.
-Bank has also empaneled a Corporate Gold appraiser, M/ s Phobos Gold Technologies Pvt.
Ltd, for appraisal and reappraisal of Gold Loans across India.
As a result of the various campaigns, modifications and enablers provided to field
functionaries, Bank has managed to achieve 19% YOY growth in Home Loan portfolio and 22%
YOY growth in Car Loan portfolio. Total Home Loan sanctions in terms of No. of Loans and
Amount Sanctioned has grown by 35% and 36% respectively. Total Car Loan sanctions in terms
of No. of Loans and Amount Sanctioned has grown by 31% and 45% respectively.
11. Marketing and Wealth Management:
The Marketing activities of the Bank eyes at increasing the mobilization of new
business promotion of different Products of the Bank and to maintain the brand value &
identity of the Bank among the customers. Promotion of Bank's product through different
channels and medias are also being taken up by the Department.
A. The Gist of Performance of various activities & initiatives undertaken:
• Sales Force Team (SFT):
Introduction of Sales Team was done revamping the existing Marketing Team structure
with higher number of staff strength in different centres. Four different Sales Force
Teams were created with separate KRAs for separate portfolios.
Introduction of Loan Sales Force (Home Loan Sales team, Retail Loan Sales team, MSME
Loan Sales team & Corporate Loan Sales Team), has resulted into significant growth in
the bank's Retail and MSME portfolio. The contribution of SFT in Retail loans (Home and
Car loans) is approx. 25%(amount wise) and for MSME loans is 14.4%(amount wise) out of
Loan sanctioned during the year.
• Direct Selling Agents (DSA):
Engagement of Direct selling agents (DSA) was introduced with competitive pay-out
structure to maximize sourcing of Home Loan & Car Loan applications.
Total 1324 Cr Business (Home Loan and Car Loan) has been canvassed through DSAs channel
during the FY 2022-23.
• Tie up with Car Manufacturing Companies to present UCO Bank as their
preferred Financer:
Agreement has been done with different car companies (Mahindra & Mahindra, Toyota
Kirloskar Motors Pvt. Ltd., Tata Motors Passenger Vehicle Ltd., Maruti Suzuki India
Ltd.)to promote our Bank as the preferred Financer to the Car Purchasers. Also, various
joint activities were organized with these companies across the country to develop a
strong relationship between our branches and the car dealers/outlets for generating
handsome business for the bank. Currently integration of our Bank's Loan processing system
in the digital platform of Maruti Suzuki India Ltdfor easy and quick digital lending is in
progress.
• Lead generation:
Bank has given a call to sell multiple products to our existing customers. Accordingly,
analysis of existing data has been done and prospects have been identified. Bulk Messages/
E-Mails with different product offers were sent to the prospective customers. Both Digital
& Physical collaterals (One- pagers, Video/ Audio clips/ Banners/ comparatives, EDM,
flyers etc.) were designed & supplied to the field functionaries with product USP. The
generated Leads from various channels were tracked and monitored via indigenous Lead
generation management system of the Bank.
Leads were also generated through UCO Realty and Retail & MSME CIBIL Triggers.
These facilities helped in retaining good customers of the Bank and to generate new
business by tracking customer's needs.
• Campaign:
Several Campaigns were launched from Marketing & Wealth Management Department to
maximize sourcing of Home Loan/ Car Loan & MSME Loans with specific targets allotted
to Zones for the campaign periods. DSAs & Sales Force members were actively involved
and Camps & events were organized in prominent places along with participation of
Developers, Car Dealers etc.Some of the special campaigns were named as "Raining
Discounts & offers". "Festive Campaign"," Foundation Day",
"Foundation- Star 2.0" etc. Significant amount of sanctioning of Loans was
observed in these campaigns.
B. Wealth Management & Credit Card: Business performance under various segments:
In the FY 2022-23, Bank has created Wealth Management vertical to Promote third party
products. (Bancassurance, Mutual Fund and Broking).
Business under Wealth Management
Business in Bancassurance (in lacs)
| Sl Name of the Company |
Premium Collected |
Commission Earned |
No of Policy/ Folio |
|
(Rs in Lakhs) |
(Rs in Lakhs) |
|
| 1. Life Insurance Corporation of India |
496.55 |
171.54 |
683 |
| 2. SBI Life Insurance Co. Ltd. |
30333.98 |
3207.51 |
29,552 |
| 3. ICICI Prudential Life Insurance Co. Ltd |
451.62 |
95.60 |
672 |
| 4 . Care Health Insurance Co. Ltd. |
3023.78 |
445.65 |
86,952 |
| 5 . Star Health & Allied Insurance Co. Ltd. |
854.95 |
111.40 |
9,852 |
| 6 . Aditya Birla Health Insurance Co. Ltd |
11.49 |
1.69 |
107 |
| 7 . Future Generali India Insurance Co. Ltd. |
4539.20 |
584.17 |
2,05,694 |
| 8 . The Oriental Insurance Co. Ltd. |
411.66 |
60.53 |
18,692 |
| Sub-Total |
40,123.23 |
4678.09 |
3,52,204 |
| Business in Mutual Fund & Broking (Rs. In Lac) |
|
|
|
| Wealth management Business |
|
|
|
| (MF/SIP, Broking Demat, NPS, Bonds, AIF, PMS) /Business Done in Credit Card |
|
107.00 |
|
| Commission earned |
NA |
790.00 |
|
| Total Commission Earned |
|
5575.09 |
|
(i) Bancassurance
• Bank is Corporate agent of Insurance Companies for Soliciting Insurance Business
for life, General and Health Segment.
• Bank has on boarded 3 New channel partners one in each segment i.e. Life,
General and Health insurance stand alone.
Now Bank has 3 channel partners in each segment of Insurance.
Present Partners under corporate agency arrangement:
• Life insurance- Life Insurance Corporation of India, SBI Life Insurance Co. Ltd
and ICICI prudential life Insurance Co.
• General Insurance- The Oriental Insurance Co. Ltd, Future Generali India
Insurance Co. Ltd and SBI General Insurance Company Ltd.
• Health Insurance- Star Health & Allied Insurance Co. Ltd, Care Health
Insurance Ltd and Aditya Birla Health Insurance.
For group Credit life, Bank is having tie-up arrangementwith Kotak Mahindra Life
Insurance Company Ltd. To cover Life risk of Home, education and retail loan borrowers.
• Bank has increased the number of Specified persons(SP) substantially for the
FY2022-23 for felicitating Bancassurance business as per regulatory guidelines. The
Specified persons are created as per Insurance Regulatory and Development Authority of
India (IRDAI) guidelines. By end of this FY, Department is targeting to have one SP in
each branch outlet of the Bank.
• Bank has taken the initiative for IT integration with Channel partners for
end-to-end seamless digital mode of sourcing proposal and payment of premium resulting in
reducing policy issuance TAT and also better control on the business sourced through our
Bank.
• Group Personal Accidental Death Insurance cover up to Rs.20.00 Lakhs as
additional feature in UCO Suvidha Salary Accounts in tie-up with Oriental Insurance Co.
Ltd has been renewed.
• Bank in association with Health Insurance Channel Partners have organized around
1100 health checkup camps in various branches and offices for our Banks customers.
• Marketing and Wealth Management Department has identified lists of prospective
customers by analytical study of Bank's existing customer base including identification of
3.40 lakhs priority customers as HNI segment. The prospective lists have been provided to
branches and Zonal Offices from time to time for cross-selling of third party Products.
(ii) Wealth Management:
Bank has made arrangements with Fintech Company for providing online mode of Wealth
Management transactions including opening of Mutual Fund, Demat A/c & Trading A/c for
our customers. The facility is also available under UCO-MbankingPlus App.
Department is also trying to introduce new Wealth Management Products for the benefit
of our customers and to improve generation of non-interest income.
(iii)Credit Card:
Bank is providing Credit Card facility to its customer on referral basis with SBI cards
and payment services limited.
List of pre-approved customers eligible for availing different type of cards are
provided to branches. These customers are approached and final card issuance is done after
getting consent & necessary documents from the customers. Commission is earned on
issuance, renewal of cards and on usage of the Cards.
C. Door Step-Banking:
Bank is actively promoting Door Step Banking initiative taken by PSB Alliance. During
the FY 22-23 number of campaigns were launched by PSB Alliance and Bank has been awarded
for achieving the targeted performance in multiple campaigns.
12. LEGAL MATTERS
The Law Department, in a first instance, has an advisory role, focused on protection of
the institution from financial and reputational consequences of claims, litigations and
criminal charges. Further, the Department endeavors to prevent litigations against the
Bank and also manage/monitor the existing litigations. However, the task of any Law
Department in a banking institution is not only confined to furnishing legal advice or
handling legal portfolio of Banks before various fora of Law; they are entrusted with
versatile legal works.
Besides above, Law Department also assist in drafting, vetting, reviewing of documents,
policies & guidelines effecting various domain of legal acumen in day to day Banking.
Law Department puts in order the policies/guidelines regarding the empanelment of
Advocates, payment of Advocate Fees, issuance of Circulars and follow-up & monitoring
of litigations pending before various fora of law. The Law Department also caters to the
specific needs of Corporate Departments.
With a view to create awareness amongst the Field Functionaries, in the FY 2022-23 the
Law Department has issued Circularsregarding various amendments on Statutes and new
Legislations etc. Further to align the Bank's loan documents with changing pace of legal
dynamics. Department examined documents related to Education loan, GOLD Loan, UCO Cash
Loan. Pre-approved Loan, Home Loan and prepared documents for Micro Finance Loan, MSME
Property Loan.
