uco bank share price Management discussions
Global Economy
Global growth is projected to decline from an estimated 6.1% in 2021 to 3.6% in 2022-23. As 2022 began, the rapid spread of the Omicron Variant appeared to be slowdown in some sector of the economy. The advanced Economies grew by 5.2% in 2021 and projected to grow at 3.3% in 2022 and 2.4% in 2023 respectively. Moving to Emerging Market and Developing Economics GDP grew by 6.8% in 2021 and expected to grow at 3.8% and 4.4% in 2022 and 2023 respectively. With the impact of war in Ukraine and broadening of price pressure, for 2022, inflation is projected at 5.7% in advanced economics and 8.7% in Emerging Market and Developing Economics at 1.8% and 2.8% respectively. Global trade growth is expected to decline notably in 2022. Global goods demand is expected to moderate because of War. Overall global trade growth is projected to slow from an estimate 10.1% in 2021 to 5% in 2022 and further to 4.4% in 2023. Even before the war, inflation had risen significantly and many central banks tightened Monetary Policy. This contributed to a repo increase in normal interest rates across advanced economy. In the months ahead, policy rates are generally expected to rise further. In its March 2022 meeting, Fed raised the target range for Federal Funds rate by 25 bps to 0.25-0.5%, the first rate hike since 2018. In March 2022, the BOE raised the bank rate by 25 bps to 0.75%. Most of EME Central Banks continued with policy tightening in Q1 of 2022. Global financial markets remained largely buoyant. Equity market in most AEs and a few EMEs, shed the resilience in Q4. Bond yields had hardened across maturities. The US dollar strengthened on hawkish Fed statements and safe haven demand, While EME currencies broadly weakened until mid-March. Among AEs, US equities rallied in October and early November. From second week of March European Indices recovered partly. EME stock markets underperformed, in treasury markets, bonds yields across major AEs broadly rose in Q4 2021. The significant hardening in bond yields since mid-December, however, reversed briefly in end February and early March on flight to safety. Bond yields shifted higher thereafter in response to hawkish signals from the US Fed. The US 10 year bond yields raced up above 2.0% in early Feb. Bond yields in major EMEs remaining highly volatile and traded with a hardening bias. 10 year bond yields in major EMEs show strong co- movement with the US 10 yearly treasury yield. In the currency market, the US dollar rallied strongly in Q4 of 2021 on Fed policy pivot. It remained elevated in March with fluctuations in market sentiments imparting volatility. EME currencies moved in reverse tandem and broadly depreciated.
Indian Economy:
The geopolitical tensions involving Russia and Ukraine triggered a massive turbulence in the global economy. India too is experiencing tremors from these developments.The fallout of the war and retaliatory sanctions is already evident in inflation prints and balance of payments developments.
The domestic macroeconomic conditions have begun to improve with the rapid retreat in COVID-19 infections and resumption of economic activity in normal modes. Indicators of aggregate demand pick up in March 2022. The E- way bills recording a 48 month high and exceeding pre-pandemic levels by 37% toll collection remained upbeat in March . Indias merchandise exports at $ 417.8 billion in 2021-22 an increase of 43.2% over 2020-21. Merchandise imports in 2021-22 also rose steeply to $610.22 billion, an increase of 54.7% over 202021. Trade deficit recorded an all-time high of $ 192.4 billion during 2021-22 as against $102.6 billion a year ago. The real gross domestic product rose by 8.9% in 2021-22.
Centre revenue and capital expenditure rose Y-O-Y by 10.2% and 19.7% respectively during April- Feb 2021-22. In the Union Budget 2021-22, fiscal deficit has been decided to maintain at the 6.8% level. The Centres market borrowing for 2021-22 remained at elevated levels for the second successive year. Ample surplus liquidity, open market operation (OMO) , including the secondary market Government securities acquisition programme, facilitated the completion of the borrowing calendar in a non- disruptive manner. The Union Budget 2021 -22 has placed gross market borrowing at Rs 14.95 lakhs crore. Capital flows moderated during H2 202122. Net FDI flows fell to $11.0 billion in H2 2021-22 from $ 18.9 billion a year ago on the back of higher outward FDI flows and repatriations by FDI companies. Net inflows under external commercial borrowings remained at $ 2.5 billion during H2. As on March 31, 2022, Indias foreign exchange reserve stood at $ 607.3 billion equivalent to 12 months of merchandise import in 2021-22. Food grain production touched a new record 2021-22 with both Karif and rabi output. Industrial Production growth stood at 11.3% during April - March 22.Headlines retail inflation for FY22 stood at 6.95%.
Financial Markets
Domestic financial markets relatively stable in H2 of 2021-22 amidst surplus liquidity condition. Money market rates firmed up in closer alignment with the reverse repo rate. The rates on 3 month T- bill, certificates of deposit and commercial Paper issuances by NBFC moved higher. The 10 year G- Sec yield hardened, reflecting global and domestic factors. It rose during Q3 driven by higher international crude oil prices, domestic inflation and increasing government bond yields in major economics. Indian equity markets corrected marginally amidst high volatility triggered by outbreak of Omicron Variant escalating geopolitical tension and elevated crude oil prices. Domestic equities witnessed sharp selloffs in early March 2022 but recovered in the second half of March. Overall, the BSE Sensex lost 0.9% in H2 to close at 58,569. The correction in the stock prices, coupled with higher corporate earning led to the price earnings ratio falling to 25.1 at the end March 2022. The Indian rupee exhibited two ways movements and depreciated on an average basis. The INR traded with an appreciating bias between mid Oct and mid Nov. 2021. In the following months, it depreciated amidst FPI outflows, escalating geopolitical tensions, touching a low of Rs 76.92 per $ on March 7,2022. The INR reversed some of these losses and was at Rs 75.81 on March 31, 2022. In terms of the 40 currency nominal effective exchange rate (NEER) and real effective exchange rate (REER) the INR depreciated by 1.1% and 2.1% between September 21 and March 31, 2022.
Banking Sector Development:
Credit of ftake picked up during 2021-22, with gradual return of normalcy after the pandemic. Non-food credit extended by SCBs by 9.7% and aggregate deposits grew by 8.9% on Y-O-Y as on March 25, 2022. The Union Budget 2022-23 has extended the ECLGS to March 2023, with the guarantee cover increasing by Rs 50,000 cr to a total cover of Rs 5 lakh crore. The asset quality of SCBs improved further during 2021-22, with the overall NPA ratio decline to 6.5% in December 21 from 6.8% a year ago. The reduction in lending rates was seen across most sectors in 2021-22, adding to the softening recorded in 2020-21. Asset purchase programme have been undertaken by several central bank following the Covid-19 outbreak to ease monetary and financial conditions in support of economic recovery. RBI purchase G-Sec of Rs 2.2 lakh crore under G-SAP in H1 2021-22. The RBI progressively enhanced the size of the 14 day VRRR action to re- establish them a main liquidity management operation. As a step towards replacing the liquidity surplus, RBI conducted targeted long term repo operation TLTRO during March - April 2020. RBI extended liquidity facilities to the needs of the stressed sectors. RBI also announced VRR operations of varying tenors would be conducted as and when warranted. Money supply M3 grew at 8.7%.