-Legal vetting of Complaints/FIRs filed by Bank in the fraud cases involving amount
between Rupees 3.00 Crores and Rupees 50.00 Crores and also vetting of all Complaints/
FIRs irrespective of amount involved of Zonal Offices where no Law Officer is posted.
-Legal vetting of RTI Appeals filed by the Bank and also vetting of various
SLA/MOU/Agreement as per the request and requirement of different corporate departments.
-Providing legal opinion to different Corporate Departments/ Zonal Offices on complex
legal issues involved, whenever requisitioned for.
-Provide comments/views to correspondences of the Ministry of Finance, Reserve Bank of
India and Indian Banks' Association on different matters including new legislation/
amendments In any Statute/Act;
13. RECOVERY
Bank's recovery mechanism is also geared up at all levels of the organization and Bank
has adopted following strategies to maximise recovery.
-Initiating timely SARFAESI action and sale of assets through SARFAESI. Taking steps
for getting DM permission for physical possession of mortgaged properties to improve
success rate of e-auction.
-Reducing NIL performing Branches.
-Filing of DRT suits, Civil suit including suit against Guarantors & suit u/s 138
of NI Act.
-Declaration of Wilful Default. -Issuance of LOC.
-Affecting the credit score by marking default in CIBIL/other credit bureau.
-Exploring Recovery through NCLT route. -Restructuring of eligible NPAs.
-Targeting soft NPAs for upgradation.
-Contacting KCC borrowers by early morning field visit and all borrowers via NPA
Tracker.
-Exploring OTS in NPAs under Simplified OTS scheme, Normal OTS Scheme and LokAdalat.
-Holding Mega Recovery camps.
-Utilizing Services of EA, RA and Detective Agencies and conducting regular review of
Recovery Agents & Advocates.
-Regular review of Zones, high NPA branches and AMBs. The details of GNPA, NNPA, Cash
Recovery and upgradation for the last three years are as under.
(Rs in crore)
| Particulars |
|
|
|
|
31.03.2021 (Audited) |
31.03.2022 (Audited) |
31.03.2023 (Audited) |
| Cash Recovery |
1168.30 |
1298.85 |
1354.10 |
| Up gradation |
453.35 |
2087.08 |
678.13 |
| Total |
1621.65 |
3385.93 |
2032.23 |
| Recovery in Technical Written off accountss |
1087.37 |
1278.48 |
1613.42 |
| Gross NPA |
11351.97 |
10237.43 |
7726.46 |
| %Gross NPA % |
9.59% |
7.89% |
4.78% |
| Net NPA |
4389.51 |
3315.78 |
2018.02 |
| %Net NPA % |
3.94% |
2.70% |
1.29% |
The total cash recovery plus upgradation for the year ended 31st March, 2023 is Rs.
2032.23Crore as against Rs. 3385.93 Crore for the year ended 31st March, 2022.
The cash recovery in technically written-off accounts is Rs. 1613.91Crore) for the year
ended 31st March, 2023 compared to Rs 1278.48 Crore for the previous year. Recovery in
Loss and Written Off assets has a direct impact upon the profitability hence Bank is
giving priority in monitoring / follow-up for recovery in such accounts.
Recovery initiatives:
• Bank had Simplified Onetime Settlement Scheme for NPA and ML accounts having O/s
Balance up to Rs. 20.00 lac as on 31.12.2021 under Doubtful category in which branch heads
were empowered to approve compromise proposal within their sanctioning power to ensure
more NPA accounts are covered under the simplified OTS Scheme.
• Bank is utilizing services of Enforcement & Recovery Agents, Detective
Agents and Business Correspondents (BCs) for effective and time bound enforcement of
action under SARFAESI Act and early resolution of NPA accounts.
• Bank has strengthened the Legal Management System with the objective to
facilitate Zonal Offices for monitoring status of SARFAESI actions, legal matters etc. for
effective monitoring and early resolution of accounts.
• MAO (Many against One) approach is adopted against recalcitrant borrowers on a
regular basis.
• Mega Recovery Camps are being organized to augment recovery in NPA accounts.
• Mega e-auction of properties under SARFAESI is being conducted on regular basis.
Properties in NPA accounts are uploaded and put for auction on 'e-Bikray' a common web
portal of IBA (https://ibapi.in) (Indian Banks Auction Properties Information).
• Accounts eligible for NCLT are being explored vigorously.
Bank is in liaison with other financial creditors on regular basis, for considering the
way forward in respect of NCLT cases. Most of the accounts under NCLT are Consortium /
Multiple Banking accounts which are being monitored for resolution under Corporate
Insolvency Resolution Process (CIRP) on case to case basis in consultation with leader of
consortium etc. Where Bank is the leader of the consortium, follow up was made in each and
every account for the purpose of resolution. Where our Bank is a member of Consortium /
JLF, Bank is taking up the critical issues with the top management of the respective
Leader Banks on regular basis, specifically to convene meeting of JLF at frequent
intervals and ensuring our Bank's participation at suitable levels in such meetings.
14. CREDIT MONITORING :
The country had witnessed the resurgence of COVID as second wave during FY 2021-22 and
every section of the society including salaried class, daily wagers and business class
etc. have been affected to meet out liabilities.
Mitigation of COVID-19 impact:
To ease out the stress encountered by the borrowers affected on account of COVID-19,
RBI had announced regulatory measures and announced a Resolution Framework 2.0 on 5th May,
2021 for COVID affected stressed assets. Accordingly, as per the RBI's Resolution
Framework for COVID-19 Related Stress (RF 1.0 and RF 2.0), Bank has implemented both the
resolution frameworks through seamless online process starting from Application to
Sanction Level. Bank is also monitoring these restructured accounts at all level.
The timely action of Govt of India and RBI have led to revival of the economy and
during last few months, consumer demand has been recovered and business across most of
sectors is reviving and coming back to almost 70-80% of the pre-covid levels.
Bank has strengthened Credit Monitoring mechanism through Enhanced Monitoring as under:
-Early Warning Signal System (EWS) - EWS system has been extended to cover
accounts of Rs. 2 Lac and above which covers 93.71% of Bank's standard advances.
Regarding System identification of EWS, a software package has been implemented which
is capable of generating 42 EWS triggers as suggested by RBI along with 84 EWS triggers as
suggested under EASE (Enhanced Access and Service Excellence) Agenda.
-Dashboard: Bank has launched one Dedicated Dashboard for better Credit
Monitoring at all level. a) A new report "Monitoring Daily NPA" at Credit
Monitoring Dash Board has been made available to tackle daily NPA run. b) The Dashboard
provides a detailed picture of the Retail portfolio of the Bank with below mentioned
reports :
| a. Geographical distribution |
| b. Bucket-wise Advance |
| c. Trend in movement of Advance |
| d. Special Mention Accounts (on daily basis) |
| e. Spurt In Advance |
| f. Sanctioning of Frequent TODs |
| g. NACH/ SI failed |
| h. Upcoming Monthly Demands |
| i. Upcoming Review-Renewal |
| j. Upcoming Stock/BD Dues |
| k. Demand Loans Due |
-IT Collection System:
Through IT collection system module, risk gradation of the account is categorised under
'Low' and 'High'. The recovery action is made based on the risk categorization of the
account. Various collection action viz. Auto E-mail/SMS, IVR Calls, Call Centre Calls,
Branch Calls and Branch officials visits are being made based on the risk category and day
past due of the accounts.
-As a part of stressed asset management, default assets of Rs. 5 crore and above weekly
reporting done to RBI at Central Repository of Information on Large Credit (CRILC)
platform and monitored on daily basis.
-NPA Tracker through mobile application has been introduced for monitoringstressed and
NPA accounts at base level.
In addition to the above mentioned monitoring mechanism, Bank is in process of on
boarding/implementing a dedicated solution extensively for the monitoring of Retail,
Agriculture and MSME borrowers that will enable Bank to identify the stress in advance
under RAM segment (predicting default).
To improve upon functioning at the grass root level, bank has devised following
strategic policy and guidelines: a) Operational guidelines for Credit Monitoring 2021-22
has been updated and put in place after obtaining approval of the members of Board of
Directors. b) Policy for empanelment of TEV consultants has been revised and put in place
on 01.04.2022. c) Guidelines for empanelment and appointment of Stock & Book Debt
auditors has been revised and put in place on 01.04.2022. d) Policy for empanelment of
valuers for the properties offered as securities, both primary and collateral while
processing of credit facility has been revised and put in place on 01.04.2022. e) Based on
the feedback received from field functionaries and following the guidelines of Reserve
Bank of India (RBI), twenty six (26) numbers of circulars issued on effective credit
monitoring during Financial Year (FY) 2021-22. f) Engagement of Agencies for Specialized
Monitoring and effective monitoring of Large Borrowal accounts with exposure above Rs
250.00 Crores has been revised on 01.04.2022 after obtaining approval of the Board.
Stressed accounts of Rs 5.00 Cr and above was directly monitored by High Power Committee
(HPC), headed by Executive Director (ED) on fortnighly basis.
15. RISK MANAGEMENT
Risk Management at Bank includes risk identification, risk assessment, risk measurement
and risk mitigation, with its main objective being to minimise the negative impact on
profitability and capital.
Bank is exposed to various risks that are an inherent part of any banking business. The
major risks are Credit Risk, Market Risk, Liquidity Risk, and Operational Risk, including
IT Risk, interest rate risk etc.