I. PERFORMANCE OF THE BANK DURING 2021-22:
1. UCOs Delivery Channels:
1.1 BRICK AND MORTAR NETWORK:
Bank has a geographically well-spread branch network in India and also has presence abroad. As of 31.03.2022, Bank has 42 Zones and 3072 domestic branches and 2 overseas branches (one each in Singapore and Hong-Kong). Banks 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 18 | March 19 | March20 | March21 | March22 |
| 3108 | 3088 | 3088 | 3089 | 3074 |
1.2 BRANCHES & OFFICES NETWORK:
The population category-wise break-up of domestic branches as of 31.03.2021 & 31.03.2022 is given below:
The domestic branches include 6 Flagship corporate branches, 7 Asset Management branches, 4 service branches, 1 central processing centre and 1 integrated treasury branch. Further 23 MCU branches, 31 Retail loan Hubs, 10 SME Hub and 72 currency chests are also functioning across the country attached to the major city branches of various centres.
2. BUSINESSPROFILE:
2.1. GLOBAL:
> Global business of the Bank stood at Rs. 3,53,850 crore as of 31.03.2022 compared to Rs. 3,24,324 crore showing an increase of 9.10% over March 2021.
> Global Deposits has increased by 8.82% as of 31.03.2022 and stood at Rs. 2,24,073 crore. Global advances increase by 9.60% and stood at Rs. 1,29,778 crore compared to 1,18,405 crore as of 31.03.2021.
2.2. DOMESTIC:
> Overall domestic business of the Bank has increased by 8.06% reached at Rs. 3,33,318 crore as of 31.03.2022 from Rs.3,08,448 crore as of 31.03.2021.
> Total deposits increased by 8.03% and stood at Rs. 2,17,720 crore.
> Advances shown increase growth by 8.12 % to Rs. 1,15,598 crore as of 31.03.2022 from Rs. 1,06,920 crore as of 31.03.2021.
> CASA deposits increased by 9.68% on Y-o-Y and stood at Rs. 87,661 crore, SB deposits grew by 8.94% and stood at Rs. 77,037 crore. Current deposits stood at Rs. 10,624 crore compared to Rs. 9,209 crore as of 31.03.2021,showing a growth of 15.37% on Y-o-Y basis.
> Share of low cost deposits (CASA), in domestic deposits increased from 39.66% as of 31.03.2021 to 40.26% as of 31.03.2022.
3. TREASURY & INTERNATIONAL
Domestic Investment of the Bank during the year 2021-22 increased by 3.55% from Rs 93501.10 crores as on 31.03.2021 to Rs 96817.76 crores as on 31.03.2022 largely due to purchase of Government securities.
The SLR investment of the Bank increased by 7.53% from Rs 64326.59 crore as on 31.03.2021 to Rs 69170.90 crores as on 31.03.2022 mainly due to purchase of Govt. Securities. The Non-SLR Investment (Domestic) decreased by 5.20% from Rs 25052.95 crores as on 31.03.2021 to Rs 23477.86 crores as on 31.03.2022 mainly due to redemptions of PCGS investment and Non SLR govt bonds.
During the year 2021-22, the bank has earned income from Treasury operations including profit from sale of investments amounting to Rs 7165.99 crores.
During the year 2021-22, the bank has registered interest income from domestic investments which stands at Rs 6061.98 crore as on 31.03.2022.
Treasury Profit in equity rose by 29.45% from Rs. 20.07 crores as on 31.03.2021 to Rs. 25.98 crores as on 31.03.2022. Bank reported a growth of 34.73% in Profit in forex from Rs. 234.72 crores as on 31.03.2021 to Rs. 316.24 crores as on 31.03.2022.
3.1 International Business
As on March 31,2022, the Banks total business from Overseas Branches at Singapore and Hongkong was Rs 20,532 Crores and constituted 5.80% of the global business. The Overseas Business constituted of total deposits of Rs 6353 Crores and total advances of Rs 14179 Crores.
Our Bank with 69 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, 2022 stood at Rs 38,254 Crores.
Our Bank has also been facilitating Bi-lateral Banking Trade transaction with Iran under "Rupee Payment Mechanism" since Feb, 2012 as mandated by Govt. of India/RBI, thereby facilitating Indian Exporters/Importers exporting/importing permissible goods and services to/from Iran.
4. SOCIALBANKING
4.1 Priority Sector Advances:
The 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 31.03.2022, the Priority Sector Advances of the Bank stood at as under:
| Priority Sector advance | Rs. 59,806.29 Crore |
| Investment/PSLC | Rs. 3,330.00 Crore* |
| Total | Rs. 63,136.29 Crore |
*Net of investment in RIDF and other funds and PSLCs.
Total Priority Sector Advances of the Bank of Rs. 63,136.29 Crore which constitutes 45.07% of Adjusted Net Bank Credit (ANBC).
4.1.1 Agriculture Advances:
As on 31.03.2022, the Agriculture Advances of the Bank stood at as under:
| Agriculture Advance | Rs.19,947.12 Crore |
| Investment | Rs. 6,549.50 Crore |
| Total | Rs. 26,496.62 Crore |
Total Agriculture Advances of the Bank of Rs. 26,496.62 Crore which constitutes 18.91% of Adjusted Net Bank Credit (ANBC).
4.1.2 Advances to Weaker Sections:
Advances to Weaker Section stood at Rs.17,924.37 crore as of 31st March 2022 consisting 12.80% of Adjusted Net Bank Credit (ANBC).
4.1.3 Minority Community Advances:
Total Minority Community Advances of the Bank as on
31.03.2022 stood at Rs.9,861.89 Crore constituting 15.62 % of Priority Sector Advances.
4.2 Initiatives for growth:
MISSION KHARIF 2021: Bank has launched special campaign from 03.08.2021 to 15.09.2021 focusing Investment credit & production credit in Agriculture. Bank has achieved Rs.689 Crore sanctions in this campaign involving 35458 numbers of accounts.
MISSION 20000: Under this initiative, Bank had set a target of Rs.855 Crore in Agriculture advance from 19.01.2022 to 19.03.2022. The achievement was Rs.1070.95 crore involving 36340 accounts.
5. REGIONAL RURAL BANKS (RRBs)
UCO Bank sponsored RRB namely, Paschim Banga Gramin Bank (PBGB) is head quartered at Howrah, West Bengal with four regional offices and 230 branches as on 31.03.2022.
5.1 Capital position of RRB
The total Share capital of Paschim Banga Gramin Bank as on 31.03.2022 is Rs. 567.31 crore. Out of the total share capital funded capital stood at Rs. 489.82 Crores comprising Rs. 244.91 Crore from Govt. of India, Rs.198.56 Crore from UCO Bank (as sponsor Bank) & Rs.46.35 crore from West Bengal State Govt.
Total un -funded capital is Rs 77.49 crore out of which Central Government share is Rs 38.75 crore and state government is Rs 38.74 crore.
5.1.1 Performance of RRBs as under during 2021-22 Paschim Banga Gramin Bank:
As per unaudited financial results, total deposit of Paschim Banga Gramin Bank stood at Rs.6252.47 crore as on 31.03.2022, registering growth of 5.96 percent. Total advance reached a level of Rs.3439.51 crore with an annual growth of 7.77 percent as on 31.03.2022. CD ratio stood at 55.01% on 31.03.2022as against 54.09% on 31.03.2021.
The gross NPA stood at Rs.358.24 crore as on 31.03.2022 vis-a-vis Rs. 412.77 crore as on 31.03.2021. Gross NPA to Gross Advance stood at 10.42% as on 31.03.2022 as against 12.93% as of 31.03.2021. The net NPA ratio of the RRB stood at 4.46% as on 31.03.2022 as against 8.09% as of 31.03.2021.
Paschim Banga Gramin Bank has earned an operating profit of Rs.26.62 crore as on 31.03.2022 as compared to operating profit of Rs. 133 Crore as on 31.03.2021.
Paschim Banga Gramin Bank has recorded a net loss of Rs.99.55 crore as on 31.03.2022 as compared to net loss of Rs.61 Crore as on 31.03.2021, thereby increasing accumulated loss from Rs.304.90 crore as on 31.03.2021 to Rs. 404.45 Crore as on 31.03.2022. The net loss is on account of provision for pension, through the RRB has recorded operating Profit. The dip in operating profit is largely due to pension liability corpus fund provisions accounted for working expenses from September, 2021 onwards. As per the new accounting process prescribed by RBI and NABARD, the pension liability corpus fund which was shown as provision till September, 2021 was taken in working expenses head which reduced the operating profit by Rs. 106.31 Crore.
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 500 training programmes involving 14574 candidates and 4815 beneficiaries have been provided Credit Linkage of Rs.16.21 Crore during the Financial Year 2021-22. During the year 2021-22, three (3) newly constructed RSETI Buildings were inaugurated and dedicated to the people of the districts for conducting rural training.
b) Under the initiative of Reserve Bank of India,10 CFLs (Centres for Financial Literacy) in 10 Blocks, 5 each in Bhadrak and Dhenkanal district of Odisha was set up by UCO Bank which remained operational till November 2021. The Bank and NABARD bear the cost of operationalisation of these CFLs in 40:60 ratios. Further, Bank has set up 50 CFLs 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 Swadhar Finassess, CRISIL foundation and Dhan foundation with support for fund either from DEAF/FIF. In this arrangement 90% of OPEX and 100% of CAPEX will be reimbursed.
c) Bank has 35 Financial Literacy Centres across the country and has recruited 22 Financial Literacy Counsellors for conducting Financial Literacy Camps. During Financial Year 2021-22, the Financial Literacy Counsellors have conducted 3086 Financial Literacy Camps thereby spreading Financial Awareness to 90453 participants as of 31st March 2022.
7. FINANCIAL INCLUSION
7.1 Pradhan Mantri Jan Dhan Yojna (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 deployed 850 Bank Mitras in non-SSA areas making the total BC deployment to 4753. During FY 2021-22 total 245.80 lacs transactions with 4.29% y-o-y growth amounting Rs.10695.95 Crores with 24% y-o-y growth (averaging every month about 20.48 lacs transactions amounting Rs.891.33 Crores) carried out through Micro ATMs used by BC Agents.
Bank has garnered deposit of Rs 4306.04 Cr at the end of March 22 in 113.57 lakhs PMJDY accounts registering 17.30% growth in PMJDY saving deposit and 12.55% growth in PMJDY account opening.The average per account balance under PMJDY accounts increased from Rs 3642.68 to Rs 3791.66.
Bank has opened 12.58 lakhs PMJDY accounts during FY 2021-22.
Bank distributed around 23.43 lacs RuPay Cards to the eligible PMJDY account holders. During the FY 2021-22 average transactions per month to the order of 3.18 lacs took place through RuPay Cards on Micro ATMs used by BC agents amounting monthly average of Rs.169.37.
7.2 Aadhaar Seeding & Authentication
As per revised 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 2022, around 84.81% operative saving accounts have been seeded with Aadhaar number and Aadhaar authentication has been done in 45.15% of operative saving accounts. Aadhaar based Direct Benefit Transfer worthRs 8031.83 crore was transferred to the accounts of beneficiaries.
7.3 Micro credit-Overdraft facility
Number of PMJDY accounts using the OD facility in the bank as on March 2022 is 3.71 Lakhs aggregating sanctioned amount of Rs.74.68 Crores. As per Finance Ministers 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 governments theme of providing social security to hitherto unbanked masses, Bank has implemented Insurance and Pension products namely, Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY), Atal Pension Yojna (APY) through its Branch and BC network. Under PMJJBY scheme, 14.58 lakh subscribers are insured and under PMSBY scheme 29.95 lakh customers are insured. So far a total of 8099 claims are settled under PMJJBY and 1309 claims are settled under PMSBY. Further, total subscribers under Atal Pension Yojna crossed 5.65 lac till end of FY 21-22. During FY 21-22 1.63 lakh customers have been added to APY fold with Y-o-Y growth of 41%. Bankis qualified for Award of Excellence in APY BIG BELIEVERS (ABB) 4.0 campaign with achievement of 102.73% target.
7.5 PMJJBY and PMSBY enrolment through SMS introduced:
Electronic mode of enrolment of PMJJBY and PMSBY was made available in UCO E-Banking and UCO m banking app. A new mode of enrolment through SMS message was introduced. Through the facility, customers can self enrol by sending SMS from his registered mobile number. Incentive for digital self enrolment is being passed on to the customers by the way of reduced premium
7.6 Pradhan Mantri Jan Surakshya Schemes
Saturation Drive under PMJSS (Pradhan Mantri Jan Surakshya Schemes, i.e PMJJBY, PMSBY, APY):
Honble Prime Minister, on Independence Day 2021 speech, has announced "We have to achieve saturation - all the households should have Bank accounts.
In this backdrop, Department of Financial Services (DFS) directed Banks to implement Saturation Drive for PMJDY account opening &Jansuraksha Schemes to connect every entitled person with the Governments Insurance and Pension scheme to have cent percent (100%) achievement by 30-09-2022.
DFS directed Banks to target the following eligible target group of individuals for 100% saturation in enrolment under PMJSS schemes:
7.7 Saturation Drive in PMJSS Schemes:
The following three 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.
• All eligible account holders who are receiving substantial amount in DBT.
• The target of 250 PMJDY accounts per branch has been given by DFS to be achieved between Nov 2021 and Sep 2022. Our Bank has achieved 140 per branch (including RRB) which is 2nd highest amongst PSBs.
7.8 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- The Aspirational District Programme(ADP) is an initiative by Government of India implemented by NITI Aayog with help of various stakeholders to improve the living standards of people in Aspirational District. It was launched in Jan 2018 by honourable Prime Minister Sri Narendra Modi. It is a major transformative policy initiative by Government of India for rapid transformation of districts that are lagging on specific development parameters. 5 thematic areas have been identified under the programme. Financial Inclusion and Skill Development is one the thematic area. Financial Inclusion has weightage of 5% with covering 6 delta points(out of 81). 6 delta points include progress in important central government schemes as PMJJBY, PMSBY, APY, reach of institutional banking no of accounts opened under PMJDY and ease of institutional financing for small business disbursement of Mudra loans.
NABARD has launched special scheme for saturation of enrolment of eligible operative PMJDY A/C holders under Social Security Schemes (SSS) in 117 Aspirational districts of 28 States Special Scheme for saturation will be operational from 10/02/2022 to 31/05/2022. Bank has 389 of branches in 101 identified Aspirational districts where in village & block level Special Camps are conducted for enrolment of PMJDY customers for PMJJBY and PMSBY coverage.
7.9. Establishment of non-SSA BCs- Bank identified 1154 new BC locations in non SSA Areas to increase Banks presence in rural, semi-urban, urban areas. The other goals behind the establishment are to cater banking services in unbanked area, to include the unbanked people into Governments Social Security Arena. Out of 1154 identified points, 757 centres are operational.