An independent Risk Governance Structure, in line with international best practices is
in place in the context of separation of duties and ensuring the independence of risk
measurement, monitoring and control functions. The various risks across your Bank is
monitored and reviewed through the Executive Level Committees and the Risk Management
Committee of the Board (RMCB), which meets regularly. Risk Management Committees at the
operational and business unit levels are also in place.
15.1 Credit Risk Management:
Bank has put in place robust credit appraisal and risk management frameworks for
identifying, measuring, monitoring, and controlling the risks in credit exposures. The
industrial environment is scanned, researched, and analysed in a structured manner by a
dedicated team to decide its outlook, Credit Rating.
Bank has an industry concentration Limit Framework to ensure against concentration
risk, monitored quarterly.
Bank uses various Internal Credit Risk Assessment Models and Scorecards for assessing
borrower-wise Credit Risk. Models for internal credit ratings of the borrowers were
developed in-house. They are reviewed through cycles of comprehensive validation and back
testing frameworks, including external validation/ review.
Bank also has a 'Dynamic Review of Internal Rating' Framework, which facilitates early
identification of stress and triggers the appropriate mitigation mechanisms.
Bank conducts stress tests every half-year on its Credit Portfolio. Stress scenarios
are regularly updated in line with RBI guidelines, industry best practices and changes in
macroeconomic variables.
Bank carries out analysis of Credit Portfolio and also devised a framework for
Integrating a Dynamic Review of Internal Rating with Early Warning Signal Triggers.
Credit Risk Vertical (CRV) has been introduced to evaluate inherent credit risk in
credit proposals before its fresh sanction and enhancement. The CRV model has been
successfully made live in the system and is being used online for Risk Scoring based on 34
Risk Matrix.
Pricing of loan to Corporate Borrowers is linked to internal rating and same is also
compared with Risk Adjusted Return on Capital (RAROC) Model which has been made available
online and is being used extensively. ALM cell is also fully integrated in terms of
pricing all our Liabilities and Asset products linked with RBI policy rate which is market
driven.
Bank's Loan Policy is being updated from time to time with the approval of Board of
Directors.
15.2 Operational Risk Management:
Bank has identified Best practices at Industry level in Credit & Operational Risk
areas. All the Policies of our Bank have been reviewed annually by the Board of Directors.
Risk Management culture has been percolated down to the Zonal Office and Branch Level.
Online Real Time Operational Loss Events are being reported from field level for prompt
mitigation of various Operational Risks.
Zonal Office Level Operational Risk Management Committee is in place to review the
operational risk areas at field level and analysis of its Root Cause and its plugging
thereof.
15.3 Market Risk Management:
Bank has put in place Market Risk Policies to control and monitor their treasury
functions which undertake market risk positions. Bank measures Interest Rate Risk in its
trading book through Modified Duration, PV01 and VaR on a daily basis. Foreign Exchange
Risk is also measured in terms of Net Overnight Open Position Limits (NOOP), VaR limit,
AGL (Aggregate Gap Limit), Individual Gap Limit on daily basis. VaR and portfolio size
limit are measured along with monitoring of our portfolio at transaction level, stop loss
wise and dealer wise limit.
Back-testing and Stress Testing of all the parameters associated with Market Risk are
being done on regular basis.
Under stress testing framework, Bank conducts comprehensive stress of its trading book
portfolio as well as interest rate risk in the banking book due to mismatch between rate
sensitive asset and liabilities on quarterly basis, which generally impact the earnings/
Equity of the banks with the change in the interest rate in the market. We use Traditional
Gap analysis, as well as Duration Gap approach to measure interest rate risks in Banking
Book.
Value at Risk (VaR) is a tool used for monitoring risk in the Bank's Trading Portfolio.
The Enterprise-level VaR of Bank is calculated and back tested daily. The stressed VAR for
Market Risk is also computed daily. This is supplemented by a Board-approved Stress
Testing Policy and framework that simulates various Market Risk scenarios to measure
stress losses and initiate remedial measures.
The Market Risk Capital Charge of Bank is computed using the Standardised Measurement
Method (SMM), applying the regulatory factors.
Bank undertakes risk-adjusted performance analysis of its domestic and overseas
portfolios. It also analyses the credit rating migration of non-SLR bonds as a tool for
decision making.
15.4 Liquidity Risk Management:
Bank monitors its liquidity risk through flow and stock approach in accordance with
Board approved ALM Policy.
Bank has implemented the BASEL III framework on Liquidity Standards as LCR (Liquidity
Coverage Ratio) and ensures maintenance of adequate level of unencumbered High Quality
Liquid Asset which can be converted into Cash to meet liquidity needs for a 30 calendar
days' time.
NFSR (Net Stable Funding Ratio) which promotes resilience over a longer term time
horizon by requiring banks to fund their activities with more stable sources of funding on
an on-going basis. Bank is maintaining NSFR above than regulatory specified ceiling.
Bank also assesses its liquidity position under various stress scenarios to understand
its funding position in case there is stress environment within the Bank as well as in
market.
15.5 Credit Rating:
Bank has in house internal credit rating model to assess the level of Credit risk at
the borrower level as well as at facility level.
Credit rating models are calibrated in such a way that it is at par with External
Rating Agency. In order to make it more robust, as well as to have better default
predictability, more align towards external rating. Bank is implementing new Rating Model.
15.6 Fraud Risk Management:
Bank conducts analysis in all accounts classified as fraud to understand root cause to
further strengthen its Policy guidelines/ process.
Further, Bank has successfully implemented Enterprise Fraud Risk Management System
(EFRMS) comprising of Risk Based Transaction Monitoring System (RTMS) for timely detection
of potential fraud.
Fraud Risk Management Group (FMG) is analysing the reported Early Warning Signals in
borrower's account for classification it as red Flag account for better monitoring. Root
causes of frauds and identification of accounts as fraud is done by COE through evaluation
and assessment of inherent fraud elements, if any.
16. Digital Banking
| 16.1 New Products Launched / Major Innovative features implemented: |
| • Implementation of Pre approved personal loan feature for Staff as well as
Customer. |
| • Pool and co-lending platform integration for onboarding of NBFCs. |
| • Implementation of CC Renewal upto Rs. 10 lakhs through STP feature. |
| • Integration of Tripgain Travel Marketplace in Mbanking plus app. |
| • Instant Digital Merchant onboarding with Sound box & QR Code. |
| • Introduction of UPI 123 facility. |
| • Introduction of E-commerce Market place in Mbanking plus app. |
| • Introduction of RuPay-on-the-Go keyfobs for contactless NFC based POS payments. |
| • Introduction of Instant Personalised Debit Card Printer. |
| • Introduction of revamped Loyalty Rewardz feature. |
| • Introduction of Digital Banking Units. |
| • Introduction of Online savings account opening through Bank's Website. |
| • Introduction of Personalised Debit Card issuance feature through Bank's
Website. |
| • Green PIN Generation through Bank's Website & Internet Banking |
| • Integration of new Direct Tax Collection system TIN 2.0 with Internet Banking. |
| • Revamped WhatsApp Banking (Non-Financial). |
| • Loan against FDR facility through Mobile Banking. |
16.2. Internet Banking:
Features implemented in Internet Banking:
• extended to Branches for making Customer's Payment EPFO, ESI etc.
• Online Internet Banking Registration facility made available for Retail
Customers in FEBA
• MP Treasury State Tax Integration with Internet Banking
• Implementation of CSIS in Internet Banking
• EPA integration with Internet Banking
• Account block (ADCBLK) facility made available in Internet Banking
• SMS to customer in case of password is disabled
• Implementation of "Forgot Userid" in Internet Banking
• Onboarding of two SMS aggregators for SMS and Co-related Services
• Enhancement of Transaction Limits in all channels available through Net Banking.
16.3. ATMs/Debit Cards :
• Implementation of Instant activation of Debit Cards post issuance to customer.
• Achieved 100 Average Hits in ATM for First Time
• Department has installed total 201 ATM/CR machines across the country. (Out of
these, Cash Recyclers are 77 and ATM count is 124)
• Rupay Card Tokenization
• Implementation of OTC(One Time Combination Code) for ATM Vault(Under this
feature one time One Time Combination Code will be used for ATM Cash vault opening.
Till date 164 no. of ATMs has been made live under OTC)
16.4. M-banking :
Features implemented in Mobile Banking:
• Online Grievance Redressal System (OGRS) in Mbanking plus
• Image scan feature in NPA Tracker: a. Multiple scan document for single account.
b. Scan document to be viewed in NPA Tracker app. c. Date with time to be shown in admin
portal reports
• UPI Standing Instruction (Issuer)with Financial transaction segregation in UPI
platform
• Facility to view Beneficiary Name while doing IMPS transaction through mBanking
App
• Central Positive Pay changes for name and cheque validation
• Introduction of Pensioners desk in Mobile banking
• EFRM facility in Mobile Banking
• Personalised Cheque Book acknowledgement/activation through Mobile Banking
• No due certificate through Mobile Banking
• View and edit scheduled transaction in Mobile Banking
• Direct download facility of account statement with summary through Mobile
Banking and M-Passbook application
• Payment to Loan account using UPI & IMPS payment method
• Video Life Certificate (VLC) module live for Kolkata Port Trust (KPT)
• Virtual card for all mBanking customers irrespective of having debit card or not
• Unified Dispute & Issue Resolution (UDIR) feature live in UPI
• Facility of Bulk file upload is extended to Single Corporate user (Operation
Singly)
• BBPS biller wise integration with Mobile Banking through API
• Mobile Banking services for NRE/NRO customers having domestic mobile number.