7.10 Rationalization of BC Commission: BC Commission Structure has been rationalized by review of FI policy. BC commission for new services like BBPS and current account opening, request for new cheque book and many other services has been added to commission structure.
7.11 EASE 4.0- launching of new services- In EASE 4.0, Banks have been asked to provide 4 more services through BC agents bringing the number of services to 35. Department has worked on the suggested line to enable the additional services through BC agents. Now Bank provided new services through MATM devices of BCs to explore new business dimensions such as loan request initiation for personal loan, vehicle loan, and home loan and lead generation for Current Account.
7.12 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 Banks staff.
7.13 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.445.41 lacs in PMJJBY, Rs.54.52 lacs in PMSBY and Rs.196.06 lacs in APY as commission during FY-2021-22.
8. Government Business
Government Business Cell handles Small Savings Deposit Schemes of GOI, collection of Direct and Indirect Taxes, issuance of Sovereign Gold Bond, Floating Rate Savings Bonds, Central and State Government Pension and National Social Security Scheme-Atal Pension Yojna(APY) & National Pension Scheme (NPS).
During the year 2021-22 bank envisages to increase penetration of Public Provident Fund (PPF) and Sukanya Samriddhi Yojna (SSY) schemes. There was an increase in accounts opened under PPF 19275(21.30%), Sukanya Samriddhi Yojan(SSY) accounts 14187(18%)in FY 2021-22.
There was an increase in account opened under APY scheme from 429117 in FY 21 to 592515 in registering 38% Y-o-Y growth. Bank has received appreciation under APY "Big Believers" and "APY Amazing Achievers" and "Power to Persist" campaigns.
Bank emphases to promote Govt. business channel to increase fee base income. Turnover Commission earned to the tune of Rs 30.37 crores in FY 22 from various Government Business products i.e. Tax collection ,Pension Schemes, Small Savings Schemes, Bond issuance etc. Bank has improved performance under Govt. Business Substantially.
9. MSME
• Government extended the scope of GECL Scheme on 01/ 10/2021 through GECL (Extension) and Bank mobilised business of Rs. 1,105 Crores under GECL (Extension). Total business of Rs. 2,688 Crores has been mobilised under all GECL Schemes.
• Bank has extended benefits of various Government Schemes like PM SVANidhi (Second Tranche), Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS), Loan Guarantee Scheme for Covid Affected Tourism Service Sectors (LSCATSS) introduced in FY 2021-22.
• Rate of Interest for MSMEs reduced substantially to help MSMEs get assistance at a lower rate.
• Bank sanctioned Mudra loans of Rs. 2,877 Crores (115% achievement) against the target of Rs. 2,500 Crores for FY 21-22.
• Bank introduced STP Mudra Shishu Loans for loans up to Rs. 50,000. The end-to-end process from sourcing of application to sanction and disbursement is done digitally without any manual intervention.
• Total 4,132 bills amounting to Rs. 256 Crores were discounted on TReDS platform and Bank earned an income of Rs. 80 Lacs during FY 21-22.
• Banks Loan Processing System was implemented to improve credit underwriting with reduced TAT. In FY 2122, Bank onboarded 14 MSME Schemes in LPS to take the total tally of MSME Schemes on LPS to 18.
• Several State Governments launched new loan Schemes to help MSMEs namely, JagannaThodu Scheme - Andhra Pradesh, Mukhya Mantri Swavalamban Yojana - Himachal Pradesh, Indira Gandhi Sahari Credit Card Yojana - Rajasthan State, Mukhya Mantri Udyam Kranti Yojana - Madhya Pradesh State. Bank has introduced these Schemes in respective States to extend the benefit to all the local people.
• Government introduced "Interest Subvention Scheme for Mudra-Shishu Loans" ended on 31/08/2022. Bank claimed and received subvention of Rs. 3.36 Crores under the Scheme. Subvention was accordingly distributed to nearly 1 lac MSMEs.
• Bank has launched 2 campaign during FY 21-22 for increasing MSME loan portfolio and the performance in these campaigns are hereunder:
| ( Amount in Rs.Crore) | |
| SL Campaign Period | MSME Business |
| 1 02/08/2021 to 15/09/2021 | 675 |
| 2 19/01/2022 to 25/03/2022 | 1,457 |
10. Retail
> Bank has introduced Loan Processing System (LPS) to improve underwriting standards and also for end to end digitalisation of Credit dispensation. During this fiscal 7 more Retail Loan Products have been on-boarded on LPS. As of 31/03/22, total 12 Retail Loan Products are live on LPS.
> To enable students of West Bengal State to pursue studies from Class 10 onwards by availing Education Loans at lower cost, West Bengal Government has introduced Student Credit Card Scheme. Bank has adopted the Scheme and guidelines on the Scheme have been issued to Branches/Offices of West Bengal State. Cumulative sanctions under the Scheme till 31/03/22 were 1,731 A/Cs amounting to Rs.53.72 Crs.
> Bank has entered into arrangement with Aadhar Housing Finance Limited for Co-lending of Home Loans, to augment retail loan portfolio of the Bank.
> Keeping the feedback of field functionaries in mind, UCO Home, UCO Gold, UCO Education Loan and UCO Property Loan Schemes have been suitably improved.
> Considering the competitive ROI being offered by peer Banks/FIs, our Bank, for a limited period, has allowed reduced ROI in Home, Car and Gold Loan Schemes.
> To provide financial assistance to people affected by COVID for purposes such as medical expenses etc., Bank has introduced UCO Kavach Scheme wherein Borrowers have been offered unsecured Loans up to Rs.5 Lacs. As on 31/03/22, 555 Borrowers have been catered under the Scheme.
> With an aim to reduce TAT in Processing Gold Loans and thereby to improve Gold Loan Portfolio, Bank has introduced the concept of Gold Loan Boutique at 13 identified Branches spread across 8 Zones across the country. More than one Sanctioning Authority and Availability of appraiser throughout the day are some of the salient features of Gold Loan Boutique.
> Bank had launched two Retail Loan Campaigns during FY 2021-2022. The performance during the campaigns were as under -
| SL No | Campaign Period | Sanctions (in crore) | % Target Achieved |
| 1 | 02-08-2021 ?/to 15-09-2021 | 1,600 | 84% |
| 2 | 19-01-2022 ?/to 25-03-2022 | 3,063 | 99% |
11. BANCASSURANCE
• Bank is a Corporate Agent for Soliciting Insurance Business for Life, General and Health Segment. Bank is also an AMFI registered Mutual Fund Distributor.
• Bank is having 2 channel partners in each segment of insurance viz.,
Life insurance - Life Insurance Corporation of India and SBI Life Insurance Co. Ltd
General Insurance: - The Oriental Insurance Co. Ltd and Future Generali India Insurance Co. Ltd.
Health Insurance: - Star Health & Allied Insurance Co. Ltd & Care Health Insurance Ltd.
For Group Credit Life Insurance Bank is having tie up with Kotak Mahindra Life Insurance Company Ltd to cover life risk of Home, Education and Retail Loan borrowers.
• Bank has launched the following new Group/Retail Insurance Schemes for its esteemed customers:
1) Group Health Insurance Product of Oriental Insurance Co Ltd."Oriental Insurance Bank Saathi" - a Group Health Insurance Policy for Banks Account Holders offering Group Mediclaim Policy which covers reasonable and customary expenses incurred in respect of Hospitalization and/or Domiciliary Hospitalisation for medically necessary treatment.
2) Retail Health Insurance Products of our Channel Partner - Future Generali India Insurance Co. Ltd.
All these products are Indemnity based Health Insurance Plans for the Individual/Family covering Hospitalisation Expenses, Emergency Medical Evacuation, Day Care Treatment, Domiciliary Hospitalisation Expenses, etc.
3) Group Health Insurance Wellness Plan for E- Consultation and Hospital Cash Benefit for Banks CASA Customers from our Channel Partner M/s Care Health Insurance offering Dual Benefit of daily Hospital Cash and Unlimited E- Consultations with General Physician in a Single Product.
4) 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.
• Bank has taken initiative for IT Integration with Channel Partners for end-to-end seamless digital mode of sourcing of proposal and payment of premium resulting in reducing policy issuance TAT. Bank is in process to implement to mBanking solution for online booking of insurance policy. •
• Bank increased the number of Specified Persons (SPs) during the fiscal year 2021-22 for augmenting Bancassurance Business. These Specified Persons are duly trained and certified by insurance Regulatory & Development Authority of India (IRDAI). Bank had 391 Specified Persons as on March 2021 and increased the strength to 667 in March 2022. Bank is in the process of adding 1500 new Specified Persons during FY 2022-23.
• Bank has tie-up with the following Nine Asset Management Companies:-
1. Kotak Mahindra AMC Ltd.
2. SBI Funds Management Pvt Ltd.
3. Nippon Life IndiaAsset Management Ltd.
4. UTI AMC LTD.
5. HDFC AMC LTD.
6. Baroda Asset Management India Ltd.
7. ICICI Prudential AMC Ltd.
8. Franklin Templeton Asset Manangement (India) Pvt. Ltd.
9. Aditya Birla Sun Life AMC Ltd.
• Bank has entered into a Business Partnership with M/s Finwizard Technology Pvt Ltd (Fisdom) in August, 2021 for distribution of Mutual Funds through M-Banking Plus App. This digital platform allows customers to invest in any mutual fund of their choice, offers 100% digital onboarding, transacting and tracking mechanism, redemption assist and multiple payment modes, thus effectively eliminating all paperwork.
Business Performance under bancassurance Life, Non-life & Mutual fund Business; (01/04/2021 to 31/03/2022)
| si Name of the Company | Premium Collected | Commission Earned | No of Policy/ Folio |
| (Rs. in Lakhs) | (Rs. in Lakhs) | ||
| 1. Life Insurance Corporation of India | 843.31 | 189.56 | 1,466 |
| 2. SBI Life Insurance Co. Ltd. | 17426.45 | 1357.54 | 36,022 |
| 3. Future Generali India Insurance Co. Ltd. | 4024.72 | 471.28 | 1,79,579 |
| 4. The Oriental Insurance Co. Ltd. | 303.88 | 42.26 | 14,576 |
| 5. Star Health & Allied Insurance Co. Ltd. | 684.02 | 94.28 | 9,611 |
| 6. Care Health Insurance Ltd. | 1737.07 | 260.28 | 48,733 |
| 7. Kotak Mahindra Life Insurance Co. Ltd. | 2061.29 | NA | 10,434 |
| 8. Mutual Fund Business | NA | 14.81 | NA |
| 9. Income from Fisdom | NA | 12.75 | NA |
12. LEGAL MATTERS
Law Department, in a first instance, has a defensive role, focused on protection of the Bank from financial and reputational consequences of claims, litigations and criminal charges. Further, the Department endeavors to prevent litigations against the Bank and tries to manage the existing litigations so that the interest of the Bank is protected. As a corporate in-house counsel, Law Department also ensures inherent cost saving, since one is not paying an external counsel at an hourly rate. It significantly reduces unnecessary delays, as the Department works exclusively for the business employing them, rather than for a third party with a number of different clients. For the Bank as an Organization has an added advantage of having a Law Department since the Department while being familiar with the business carried by the institution, knowledge of Banks working environment, its principles and its general ethos is able to obviate any possible legal risk. In auxiliary, as employees of the Bank, they will also have the best interests of the Bank at heart, which may not be the case for an external counsel.
However, the task of Law Department in the Bank is not only confined to furnishing legal advice or handling lawsuits of Banks before various fora of Law; we are entrusted with versatile legal works. Law Department plays a role of sheet anchor 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 that enfolds the empanelment of Advocates, payment of Advocate Fees, settlement of claims of deceased account holders and missing persons etc., and preparing Handbooks on various topics of law, issuance of Circulars, follow-up & monitoring of litigations pending before various fora of law and to impart training etc. The Law Department also caters to the specific needs of specialized Departments like Recovery Department, Information Technology Department, Retail Department, Credit Department, Stressed Asset Vertical Department, Strategic Planning Department, Finance Department, International Department etc., by Drafting/Vetting of documents of various contracts/ Service Level Agreements (SLAs), Software/Hardware procurement, various types of tie-up arrangements /new products etc.
Besides, with a view to create awareness amongst the Field Functionaries, in the FY 2021-22 the Law Department has issued 13 Circulars and 47 Common letters regarding various amendments on Statutes and new Legislations. Further to align the Banks loan documents with changing pace of legal dynamics, Department has examined the loan documents related to various Schemes viz., Home Loan, Car Loan, Term Loan, Hypothecation etc., & suggested modifications/ amendments to the respective Departments at Head Office. We have also extended our direct support in recovery of a considerable amount in this FY.
In addition to the above, Law Department has also catered to:
> Legal vetting of Complaints/FIRs filed by Bank in the fraud cases involving amount between Rs. 3.00 Crores and Rs. 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 documents as per the request and requirement of different corporate departments.
> Providing legal opinion to different Corporate Departments on complex legal issues involved, whenever requisitioned for.
> Attending 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;
> Extend its support to the Central Staff College as faculty in imparting training on varied topics of law;
As a part of the corporate network, Law Department, within a business environment tends to make an endeavour to obviate the chances of any purported litigation that could arise. Law Department contributes in its own way to augment recovery in corollary with Banks profitability.
13. RECOVERY
| (Rs.in crore) | ||||
| Particulars | 31.03.2019 | 31.03.2020 | 31.03.2021 | 31.03.2022 |
| Cash Recovery | 2991.52 | 2716.28 | 1168.30 | 1298.85 |
| Up gradation | 2332.20 | 1592.39 | 453.35 | 2087.08 |
| Total | 5323.72 | 4308.67 | 1621.65 | 3385.93 |
| Recovery in Technical Written off accounts | 440.46 | 886.03 | 1087.37 | 1278.48 |
| Gross NPA | 29888.33 | 19281.95 | 11351.97 | 10237.43 |
| Gross NPA % | 25.00% | 16.77% | 9.59% | 7.89% |
| Net NPA | 9649.92 | 5510.66 | 4389.51 | 3315.78 |
| Net NPA % | 9.72% | 5.45% | 3.94% | 2.70% |
Banks recovery mechanism is also geared up at all levels of the organization to take advantage of modified compromise settlement scheme, NDND Scheme, SARFAESI Act, DRTs, LokAdalats, NCLT, Country wide Mega Recovery Camps, Miking in specific locations, MAO campaigns, declaration of wilful defaulters, issuance of LOCs etc. were organized for speedy recovery. The details of GNPA, NNPA, Cash Recovery and upgradation for the last three years are as under.
The total cash recovery plus upgradation for the year ended 31st March, 2022 is Rs. 3385.93 Crore as against Rs. 1621.65 Crore for the year ended 31st March, 2021.