16.5. Fintech Empanelment & Engagement
• FinTech cell has been shifted to Digital Banking Department from DIT in
June'2022. As per FinTech Policy, Department has formed a new cell FinTech Solutions Cell
for looking after all the activities related to FinTech.
• FinTech Empanelment: In order to meet the various requirements arising out of
business demand & Government driven initiatives, Bank has empaneled 35 Fintech
Companies under 20 different categories.
• FinTech Engagement: With the empaneled FinTech's Bank has come up with various
new initiatives :
-Digital Merchant Onboarding -UPI123 -E-commerce market place
-Corporate pre-paid/Gift Card(under implementation phase)
For the below mentioned projects, FinTech's have been finalized through RFQ process:
-Collection Module -Agriculture Lending -MSME loans
17. IT Initiatives during the FY 2022-23
1. Account Aggregator: An Account Aggregator (AA) is a type of RBI regulated entity
(with an NBFC-AA license) that helps an individual securely and digitally access and share
information from one financial institution they have an account with to any other
regulated financial institution in the AA network. Data cannot be shared without the
consent of the individual. This is first step towards bringing open banking in India and
empowering millions of customers to digitally access and shares their financial data
across institutions in a secure and efficient manner. Bank has implemented Account
Aggregator (AA) Software and has integrated with Six (06) Account Aggregators. Bank has
also implemented use case (Account Statement Analysis) in Loan Originating Software (LOS)
using Account Aggregator (AA).
2. SWIFT Centralization: Bank has completed SWIFT centralization Project. In which both
Singapore and Hong-Kong centre have been migrated under parent BIC (Bank Identification
Code) of SWIFT India operation. This will enable routing of all inward /outward SWIFT
messages of both overseas centres, through centralized SWIFT Infrastructure. This will
also ensure better control over SWIFT transactions and better security controls within
shortest possible time.
3. EFRM (Enterprise Fraud Risk Management System): Bank has selected M/s FIS through
open tendering process for implementation of EFRMS Solution for timely detection of
potential frauds and avoid delay in reporting of frauds which may affect the prospects of
recovery besides adversely impacting the action by law enforcing agencies. The m-Banking
App., ATM/e-Comm/POS, UPI, e-Banking channels are live in production environment along
with 04 CBS rules
4. Cyber Security Operation centre (C-SOC): Bank has implemented Cyber Security
Operation Centre (C-SOC) to monitor, assess & defend Bank's information systems and to
be equipped with set of various security tolls in Bank's existing Security System.
Accordingly the modules like NAC (Network Access Control Management), Decoy Services
(Honeypot), VAS (Automated Vulnerability Assessment Scanner), DLP (Endpoints Data Loss
Prevention), IT-GRC (IT -Governance, Risk and Compliance) & Network Policy Manager
(NPM) have been implement to further strengthen the security posture of Bank.
5. Oracle RAC: Oracle Real Application Clusters (RAC) allows running a single Oracle
Database across multiple servers in order to maximize availability and enable horizontal
scalability, while accessing shared storage. Bank has implemented Oracle 19 C and RAC at
Bank's DC & DR centres. The implementation of Oracle RAC has significantly reduced the
instances of transaction decline, earlier encountered with ADC (Alternate Delivery
Transaction). The said implementation will further improve customer experiences.
6. Oracle ULA: An Oracle Unlimited License Agreement (ULA) is an arrangement in which
Bank needs to pay a single up-front fee to get as many licenses as they want for a
specified set of Oracle products over a fixed time frame. Bank has tied up for Oracle ULA,
comprising of 09 different components, for next three years so that the DBMS cost related
to upcoming Application may be optimized.
7. Revamping of Bank's Website: In the process of revamping the website to make it more
feature rich and user friendly, Bank has selected the vendor M/s Planet E- com Solutions
(P) Ltd through open tendering process. The new revamped website was made live by
03.05.2023.
Upcoming Projects:
1. Private Cloud Set Up:- Bank is in the process of implementing on-premises Private
Cloud Infrastructure and appoint a Solution Integrator to manage the private cloud
including but not limited to compute, storage, network, security etc. with the ability to
scale up as per the workload requirements as and when required during contract period of 5
years, which can be extended for further 5 years as per Bank's requirement.
2. Open Application Programing Interface (API) Banking:- Bank intends to implement Open
API Banking. Open API banking refers to a bank or other financial institution opening its
API to Fintech firms so that these Fintechs may create Applications. To avoid the extra
expense of creating brand new proprietary software solutions themselves, banks open their
API to select Fintech partners to develop apps for them. This works as a win-win-win for
the bank, the Fintech firm, and the consumers because each of them realizes some value
from the relationship. A new Open API Banking Policy is being formulated as well as Bank
is going to float an Expression of Interest (EOI) for selection of vendor for
implementation of API Gateway Solution.
3. Comprehensive & Integrated Global Treasury Management Solution (CIGTMS) :- Bank
intends to implement Comprehensive & Integrated Global Treasury Management Solution
(CIGTMS) along with Market Risk Solution for all Treasury products and surrounding
Treasury IT applications to cater the needs of Treasury operations across all Geographies
in which Bank has presence. CIGTMS will also support multi- currency
transaction/settlement. CIGTMS will be a comprehensive, integrated, functionally rich and
user friendly solution to cater to the entire range of functionalities required.
4. SDWAN Software Defined Wide Area Network (SD-WAN) Solution:- Bank is in process of
introducing SD-WAN which is a part of the broader technology of software-defined
networking (SDN) and is a virtual WAN architecture that allows enterprises to leverage any
combination of connectivity including MPLS(Multiprotocol Label Switching), VSAT, 4G &
Internet services to securely connect users to applications.
5. Implementation of Mobile Device Management (MDM) & Mobile Threat Defence
Solution on Bank's owned mobile devices/(BYOD)-Bring Your Own devices on Meity empaneled
cloud platform:- Mobile Device Management (MDM) is software solution that allows
organizations to control, secure and enforce policies on smart phones, tablets and other
endpoints. The intent of MDM is to optimize tine functionality and security of mobile
devices within the enterprise while simultaneously protecting the corporate network. Bank
is in process of Implementation of Mobile Device Management (MDM) & Mobile Threat
Defence Solution on Bank's owned mobile devices/BYOD devices for five years with renewal
of license fees annually on Meity empaneled cloud platform.
6. Application Whitelisting Solution for various applications in Bank:- Application
whitelisting process aims to create an ecosystem where the deployment of the applications/
software to all endpoints shall be done centrally and the end users shall be barred from
installing/uninstalling any application/software. This will not only prevent malware from
infiltrating the corporate infrastructure but also leads to more competent resource and
productivity management by prioritizing traffic flows.
18. CYBER SECURITY ? Bank has been awarded with ISO 27001:2013, Information
Security Management Systems, for IT Systems across Data Centres of the Bank. The
Certification has been issued by International Standards Organization (ISO) and Bank has
undergone a stringent evaluation process by an independent third-party assessor of its
service management systems.
• ISO 27001:2013 is one of the most rigorous, widely recognized and
internationally accepted standards in the world for Information Security standards. It
identifies the requirements for a comprehensive Information Security Management System
(ISMS) and focuses on the application of People, Process, and Technology for effective and
robust Cyber Security. The ISO 27001:2013 certification fosters trust and demonstrates an
ongoing commitment for safeguarding customer data.
• Bank has Cyber Security Policy, Cyber Crisis Management Plan and Information
Security Policy to provide direction and support for cyber security related functions and
operations within the Bank. The policies are updated on periodic basis as per guidelines
received from the Regulatory Authorities.
• To address cyber risks arising out of human vulnerability, Department puts
concerted efforts in raising cyber awareness of our staffs and customers through various
cyber awareness initiatives and campaigns.
-Basic Cyber Security Best Practices are shared to new on-boarded customers' through
email.
-Customers are also sensitized through other channels like Push Notification Messages,
SMS and IVR messages on cyber security best practices.
-Cyber Awareness Messages are displayed in Bank's Digital Channels like ATM Screen
& Mobile Banking App, Official Website etc to sensitize users.
-Awareness Posters are displayed at Branch & ATM premises and Training Centres to
attract public as well as employee attention on common cyber fraud mechanisms & steps
for reporting of cyber fraud incident. -Social Media Post, Cyber Awareness Videos as well
as Retweet of Government posts on cyber security best practices are shared on Bank's
official social media handles to enhance cyber security awareness of general public.
-Informative videos on emerging cyber threats and their preventive steps are uploaded
in Bank's Official YouTube channel, Website and in-house UCO Online Portal and reference
is shared in Bank's Social Media Channels. -Graphic illustrative advisories under the
series 'Cyber Tales by Tenali' is shared to all employees through Email.
For customers, it is uploaded in Bank's Official Social Media Handles and Bank's
Official Website. This comic series is also made a part of Bank's other magazines to
ensure dissemination to internal as well as external customer.
• In terms of Guidelines issued by Ministry of Home Affairs, Govt. of India &
RBI, Bank has also undertaken mass awareness drive 'Cyber Jagrookta Diwas' on the first
Wednesday of every month through workshops, creative & interactive sessions and
other events engaging employees & customers at Branches and Offices. Branch/Offices
are making efforts in enlightening Staffs, Retired staffs, Customers and Citizens
regarding latest frauds and Cyber Security best practices. Few initiatives undertaken by
department, categorically in observance of 'Cyber Jagrookta Diwas' are as below:
-Publication of Info-toon 'Naughty Nattu - Booklet on Cyber Incidents and Preventive
Measures' embedded in cartoon stories in both Hindi & English language to target the
mass audience.