The cash recovery in technically written-off accounts is Rs. 1278.48 Crore for the year ended 31st March, 2022 compared to Rs 1087.37 Crore for the previous year. Recovery in Loss and Written Off assets has a direct impact upon the profitability hence Bank giving priority in monitoring / follow-up for recovery in such accounts.
Some Recovery initiatives:
• Bank had liberal Compromise Settlement Scheme for NPA and ML accounts having O/s Balance up to Rs. 5.00 Crore under which the branch heads were empowered to approve compromise proposal to ensure more NPA accounts are covered under the non-discretionary/ non-discriminatory OTS Scheme.
• Bank is utilizing services of Enforcement & Recovery Agents and Business Correspondents (BCs) for effective and timebound enforcement of action under SARFAESI Act and early resolution of NPA accounts.
• Bank has strengthened the Legal Management System with the objective to facilitate different departments at Head Office & 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. 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).
• Mega e-auction of properties under SARFAESI is being conducted on monthly basis.
• 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 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 Banks 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 RBIs 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. 5 Lac and above which covers 90.02% of Banks 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. Spurt In Advance
e. Sanctioning of Frequent TODs
f. NACH/ SI failed
> 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 01.04.2021.
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 crore and above was directly monitored by High Power Committee (HPC), headed by Executive Director (ED) on fortnightly basis.
15. RISK MANAGEMENT
Financial Year 2021-22, though commenced with challenges for Banks & Industry due to COVID impact, Bankhad taken various initiatives and implemented a number of System & Procedures at Bank level to mitigate various Risk associated with Banking Business. Under the umbrella of Risk Management Department, verticals are actively functioning towards evaluation & assessment of various risks and its preventive measures by issuing circulars, SOP, Guidelines and Virtual Training modules.
Major scope of Risk Management Areas is as under, in line with BASEL III requirements:-
15.1 Credit Risk Management:
> 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. Bank is in process of integrating the entire Risk Management System especially with Early Warning Signal (EWS), Loan Management System (LMS) and Credit Rating Modules are in place in line with Enhanced Access & Service Excellence (EASE) requirements, under the PSB reforms agenda.
> Pricing of loan to Corporate Borrowers is linked 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.
> Banks 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 and some policies have also been vetted by the external agencies. 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 has been formed 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 structured its 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 have been done.
> Under stress testing framework, our 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, Earning at Risk kind of tools under Risk Management approach.
15.4 Liquidity Risk Management:
Bank has implemented the BASEL III framework on Liquidity Standards as LCR (Liquidity Coverage Ratio) and always 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) has been maintained as per regulatory guidelines, which promotes resilience over a longer term time horizon by requiring banks to fund their activities with more stable sources of funding on an ongoing basis
15.5 Credit Rating Cell:
> Internal Credit Rating (ICR) Models have been made more robust by developing 14 Models in place of existing 7 Models. The same has also been approved by an External Agency.
> Our Rating Models are recalibrated in such a way that it is now almost at par with External Rating Agencies and minimises the notch differences. Now the rating migration and default analysis also undertaken and are matching exponentially with the Internal Rating.
> For adoption and implementation of technology driven latest Credit Rating tools/models/solution, Bank is in the process of engaging external agency of repute.
15.6 Fraud Risk Management Cell:
Fraud Risk Management Cell has taken initiatives to implement Enterprise Fraud Risk Management System (EFRMS) comprising of Risk Based Transaction Monitoring System (RTMS) for timely detection of potential fraud. The project is under process and will be implemented shortly.
Fraud Risk Management Group (FMG) is analysing the reported Early Warning Signals for classification of account as RFA or otherwise. Root causes of frauds and identification of accounts as fraud by the Committee of Executives (COE) is done through evaluation and assessment of inherent fraud elements, if any.
15.7 EASE Performance:
The score of our bank under EASE 4.0 of PSB reform agenda (Co-ordinated by Boston Consultancy Group and IBA, also monitored by DFS, MoF, GoI) has improved over last years and our banks position is 6th among all PSBs as on 31-12-2021.
15.8 Other Initiatives:
> UCO Bank also unveiled Doorstep Banking Services offered collectively by PSB as "PSB Alliance" for service such as pick -up of cheques and income-tax exemption certificates and delivery of Income tax challans, drafts and account statements in major cities across India. During Covid-19 pandemic crisis, Bank implemented all the directives of Govt of India under AatmaNirbhar Bharat, without loss of time and Emergency Credit Lines were also extended to MSME and Non MSME borrowers.
> Bank has assessed Risk appetite for
(i) Industry wise exposure and its ceiling
(ii) The State Government wise exposure ceiling (With/ Without State Govt. Guarantee)
(iii) Bank wise Exposure Ceiling
(iv) Country wise Exposure Ceiling
> Bank has shifted to External Benchmark Lending Rate (EBLR) for all Retail & MSME Loans which automatically passes on the benefit of Policy Interest Rate changes.
> Bank captured Risk Appetite Capacity in Internal Capital Adequacy Assessment Policy (ICAAP) Document duly approved by the Board considering the Budgeted Business Plan and Objective into account. Assessment and Evaluation Policy for Enterprise wise Risk Management has been framed to evaluate the risk parameters of the Bank on performance basis.
16. INFORMATION TECHNOLOGY, BPR& BTD in FY2021-22
16.1 Finacle 10.x
• Bank has successfully migrated Banks Core Banking Solution Finacle 7.x to Finacle 10.X for implementation of new features and enhanced customer experience.
16.2 Implementation of new e-Banking Application (FEBA)
• Implementation of Finacle Ebanking Application (FEBA )
• Integration Bharat Bill Payment System in new Internet Banking Application (FEBA).
• Integration of Scheme Bank Management System West Bengal (SBMS WB)
• Implementation of Finacle Alert Solution (FAS)
16.3 ATMs/Debit Cards :
• Introduction of Banks FASTag under National Electronic Toll Collection (NETC) Programme of Indian Highways Management Company Limited (IHMCL).
• Introduction of Standing Instruction (E-Mandate) through Rupay Cards under NPCI Bharat E-Commerce Payment Gateway System.
• Procurement/ Installation of 550 New Passbook Kiosks/ 250 CAPEX ATMs/ 300 New Cash Recyclers.
• Issuance of Debit Cards to Overdraft Accounts that are only in the nature of personal loan without any specific end- use.
• Introduction of VISA Contactless VISA PAyWave Debit Card
• Standing Instruction in Rupay Debit Cards
• Launch of Rupay Select Personalised Contactless Card.
16.4 M-banking :
Features implemented in Mobile Banking:
• Email ID update to CBS through M-Banking&Mobile Number
Update through Mbanking
• Cash@UPI services.
• Online Instant Account Opening through Mbanking plus app.
• BHIM UCO UPI- I am Merchant feature live, GST service enablement as per NPCI guidelines and generation of GST QR. •
• FISDOM integration with Mbanking for Mutual Fund/TAX E- Filing/ NPS account opening/Insta demat account with CDSL and trading account.
• Green PIN generation through Mbanking
• Online Account opening through UCO mBanking plus app
• UPI prepaid (eRUPI) issuer& acquirer i.e. generation of eRUPI vouchers for Corporates
• Door Step Banking integration with Mbanking
• Digilocker integration with Mbanking
• UDIR as issuer mode
• Corporate Mobile Banking
• ASBA in Mobile Banking
• NSDL Insta Demat account opening
16.5 Other important facility implemented for Customer Convenience
• Delivery of Personalised chequebook to communication address of the customer.
• E-filling (Revamping of existing module).
• Online PIN Reset facility required for MBREG Registered users.
• Apply for Loan against FDR.
• Apply for Motor/Long Term Housing/Travel Insurance.
• UMA Chatbot - The talk back feature has been integrated into the Chatbot.
• Bank has implemented Single Nodal Account (SNA) for handling and tracking of the fund received from Central govt. sponsored schemes.
• Bank has tie-up with various NBFCs for co-lending /pool account management.
16.6 Loan Processing System (LPS):
Bank has incorporated new Loan Processing System for quick and easy processing of loans thus making it convenient for both staff and customer to process loans without delays and minimal faults. The following features have been made live for better customer services:
• LPS is integrated with Banks M-Banking plus to receive leads from it.
• LPS is integrated with NSDL Vidya Lakshmi Portal and Udyamimitra portal to receive education loan and PM SVANidhi proposals respectively.
• LPS is integrated with National Portal and gone live with 13 credit linked govt. subsidy schemes.
• 33FinTech services including KYC verification, Busines check, ITR/GST/Account Statement analysis services are live in LPS.
• Automated E-Mail and SMS being sent to customers informing them of the status of their loan proposal.
16.7 Upcoming Projects
1. Enterprise FRM (Fraud Risk Management) Software- Bank is in process of implementing Enterprise Fraud Risk Management Software. The enterprise-wide scalable and flexible fraud detection solution will enable Bank to implement of controls for detecting, preventing and effectively responding to probable fraud.
2. Implementation of centralized Forex Processing Centre (FXPC) - Bank has initiated process for selection of service provider for implementation of centralized Forex Processing Centre (FXPC) for centralising the processing of Forex operations and plans to automate the forex transactions.
3. Account Aggregator Framework - Bank is in process of implementation of Account Aggregator (AA) framework through selected Technical Service Provider (TSP) so that the requisite data may be shared in secured way and benefits of this initiatives may made available to customers.
4. Empanelment of FinTech Services - Bank has empanelled 06 FinTech companies under 08 different groups for implementation of new innovative products for enhancing the customer experience.
5. Implementation of UPI based solution for mobile users without having Internet connection - Bank is process of implementation UPI based Mobile solution, through which transactions can be done even without having Internet connections.
17. CYBER SECURITY
• 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 regular basis as per guidelines received from the Regulatory Authorities.
• To address cyber risks arising out of human vulnerability, Department puts concerted efforts in reskilling and upskilling our staffs and customers through various cyber awareness initiatives and campaigns.
• Graphic illustrative advisories under the series Cyber Tales by Tenali was started in 2021. This initiative is heavily appreciated by both the customers and the staff members. Editions of this advisory is shared to all employees through Email and WhatsApp. For customers, it is uploaded in Banks Official Social Media Handles and also under Cyber Security Awareness Corner of Banks Official Website. This comic series is also made a part of Banks other magazines to ensure dissemination to internal as well as external customer.
• Department has initiated creating informative videos on latest cyber threats, their preventive steps and cybercrime reporting procedures. These videos are uploaded in Banks Official YouTube channel and reference is also shared through Banks Social Media Channels.
• In observance of Cyber Jagrookta Diwas, Department conducted comprehensive awareness campaign on first Wednesday of March22. Cyber JagrooktaDiwas is an initiative by Ministry of Home Affairs (MHA) for observing awareness campaign on first Wednesday of every month, with the sole aim of raising cyber security awareness among users on prevention of cybercrime, through workshops, interactive sessions and other events.
> On that day, webinar covering standard cyber safety practices and safe digital banking tips was conducted for Banks Staffs and Customers. Security features available in Banks digital products were conveyed to the customers to boost their confidence towards our digital products. Customers and staffs were also sensitized regarding Governments new helpline number 1930 for reporting cyber fraud.
> Short video related to recent incidences of cyber-crime along with the preventive measures were shared through Banks YouTube Channel
> Two editions of comic story under the series of Cyber Tales ByTenali were shared.
> Cyber Awareness related posts were uploaded in Banks Social Media pages.
• In observance of National Cyber Security Awareness Month in October21, cyber awareness best practices in vernacular languages were shared to our field functionaries for further dissemination among our customers through WhatsApp/ email.
• To safeguard the interest of our Customers, cyber security best practices and safety tips are uploaded in Official Social Media Pages of our Bank like Facebook, Twitter and Instagram on periodic basis. In addition to it, prevention of cyber-crime related tweets from CyberDost, Cert-In, RBISays, PIBF act Check, Digital India etc are also retweeted.
• Security Advisories are displayed at Branch / ATM premises to sensitize our customers on emerging cyber threats and best practices.
• Push notification messages are sent to customers on periodic basis.
• Advisories are displayed in Internet Banking & Mobile Banking pages comprising common cyber threats and best practices.
• Department lays huge emphasis in making our employees aware on cyber threats and their preventive steps, through various touchpoints on regular basis. Best practices are displayed through Desktop Background and Screensaver. To bring security in the culture of the employees, Cyber Security best practices are shared through login page of Banks internal portal for employees like HRMS. Cyber Mantra is circulated through email and WhatsApp messages on daily basis.
• Awareness programmes, workshops, webinars are conducted for employees on periodic basis. One Session on cyber security awareness is mandatory in all in-house training programmes of the Bank.
• Employee Awareness is also enhanced through publication of informative articles in various in-house Magazines of Bank as well as through E-Learning course modules on Cyber Security and Information Security.
• All advisories issued on cyber awareness are uploaded in Banks in-house web portal to act as an online repository of advisories and provide easy accessibility to staff members.
• Apart from imparting awareness, Table top exercises and 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. •
• Regular assessment of employees on cyber security awareness is done through monthly online test. Assessment of cyber awareness of our onsite third party vendors are also conducted through Online Quizzes on periodic basis.
18. OPERATION SERVICE DEPARTMENT CUSTOMER SERVICE 21-22
Standardized Public Grievance Redressal System (SPGRS)
SPGRS is available for the public/customers to lodge complaints online. 99.82% of the total complaints received during the Financial Year 2021-22 have been redressed.
Right to Information, 2005
Under RTI, a total of 1110 applications were received, during Financial Year 2021-22. There were 154 appeals made under RTI.
Customer Service Committee of the Board&Standing Committee on Customer Service
Both the committees held four quarterly meeting during Financial Year 2021-22.
System and Procedure Committee
Fourteen, System and Procedure Committee meetings were held during the Financial Year 2021-22.
Video Know Your Customer (VKYC)
Bank has started instant full-fledged Saving Bank Account opening with Video KYC since 1st Oct 2020. Video KYC allows customer verification using facial matching by automated AI Face match and verification of documents and signature all in real time. Out of total 70,287 saving account opened through Mobile App (UCOPAY+); 13,034 customers have availed VKYC option for KYC verification during Financial Year 2021-22.
19. 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 co-ordination, 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.
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.
20. 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, co-herence 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:
Print Media is an effective medium to connect to masses. Corporate Communications Department has utilized it effectively by carrying out intensified and vigorous publicity campaigns throughout the FY 2021-22. Liability products and Asset products viz. UCO Home Loan, UCO Car Loan, UCO Education Loan etc. were prominently promoted during the period.