-Webinar on Cyber Security and Safety by Eminent speaker & cyber security expert.
-Interactive session, targeting women employees of Call Centre of our Bank, on Women's
safety within the Cyber space, on the occasion of International Women's Day. -In-house
developed video series - 'Be a CyberSmart Senior' to enlighten Senior Citizen customers.
-Interactive Cyber Games and Quiz for Executives posted at HO Departments.
-Poster Making Competition for Officers posted at HO
Departments.
-Informative Webinar on 'Social Media Frauds & Security' for staffs.
-Cyber Awareness Quiz for staff through UCO E-Learning. -Cyber Awareness Advisories on
customers' email to make them aware about emergent cyber trends & precautionary
measures.
• Department lays huge emphasis in making our employees aware on cyber threats and
their preventive steps, through various touchpoints on regular basis.
-Daily Cyber Safety Tips as well as Weekly Jagrookta Series are shared through mail and
internal messaging platforms.
-Best practices are displayed through Desktop Background and Screensaver.
-To bring security in the culture of the employees, Cyber safety tips are shared
through login page of Bank's internal portal for employees like HRMS and UCO Online.
-Awareness of staff members are also enhanced through publication of articles in Bank's
various internal magazine. -Knowledge building of staff is also a continuous process
through Webinar, Workshops, Trainings, Monthly Online Test, Knowledge Assessment Quiz and
E-Learning course modules on 'Cyber Security' and 'Information Security'.
-One Session on cyber security awareness is mandatory in all in-house training
programmes of the Bank.
• Cyber Awareness Training and Assessment of our On-site support Vendors' are also
conducted as a part of security awareness chain.
• Advisories issued on cyber awareness are uploaded in Bank's in-house web portal
to act as an online repository of advisories and provide easy accessibility to staff
members.
• Apart from imparting awareness, mock social engineering drills are conducted
periodically to evaluate the promptness of our staffs and onsite third party vendors, in
detecting and reporting cyber incidents.
19.OPERATION AND SERVICES
The Bank acknowledges the need for consistently enhancing the customer experience and
strives to improve the quality of customer service in order to ensure that our customers
feel appreciated and valued.
Bank has taken the following initiatives for improvement in customer experience in the
during the year 2022-23:
• Bank has revamped its customer grievance redressal system by introducing Online
Grievance Redressal System (OGRS) which is a single point web interface available 24x7 for
handling customer complaints including failed transaction related complaints, received
from various channels.
• Root Cause Analysis of customer complaints was conducted so as to identify
recurring complaints and necessary improvements were made in systems and procedures to
prevent their occurrence in future.
• Improvement in functioning of contact centre of the Bank so as to be in sync
with industry standards.
• Queue Management System has been implemented in 50 transaction intensive
branches.
• Online Customer feedback handling system has been developed so as to ascertain
customer sentiment and the areas which need improvement.
• Improvement in CTS clearing mechanism, Revision in Fixed Deposits Receipt,
Issuance of SOPs/ Job cards/ Hand Books etc. to support the field functionaries for
consequent improvement in customer experience.
Bank is also implementing the following initiatives for further improvement in customer
service:
New Initiatives:
• Introduction of new Horizontal Pass Book in line with major Banks.
• Introduction of Welcome Kit which is to be provided to customers opening new
CASA accounts.
• Online deceased claim settlement portal.
20. MIS & ADF Cell:
• Bank is having Management Information System (MIS) vertical for internal
reporting as well as reporting to regulatory and various statutory bodies etc.
• MIS-ADF is integrated with all the discrete systems of our Bank, viz. Finacle
(Domestic and Overseas), GBM, LAPS, Domestic Treasury, E-Banking, Mobile Banking, M-Wallet
etc. and is performing as a one stop solution in providing information to the organization
for multipurpose like coordination, control, visualization, data analysis to increase the
value and profit of business, its implementations and TOP Management level for effective
decision making by providing data and information in the shortest period of time.
• Bank has developed reporting system under MIS ADF for submission of RBI
returns/data viz. BSR, SIBC, NRDCSR etc. without any manual intervention through XBRL
platform.
Internal reports are made available for business verticals -Credit, Risk Management,
Recovery, Treasury, International, Overseas and Finance for control, monitoring and
reporting on day to day business parameters. Department faces the challenge of submission
of all adhoc data on regular basis in time bound manner and succeeds in doing the same
exceptionally well.
• Digital channel performance reporting is made to Ministry of Electronics &
Technology, Govt. of India on daily basis.
• Bank is also reporting, credit information to consumer, commercial and SHG
segments on monthly basis to different Credit Bureau like CIBIL, CRIF Highmark and
Equifax.
• Department has developed automated process for SLBC data generation /submission
directly to SIBC portal as per standardized format. Bank has also successfully implemented
Centralised Information Management System (CIMS) project launched by RBI. Under this
project 117 RBI returns to be automated in a time bound manner. 1st phase of automation
process have been completed successfully. Department is constantly taking initiatives to
automate the processes of data generation and submission.
• New Data Analytics vertical
• Department has also initiated the process of implementation of Data ware housing
project data for enhanced Business Analytics through the BI module and act as Decision
Support system for improving organizations operational efficiency, add value to existing
products, engender new innovative products for successful growth of the Organization. It
helps the banking industry become smarter in managing the myriad challenges it faces.
While basic reporting and descriptive analytics continues to be must-have for banks,
advance predictive and prescriptive analytics are now starting to generate powerful
insights, resulting in significant business impact.
• There are three key areas in Banking where analytics has created maximum impact:
a. Operational Efficiency :
Analytics enable banks to correlate operational details to key business drivers. It is
in the form of scorecards showing how the organisation performs against targets, tracing
and communicating important business metrics, and connecting departments over
interdependent parameters.
b. Consumer, marketing, product and portfolio optimisation modelling :
Customer analytics, relates to identifying strategies for increasing customer wallet
share, improving customer satisfaction, and knowing customer needs to offer them the right
product at the right time through the right channel. It also helps to forecast the
customer lifetime value, churn probabilities, up-sell and cross-sell avenues.
c. Risk, fraud, and AML/KYC analytics :
Risk Management, analytics can help with a platform that synthesises disparate risk and
financial data into an integrated, enterprise-wide view of risk across divisions,
geographic and risk classes.
21.Corporate Communication
Bank reinforces strong corporate reputation through its high degree of transparency and
consistency in communication with stakeholders and also disseminates timely information
with clarity, coherence and credibility including information through the websites of the
Bank on real-time basis. Bank aims to inform, persuade and involve one and all in the
activities and growth through sustained, consistent and relevant messages and using a
judicious mix of both external and internal communication tools.
Bank has taken up multiple initiatives through various channels namely Print Media,
Outdoor Media, sponsorship of different events, CSR activities and dissemination of
requisite information to stakeholders to build and maintain the brand-image of a world
class financial institution.
a) Publicity Campaigns:
Print Media/ Outdoor Media is an effective medium to connect to masses. The Department
has utilized it effectively by carrying out intensified and vigorous publicity campaigns
throughout the year through hoardings, kiosks, traffic booths, banners, traffic cones,
digital displays, magazines, newspapers etc.
During the brand publicity of the Bank, the Department also ensures to publicize
various banking products viz. Home Loan, Car Loan, Education Loan, Gold Loan, Deposit
schemes, Digital Products, VKYC etc.
b) Celebration of 80th Foundation Day:
The Bank completed 80 glorious years of service to the nation on 6th January, 2023. The
occasion was celebrated with much enthusiasm and vigor across the country and overseas
centers. Zonal Offices and branches across the country organized different activities viz.
planting saplings, blood-donation camps, health check-up camps etc. A cultural programme
was organized at Science City, wherein staff members across the country participated and
performed their talent.
c) Hon'ble President programme on completion of 80th glorious years:
To mark the occasion of 80th Foundation Day of the Bank, another program was organized
on 28.03.2023 and the occasion was graced by Hon'ble President of India. In the programme
Hon'ble President of India inaugurated fifty new branches virtually. The occasion was also
graced by Hon'ble Governor of West Bengal, two Ministers of West Bengal. All staff members
from Kolkata had participated in the programme. The programme has widely publicized in TV,
Print media, Electronic Media and Social Media.
d) Public Relations:
To strengthen the public relations, dissemination of information and coverage of
important events and occasions viz. declaration of Financial Result, opening of new
branches, Awards & Recognition etc. is pre-requisite. During the year, Bank organized
Press meets on the occasion of declaration of financial results of the Bank and other
important events. e) Corporate Social Responsibility (CSR):
Bank believes that carrying out CSR activities help in tangible value creation.
Moreover, CSR creates a positive image in the mind of customers and society at large. This
creates a sense of belongingness and loyalty in existing and prospective customers. The
Bank has 27 RSETIs (Rural Self Employment Training Institutes) spread across country to
impart training and skill up-gradation of rural youth geared towards entrepreneurship
development, total expenditure for F.Y. 2022-23 is Rs.1090.02 lakh and other contribution
of funds under CSR is of Rs. 104.99 lakhs in the FY. 2022-23.
Some of CSR activities highlights are mentioned as under:
• Reconstruction works of Shri Aurobindo School at Rairangpur, Mayurbhanj
district, Odisha.
• Donation of battery-operated vehicle of Rs. 6.53 lakh for communication of PWD
students inside of the Gangadhar Meher University, Sambalpur, Odisha
• Sponsorship of Rs. 5.00 lakh for 7th Sub-Junior, Junior & Senior Boccia
National Championship 2022-23 and Nottwil 2023 Grand Prix - Para Athletics 2023 to
Paralympic committee of India.
• Contribution of Rs. 3.00 lakh in project Sansaad Adarsh Gram Yojana (SAGY) Model
Anganwadi in Peruvanthanam and Vathikkudy Gram Panchayats in Idukki district in the state
of Kerala. f) UCO TOWER:
Bank is also publishing the in-house magazine "UCO Tower" where all the
constituents are encouraged to participate. UCO Tower also aims to create awareness of all
happenings and activities of the Bank among all employees.
22. HUMAN RESOURCE
Human Resource Management Department comprises of various Cells looking after different
segments of the departments. All these cells worked in tandem during FY 2022-23 to create
a harmonious and productive work environment. Training and workshop were organized for
improving/ enhancing the skills and knowledge of the staff.
22.1 Manpower Management:
The Total staff strength as on 31st March, 2023 stood at 21698 including employees
serving overseas. We have 13338 Officers and 5970 Clerks, out of which, 3322 are SC, 1636
are ST, 4987 are OBC and EWS are 257. There are 2390 Sub-staff in our Bank.
Out of total staff, 524 employees are Differentially-abled and 1485 belong to the
Minority Communities. Women employees (6148) constitute 28.33% of the Total Workforce as
on 31st March, 2023.
22.2 IR Negotiation Cell:
During the period, the Industrial Relations climate in the Bank remained cordial
between the Management and the Unions/ Associations. Meetings and discussions were held
with Unions/Associations at periodic intervals through mutual cooperative attitude and
respect during the financial year 2022-23.
22.3 Reservation Cell:
Bank has been implementing reservation, relaxation and other concessions extended to
SC/ST/OBC / Differently Abled Persons and Ex-Servicemen employees as per reservation
policy of the Government of India. The overall representation as on 31/12/2022 of
SC/ST/OBC employees was 20.10 %, 8.38% and 22.79%. Separate roster registers are
maintained for direct recruitment as well as for promotion. During internal promotion
process for the FY 2022-23, , Bank has imparted pre-promotional training to 671 candidates
for inter-scale promotion of officers ,438 candidates for promotion from Clerical to
Officers and 272 candidates for promotion from Sub Staff to Clerical.
For SC/ST employees, reservation cell is set up at HO level and across all ZO level as
per Government norms, functioning under the direct control of Chief Liaison Officer as
well as Ex-officio Liaison Officer. Bank has imparted training to 213 SC & 96 ST
candidates for inter-scale promotion of officers; 129 SC & 91 ST candidates from
clerical to officers cadre and 164 SC & 21 ST candidates from sub staff to clerical
cadre.
Bank has also formed separate OBC cell at HO level headed by Chief Manager as well as
across all ZO which is functioning under the control of Chief Liaison Officer as well as
Ex-officio Liaison officer. Bank has imparted training to 322 OBC candidates in
inter-scale promotion of officers, 211 OBC candidates from clerical to officers and 84 OBC
candidates from sub staff to clerical cadre.
Moreover Separate Grievance Redressal officer for PwBD and EWS employees has been
created to look after their grievance. Bank has imparted pre- promotional training to 51
PwBD employees in inter-scale promotion of officers; 21 PwBD employee for promotion from
clerical to officers; 10 PwBD candidates for promotion from sub staff to clerical. In
order to address the issues of SC/ST & OBC employees of the Bank, meetings are called
at Apex level as well as at Zonal office level (Where reservation roster is maintained)
with Welfare Association of such employees. An Internal Grievance Committee is functioning
at Head office level for monitoring the grievances redressal of the employees belonging to
SC/ST/OBC/Ex-SM/PWD, which are handled and subsequently redressed by the respective cell,
as per Bank's extant policy and guidelines. Bank Employee can submit their grievance
through Online in HRMS module under Self Service- Raise Issue.
The Annual Statement in the prescribed format showing the representation of SCs, STs,
OBCs, EWS and PWD as on 31-12-2022 is given in Annexure-I & Annexure-II.
Annexure - I
Group-wise representation of Scheduled Castes, Scheduled Tribes, Other Backward
Classes, Economically Weaker Section upto 31.12.2022 / Name of the Organization : UCO BANK
|
|
Number of appointments/promotions made during the
calender year 2022 (i.e. 01.01.2022 to 31.12.2022) |
| Group |
No. of Employees (As on 31.12.2022) |
Appointment by direct Recruitment |
Appointment by Promotion |
Appointment by other Methods |
|
Total |
SCs |
STs |
OBCs |
EWS |
Total |
SCs |
STs |
OBCs |
EWS |
Total |
SCs |
STs |
OBCs |
EWS |
Total |
SCs |
STs |
OBCs |
EWS |
| 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
21 |
| Group-A |
12937 |
2205 |
1068 |
3276 |
143 |
520 |
80 |
38 |
131 |
58 |
1457 |
234 |
100 |
395 |
0 |
NA |
NA |
NA |
NA |
NA |
| Group-B |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
| Group-C |
6406 |
1104 |
583 |
1408 |
111 |
436 |
94 |
32 |
105 |
44 |
174 |
64 |
14 |
44 |
0 |
24 |
4 |
4 |
7 |
0 |
| Group-D (Excluding Safai Karamchari) |
2513 |
1086 |
181 |
296 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
23 |
6 |
6 |
5 |
0 |
| Group-D (Safai Karamcharies) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Total |
21856 4395 1832 |
4980 |
254 |
956 |
174 |
70 |
236 |
102 |
1631 |
298 |
114 |
439 |
0 |
47 |
10 |
10 |
12 |
0 |
Name of the Organization : UCO BANK
|
|
( 01.01.2022 to 31.12.2022) |
|
|
Number of appointments/promotions made during the
calender year 2022 (i.e. 01.01.2022 to 31.12.2022) |
| Group |
No. of Employees (As on 31.12.2022) |
Appointment by direct Recruitment |
Appointment by Promotion |
|
|
No of vacancies reserved |
No of appointments made |
No of vacancies reserved |
No of appointments |
|
Total |
VH |
HH |
OH |
ID |
VH |
HH |
OH |
ID |
Total VH |
HH |
OH |
ID |
VH |
HH |
OH |
ID |
Total |
VH |
HH |
OH |
ID |
| 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
21 |
22 |
23 |
24 |
| Group-A |
12937 |
93 |
45 |
218 |
0 |
8 |
2 |
5 |
7 |
19 |
9 |
1 |
6 |
2 |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
| Group-B |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
| Group-C |
6406 |
36 |
10 |
87 |
3 |
6 |
8 |
5 |
9 |
16 |
5 |
1 |
7 |
3 |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
NIL* |
| Group-D (Excluding Safai Karamchari) |
2513 |
0 |
0 |
30 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Group-D (Safai Karamcharies) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Total |
21856 |
129 |
55 |
335 |
3 |
14 |
10 |
10 |
16 |
35 |
14 |
2 |
13 |
5 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Note:-
(i) VH stands for visually Handicapped (persons Suffering from blindness or low
vision).
(ii) HH stands for Hearing Handicapped (persons suffering from hearing impairment).
(iii) OH stands for Orthopedically Handicapped (persons suffering from locomotors
disability or cerebral palsy).
(iv) ID stands for Intellectual Disability (persons suffering from autism, instinctual
disability, specific learning disability and mental illness) NIL* Data is provided for
appointment of PWBD employee in Promotion as Bank Has conducted promotion process before
01.04.2022 till no reservation in promotion for PWBD were APPLICABLE.
22.4 Recruitment Cell:
In the year 2022-23, Bank has recruited 528 Officers under Generalist and Specialist
Cadre. Out of which 195 officers are females. 511 clerks have also been recruited during
the financial year 2022-23. Out of total 511 clerks 144 are females. Bank also proposes to
recruit 550 Probationary officers and 524 clerks for 2023-24 under CRP-XII.
22.5 Training Cell:
Our Organization, being a part of one of the most dynamic industries, has to keep up
with the constantly changing environment by continuously updating its workforce with
various Training Programs in the concerned Fields. Training Programs are held aligning the
corporate vision, mission and fulfilling the expectations of the Top Management.
In FY 2022-23, 605 Executives, 7814 Officers and 3263 Sub-Staff, totaling 11682 were
trained in Internal & External Training Programs conducted at our Central Staff
College (CSC) situated at Kolkata and 6 Regional Training Centers, across India and from
Reputed External Training Institutions. We also continued to sponsor our Executives &
Officers in reputed External Training Institutes like APRACA Centrab, Singapore, IIMs,
NIBM, CAB (RBI), IIBF, CAFRAL, State Bank Institute of Leadership, Baroda Academy, CVC
(New Delhi), IICA, ISABS, Infosys, Manipal University, NCIIPC, NIBSCOM, UIDAI, XLRI
(Jamshedpur) etc which helped them in acquiring a global competitive edge.
In FY 2022-23 some important Training Programs like Annual Forex Assembly, Basic Labs
on Human Processes, Leadership Development Program for Senior Management of Bank,
Customized Program on Banking Compliance, Awareness Program for Women on Workplace Safety,
Annual Refresher Training of Security Officers, Customized Training Program on Women
Empowerment, Workshop on Investment Planning, etc. were conducted.
Further, 5 batches of newly promoted Chief Managers, Assistant General Managers
attended Management Development Program at ASCI Hyderabad, IIM Indore, Manipal
University-Jaipur, NIBM-Pune, XLRI-Jamshedpur Basic Training for Officers identified under
Credit Pool was conducted at CSC Kolkata. Training of Marketing Officers and Relationship
Executives through External Training Agencies M/s ITM Edutech Pvt. Ltd. and M/s Indus
Management is conducted.
Department has also conducted Webinar on Cyber Security/ Phishing Awareness Program in
association with CISO Office for employees across branches/offices.
In FY 2022-23, total of 484 employees were paid honorarium/ incentive for passing Bank
approved courses.
22.6 Internal Complaints Committee (ICC):
Our Bank is committed to promote gender equality and women's empowerment which result
in economic development and inclusive growth and benefit the nation as a whole.
In terms of creating safe workplace environment for women our Bank has constituted
Internal Complaints Committees at Apex level as well as Local Level enforcing the rules as
laid out in the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 for quick Redressal of such complaints, if any.
In FY 2022-23, three complaints were received which has been resolved.
Awards :
UCO Bank was conferred "THE EASTERN INDIA BEST EMPLOYER BRAND AWARDS 2022"
organized by EIILM-Kolkata Times Ascent in a ceremony program held on 08th September 2022
at Taj Bengal Hotel, Kolkata and Shri Manish Kumar, General Manager, HRM, Training, PSD
& OL was awarded "The Eastern India Top Most HR Leaders" in the said
conference. The Eastern India Best Employer Brand Awards 2022 is intensely researched by
the Dr. R L Bhatia, Founder, World Sustainability Congress and chaired and headed by Dr.
Indira Parikh Ex-Dean of Indian Institute of Management, Ahmedabad (most prestigious and
the top most education institute in India).
23.AUDIT AND INSPECTION :
A) Revenue Leakages
During FY 2022-2023, Bank has detected and recovered Revenue Leakage of Rs 32.09 Crores
through various audit system such as Concurrent Audit, Risk Based Internal Audit (RBIA)
and Revenue Audit.
B) Risk Based Internal Audit (RBIA)
1) As per Audit plan for FY 2022-23, total 2459 no. of branches were to be covered
under internal inspection. The RBIA has been concluded in 2323 Branches. Audit is in
progress at 131 branches and only 5 branches are overdue for inspection as on 31.03.2023.
2) Department has been analyzing Risk Rating of Branches on regular intervals. In case
of deterioration of Risk rating of Branches (Low to medium, medium to High), necessary
action is being initiated on the basis of Risk rating parameters in order to protect the
interest of the Bank. Out of total 2340 RBIA reports released during FY 2022-23, only 10
branches were rated under high risk category, 1231 branches were rated under medium risk
and remaining 1099 branches were rated under Low risk category.
3) During the FY 2022-23, 2380 RBIA reports were closed and as on 31.03.2023 only 18
RBIA reports are pending for Closure beyond the stipulated time period i.e. 120 days from
the date of release of report.
4) A new online Audit methodology, "Compliance Test Audit" has been devised
to check accuracy in compliance submitted for observations made during audit so as to
avoid any type of False Compliance. The internal inspecting officers/ Concurrent Auditors
will test check at least 10% of the irregularities reported in the RBIA report before its
closure. RBIA report will be authorized for closure on the basis of certificate issued by
the internal auditor/Concurrent auditor who conducted the CTC.
5) 10% sample checking (out of major irregularities) of compliance for previous audit
report by Mobile Inspectors during the current RBIA audit through eTHICs software has been
implemented to ensure the quality/authenticity of compliance submitted by branches.
6) Tracking of conditional closure of RBIA reports through eTHICs software for easy
tracking and compliance even after the closure of previous RBIA report.
7) In order to bridge the knowledge gap of officers dealing with Inspection work, a
special training programme was imparted to mobile inspectors from all the Field
Inspectorates in two batches at Central Staff College, Kolkata in August, 2022.
C) Concurrent Audit
A total of 958 branches/offices have been approved for conducting Concurrent Audit for
the audit period Oct'22 to Sep'23.
A total of 880 CA Firms / Ex-Staff have been engaged for conducting monthly Concurrent
Audit and 78 CA Firms / Ex-Staff for conducting quarterly concurrent audit. In addition to
the branches, Concurrent Audit of 31 Retail Loan Hubs, 28 Agriculture Loan Hubs, 19 Head
Office Departments, 10 Small
& Medium Enterprises Loan Hubs, 7 Asset Management Branches, 1 DP Service Branch
and 1 CPPC Nagpur Branch was conducted.
Amongst these, 9 Head Office Departments and 28 Agriculture Hubs were newly added under
the purview of Concurrent Audit.
The engagement in respect of 585 CA Firms / Ex-Staff has been renewed and fresh
engagement of 373 CA Firms / Ex-Staff has been made during the current financial year for
the above audit period.
D) Offsite Control and Surveillance (OCAS) Cell
OCAS cell of Audit & Inspection Department has been monitoring alerts generated by
system and compliance submitted by Branches on daily basis. Apart from this, OCAS cell is
also monitoring transaction in various suspense accounts/office accounts through backend
data mining.
During FY 2022-23, Bank has recovered of Rs. 7.29 Cr revenue leakage which was detected
by OCAS cell.
24. VIGILANCE
In CVC booklet on Preventive Vigilance Initiatives, unveiled by the Hon'ble Prime
Minister, certain select initiatives submitted by various organizations under CVC
jurisdiction were published. It is a matter of pride that the initiative by Vigilance
Department, UCO Bank was selected for this honour for 'Sandeh Nivaran Application-Doubt
Clearance: Anytime, Anywhere'. This is an application to bridge the knowledge gap of
employees through a mobile/ web based application Sandeh Nivaran and as on date there are
1530 closed queries.
Felicitations by CVC: Another achievement for the Bank was the selection of one of our
nominees for felicitation by CVC in New Delhi during the closing ceremony of Vigilance
Awareness Week-2022. The recognition of the role of individual staff members in taking
preventive vigilance initiatives has been started by CVC since last year and Ms. Drishti
Vohra, an Alert UCOite, was felicitated this year. It is a matter of great pride for us
that UCO Bank is the only organisation, amongst all PSBs/PSFIs/PSEs, to have made to the
select list of winners for two years in a row.
Several preventive vigilance initiatives and systemic improvements were introduced by
the Department:
• Vigilance Record Management System (VRMS) has been developed in the format of
reporting required to CVC/ DFS/ RBI with saving data made more permanent and secure.
• E-SAR or online staff accountability report examination and tracking has been
initiated by the Department and is currently in the final stages of development. E-SAR
will help to ensure timely raising and examination of staff accountability such that bank
as well as employee interests are safeguarded.
• Paschim Banga Gramin Bank (PBGB),an RRB sponsored by UCO Bank has been brought
under the ambit of Central Vigilance Commission(CVC). Further, seeking First Stage Advice
from CVO of UCO Bank as per the directives of CVC has been put in place as detailed in CVC
Circular No. 18/09/ 21 dated 17.09.2021.
• Customized Video Life Certificate was introduced for pensioners of Syama Prasad
Mookerjee Port-Kolkata for continuing our exemplary service as well as removing perceived
deficiencies of life certificate collection. VLC also allows for time stamp and
geo-tagging facility.
217 Vigilance cases were added and 200 cases were disposed off during the time period
from 01.04.2022 to 31.03.2023,
The theme given by the Commission for Vigilance Awareness Week for the Year 2022 was
'Corruption Free India for a Developed Nation'.
Certain activities/ initiatives taken up by Department were:
• Booklet on preventive vigilance
• Seminars at Central Staff College, Kolkata and at New Delhi with Addl.
Secretary, CVC and Director DFS as key speakers.
• Special drive for registering nominations in accounts and dashboard for
monitoring the same
• In house essay and quiz competitions
The enthusiastic participation at branch/ Zonal level in outreach programmes is
reflected below:
• Walkathons and human chains across the country including one at Bhubaneswar Zone
which saw the participation of over 800 students and members of Odisha Police and was
helmed by Odisha Vigilance and IG Vigilance.
• Signature campaigns across the country including those at Puri, Konark and
Gopalpur beaches which drew the attention of both localites as well as tourists.
• In-house videos for promotion of Video life Certificate and KYC updation and
nomination registration which were displayed at electronic display boards at metro
stations in Kolkata and Habibganj railway station, Bhopal amongst other places.
• Outreach programmes were conducted in 156 schools and 36 colleges involving
approximately 13,100 students and at 36 colleges involving approximately 2800 students.
• More than 500 Financial Literacy Camps and Awareness Gram Sabhas were held
across all Zones which saw overwhelming participation of women in particular.
• 58 seminars/ workshops were also held which saw 3500 participants.
25. OFFICIAL LANGUAGE
The Bank has been proactive in implementation of the Official Language Policy of the
Government of India. The Bank has taken appropriate follow-up action to implement the
Annual Programme on use of Official Language Hindi issued by Government of India, Ministry
of Home Affairs, Department of Official Language and has made concerted efforts to achieve
the targets set therein. The Bank complied with the instructions given by the
Parliamentary Committee on Official Language (Third SubCommittee) in course of their
visits to the branches/offices.
The Bank was awarded the Rajbhasha Kirti Puraskar second time in succession and
Regional Rajbhasha Award from the Department of Official Languages, Ministry of Home
Affairs, Government of India for outstanding work in the field of progressive use Official
Language. During the period under review, our Zonal Offices organized UCO Bank G. D. Birla
Memorial Lecture Series, given away UCO Rajbhasha Samman, to the rank holders in Hindi PG
Examination and UCO Bhasha
Setu Samman to renounced personalities from the field of Indian literature. Popular
Hindi Programmes were also sponsored at various places for promoting Hindi and building
Bank's brand.
Achievements:
• The Government of India awarded the Rajbhasha Kirti Puraskar-1st Prize for the
Financial Year 2021-22. The Managing Director and Chief Executive Officer of the Bank Shri
Soma Sankara Prasad received the award on the occasion of Hindi Divas programme organized
in Surat on 14th September, 2022.
• TOLIC (Bank), Kolkata (Convenor: UCO Bank, Head Office) was awarded Regional
Official Language Award -2nd Prize for the Financial Year 2021-22.
• During the period, our 18 Zonal Offices received Regional Prizes from the
Department of Official Language, Government of India for progressive use of Official
language in various categories.
• Many of our Executives and Officers received awards in All India Inter-Bank
Hindi Essay Writing Competitions organized by other nationalized banks as well as our
Bank.
Hindi Training:
Approx. 14000 Officers and Clerks were trained in Hindi through Offline and Online
Hindi workshops organized by Head Office and Zonal Offices.
All India Interbank Faculty Seminar:
Central Staff College, Kolkata, the apex training institute of the Bank organized an
All India Hindi Seminar on the topic 'Customer Centricity and Business Development' on
19.12.2022. A book was also published on that occasion. It was organized under the aegis
of Hindi Training Coordination Committee, College of Agricultural Banking, Reserve Bank of
India, Pune.
Publication:
The bank's Hindi in-house magazine 'Anugoonj' was published regularly. Apart from this,
e-magazines 'UCO Sangam' and 'UCO Masiki' are also being published regularly.
Inspection visit of Parliamentary Committee on Official Language:
During the FY 2022-23 the Parliamentary Committee on Official Language (third
Subcommittee) paid a inspection visit to our Rudraprayag Branch on 17.05.2022, Udaipur
Main Branch on 27.08.2022, Tirupati Branch on 05.11.2022, Ernakulam Zonal Office on
06.01.2023 and Bhopal Zonal Office on 17.01.2023. During these inspection visits, the
Committee appreciated the efforts being made for the progressive use of Official Language
Hindi in the Bank.
• Apart from this, 10 Zonal Offices and 05 branches were inspected by Regional
Implementation Office, Department of Official Language, Ministry of Home Affairs,
Government of India.
• During the FY 2022-23, the Head Office, Department of Official Language
conducted Official Language inspection of 31 Zonal Offices. Zonal Offices also inspected
about 1700 Branches related to implementation of Official Language.
26. GENERAL ADMINISTRATION DEPARTMENT :
Bank has taken initiative for centralized rent payment of Branches, ATMs and other
administrative Buildings on pan India basis to check and balance the rental expenditure as
well as to minimize the pendency of renewal of lease . The new module of Centralized Rent
Payment System ( CRPS ) has been implemented and made live since March, 2023 onwards and
the rent payment related to branches, ATMs and other Administrative offices is being made
centrally by Head Office.
27. COMPLIANCE
Compliance Functions mandated by the Reserve Bank of India and such other regulators
domestically as well as globally are the responsibility of Compliance Department. Emphasis
is being laid on continuous perfection in reporting of various regulatory returns and
provisions e.g. KYC/AML issues, STRs (Suspicious Transactions Report), CTRs (Cash
Transaction Reports), CBWTRs (Cross Border Wire Transfer Reports, CFT (Combating of
Finance for Terrorism), etc., to the Regulators, Govt. Of India Authorities, SEBI,
FIU-IND, under PMLA Act 2002, as Reporting Entity (RE).
Compliance & KYC/AML Policies are being revisited / reviewed periodically and
approved by the Board of Directors to mitigate breaches in Compliance Functions. During
the FY 2022-23, Compliance Test Checking (CTC) was undertaken in all the regular business
Branches and forty- three Zonal Offices. Critical issues are discussed at appropriate
levels before being reported to the Regulatory/Statutory Authorities, thus enhancing the
system efficacy.
Several new initiatives have been taken viz; Zonal Compliance Committees have been
proposed to be formed in order to ensure that the ownership of compliance is established
across the business lines, and to assess the compliance risk accurately; Compliance
department has onboarded Cermo+ NXT, which is end-to-end compliance automation software; a
Certification programme on compliance has been made functional in collaboration with IIBF
for all the employees of the bank for enhancement of Compliance knowledge.
28. Future Plan of the Bank
In FY2022-23, Bank has crossed Rs. 4.00 lakh crore of total business and its net profit
has reached to Rs 1862 crore. To improve RAM advances, Bank will tie-up with NBFC.
Separate Gold Loan Vertical has been set-up to enhance gold loan portfolio. Bank has
decided to increase its network by opening more and more branches. In FY2022-23, Bank has
opened 131 branches (including 17 CSP) across all over the countries and will open another
69 branches in the current FY 2023-24.
In order to achieve sustainable growth in the coming years, Bank will focus on the
following important agenda:
• To grow low cost deposit with special focus on current deposit,
• Increasing advances under RAM & Mid Corporate segments.
• Recovery in all eligible accounts by exercising all the available resources,
• Turnaround of loss making branches in a definite time.
• Achievement of monthly business & profit budget at branch level,
• Restricting revenue leakages.
• Besides this, popularising pre-approved personal loans among eligible customers
• Proper utilization of various marketing teams and loan Hubs.
• Deepening Bank's products to customers through cross selling,
• Marketing of Alternate Delivery Channels.
• Prompt disposal of applications received under Govt. sponsored schemes available
through various portals, and
• Zero tolerance of customer complaints would remain primary focus in future.
29.Board of Directors 29.1 Corporate Governance
Bank firmly believes in and has consistently practiced good corporate governance woven
around its core values of transparency, professionalism and accountability. By constantly
focusing on these aspects in its day-to-day operations, the Bank strives to enhance
shareholders' value. The Bank being committed to the principles of good governance, its
Board of Directors has formed various committees of the Board to monitor every aspect of
Bank's business. The systems and business processes of the Bank are continuously reviewed
at various levels for identifying and strengthening areas of weaknesses, if any. The
Directors of the Bank believe that good governance is the key to earn trust, loyalty and
goodwill of clients, business associates, employees and investors and also to have
respectable position in the society at large.
29.2 Changes in the Board of Directors
• The tenure of Shri Ajay Vyas, Executive Director of the Bank, ended on
02.04.2022.
• Shri Rajendra Kumar Saboo appointed as Executive Director on the Board of the
Bank w.e.f. 21.11.2022.
29.3 Meetings of the Board of Directors
During the FY 2022-23, Thirteen meetings of the Board of Directors were held. The
number of meetings of various Committees of the Board held during the period is given
below:
| Sl.No Name of the Committee |
No. of meetings held |
| 1. Management Committee of the Board |
14 |
| 2. Audit Committee of the Board |
08 |
| 3. Risk Management Committee of Board |
04 |
| 4. /Stake Holders' Relationship Committee of Board |
02 |
| 5. Special Committee of the Board for Monitoring Large Value Frauds |
04 |
| 6. Customer Service Committee of the Board |
04 |
| 7. Committee on HR Related Issues of the Bank |
04 |
| 8. Nomination and Remuneration Committee of the Board |
02 |
| 9. Committee of the Board for Disposal of Appeal against Non-Promotion |
01 |
| 10. IT Strategy Committee of the Board |
06 |
| 11. Board Level Committee for Monitoring Recovery in NPA Accounts |
05 |
| 12. Review Committee (Wilful Defaulters) |
02 |
| 13. Performance Evaluation Committee of the Board |
01 |
| 14. Board Level Credit Approval Committee |
30 |
| 15. Meeting of Independent Directors |
01 |
Statement of Directors' Responsibility
The Board of Directors confirm that in the preparation of the annual accounts for the
year ended March 31, 2023, the applicable accounting standards have been followed along
with proper explanation relating to material departures, if any. The accounting policies
framed in accordance with the guidelines of Reserve Bank of India, were consistently
applied. Reasonable and prudent judgments and estimates were made so as to give a true and
fair view of the state of affairs of the Bank at the end of the financial year and of the
profit of the Bank for the year ended March 31, 2023. Proper and sufficient care was taken
for the maintenance of adequate accounting records in accordance with the provisions of
applicable laws governing banks in India; and the accounts have been prepared on an
on-going basis. Internal financial controls have been laid down by the bank for ensuring
orderly conduct of business.
Acknowledgements
The Board of Directors of the Bank extends a warm welcome to Shri Rajendra Kumar Sabo,
Executive Director who has been nominated on the Board of the Bank during the year 2022-23
and look forward for their valuable inputs towards the growth of the Bank. The Board
acknowledges the valuable contributions made by Shri Ajay Vyas, Executive Director who
completed their tenure during the financial year 2022-23.
The Board appreciates to all customers, vendors, shareholders, business associates and
correspondent banks for their continued support during the year. Furthermore, the Board
would like to thank the Government of India, Reserve Bank of India and other regulatory
authorities for their ongoing support and valuable guidance and look forward to their
continued support in the future. The Board also extends their gratitude to staff
unions/associations for their support. The Board recognizes and acknowledges the
dedication and contribution made by every employee at all levels. Their hard work,
solidarity, co-operation, and support have been vital in the Bank's resilience to meet
challenges.
|
By order of the Board of Directors |
|
sd/- |
|
(Soma Sankara Prasad) |
|
Managing Director & Chief |
| Place: Kolkata |
|
| Date: 24-05-2023 |
Executive Officer |
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