With a thrust on routing the transactions through Alternate Delivery Channels (ADC) and making banking more personalized and customer-oriented, UCO Pay+, U-Cash, E-Banking etc. were widely publicized through Print Media during the period.
Publication of financial results in leading national and local dailies was also executed through Print Media.
Outdoor Media:
The contribution of Outward Media towards establishing a strong brand value in the market cannot be underestimated. Outdoor media publicity is basically done through hoardings, kiosks, wall paintings, banners, sponsorship and beautification of gardens/parks etc. Proposals related to sponsorship of events, health check-up camps, sporting events etc. are also done from time to time.
Rural Publicity:
Rural publicity is an integral part of publicity-campaign for UCO Bank having pan-India and strong rural presence. Bank has promoted and monitored various rural publicity campaigns through zonal offices located across the country. Wall-Paintings, announcements by Rickshaw, Loan fairs etc. were carried out for promoting awareness about products and services offered by the Bank.
b) Celebration of 79th Foundation Day:
The Bank completed 79 glorious years of service to the nation on 6th January, 2022. The occasion was celebrated with much enthusiasm and vigor across the country and overseas centers. Zonal Offices and branches across the country organised different activities viz. planting saplings, blood-donation camp, health check-up camp etc.
c) Public Relations:
• Press Meet :
Dissemination of information and coverage of important events and occasions viz. Financial Results, Awards & Recognition, Opening of new branch is prerequisite for strengthening the public relations. During the FY 2021-22, Corporate Communication Department organised Virtual Press Meets for declaration of quarterly and yearly financial results and other important events.
Department has also arranged for press-release of financial results, AGM & EGMs and other important events in leading national and local newspapers throughout the Financial Year.
d) 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.
e) 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.
21. 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 2021-22 to create a harmonious and productive work environment. Training and workshop were organized for improving/enhancing the skills and knowledge of the staff.
21.1 Manpower Management:
The Total staff strength as on 31st March, 2022 stood at 21617 including employees serving overseas. We have 12781 Officers and 6029 Clerks, out of which, 4389 are SC, 1838 are ST, 4788 are OBC and EWS are 154. There are 2807 Sub Staff in our Bank.
Out of total staff, 507 employees are PWBD person with benchmark disability and 1452 belong to the Minority Communities. Women employees (6008) constitute 27.79% of the Total Workforce as on 31st March, 2022.
21.2 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 co-operative attitude and respect during the financial year 2021-22.
21.3 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/ 2021 of SC/ST/OBC employees was 20.28 %, 8.53% and 21.91%. Separate roster registers are maintained for direct recruitment as well as for promotion. During internal promotion process for the FY 2021-22. Bank has imparted pre-promotional training to 1143 candidates for inter-scale promotion of officers ,514 candidates for promotion from Clerical to Officers and 338 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 norms, functioning under the direct control of Chief Liaison Officer as well as Ex-Officio Liaison Officer. Bank has imparted training to 363 SC & 148 ST candidates for inter-scale promotion of officers; 153 SC & 97 ST candidates from clerical to officers cadre and 181 SC & 30 ST candidates from sub staff to clerical cadre.
Additionally Bank has formed separate OBC cell at HO level headed by Chief Manager at HO level 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 581 OBC candidates in inter-scale promotion of officers, 257 OBC candidates from clerical to officers and 123 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 training to 51 PwBD employees in inter-scale promotion of officers; 7 PwBD employee for promotion from clerical to officers; 4 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 grievance redressal of the employees belonging to SC/ST/OBC/Ex-SM/ PWD, which are handled and subsequently redressed by the respective cell, as per Banks extant policy and guidelines.
The Annual Statement in the prescribed format showing the representation of SCs, STs, OBCs, EWS and PWD as on 31-122021 is given in Annexure-I& Annexure-II.
Annexure - I
Group-wise Representation of Scheduled Castes, Scheduled Tribes, and Other Backward Classes up to 31.12.2021
Name of the Organization : UCO BANK
| S. No. Group | No. of Employees | Number of appointments/promotion made during the calendar year 2021 |
||||||||||||||
| As on 31.12.2021 | Appointment by direct Recruitment | Appointment by Promotion | Appointment by other Methods | |||||||||||||
| Total | SC | ST | OBC | Total | SC | ST | OBC | Total | SC | ST | OBC | Total | SC | ST | OBC | |
| 1 2 | 3 | 4 | 5 | 6 | 8 | 9 | 10 | 11 | 13 | 14 | 15 | 16 | 18 | 19 | 20 | 21 |
| 1 Group-A | 12577 | 2166 | 1059 | 3080 | 457 | 76 | 35 | 133 | 1963 | 332 | 132 | 481 | NIL | NIL | NIL | NIL |
| 2 Group-B | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 3 Group-C | 6494 | 1072 | 611 | 1385 | 350 | 55 | 33 | 77 | NIL | NIL | NIL | NIL | 17 | 1 | 1 | 5 |
| 4 Group-D | 2852 | 1207 | 199 | 339 | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL | 6 | 2 | 0 | 1 |
| Total | 21923 | 4445 | 1869 | 4804 | 807 | 131 | 68 | 210 | 1963 | 332 | 132 | 481 | 23 | 3 | 1 | 6 |
Annexure - II
Group-wise Representation of Persons with Disabilities upto 31.12.2021
| S. No. Group | No. of Employees | Number of appointments/promotion made during the calendar year 2021 |
|||||||||||||||||||||
| As on 31.12.2021 | Appointment by direct Recruitment | Appointment by Promotion | |||||||||||||||||||||
| Total | VH | HH | OH | ID | No of vacancies reserved | No of appointments made | No of vacancies reserved | No of appointments | |||||||||||||||
| VH | HH | OH | ID | Total | VH | HH | OH | ID | VH | m | 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 | 25 |
| 2 Group-A | 12577 | 85 | 45 | 217 | 0 | 8 | 10 | 5 | 30 | 21 | 10 | 3 | 4 | 4 | * | * | ** | * | 1963 | 6 | 6 | 10 | 1 |
| 3 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 |
| 4 Group-C | 6494 | 32 | 8 | 88 | 3 | 5 | 6 | 5 | 6 | 15 | 6 | 1 | 5 | 3 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| 5 Group-D | 2852 | 1 | 1 | 32 | 0 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Total | 21923 | 118 | 54 | 337 | 3 | 13 | 16 | 10 | 36 | 36 | 16 | 4 | 9 | 7 | Nil | Nil | Nil | Nil | 1966 | 6 | 6 | 10 | 1 |
Note:
(i) VH stands for Visually Handicapped (person suffering from blindness or low vision)
(ii) HH stands for Hearing Handicapped (person suffering from hearing impairment)
(iii) OH stands for Orthopedically Handicapped (persons suffering from locomotor disability or Cerebra Plassy)
(iv) ID stands for Intellectual Disabled (persons suffering from autism, instinctual disability, specific learning disability and mental illness)
21.4 Recruitment Cell:
In the year 2021-22, Bank has recruited 228 Probationary Officers and 183 Specialist Officers (139-AFO, 27- Law officer, 08-Official Language officer, 06-Engineers, 02-CA and 01-IT officer). Out of the total 411 recruited Officers, 172 Officers are females. Additionally, Bank has also recruited 277 Clerks during the financial year 2021-22. Out of the total 277 Clerks, 74 are females. Bank also proposes to recruit 123 Probationary Officers and 193 Clerks under CRP-X reserve list for year 2021-23, and 440 Probationary Officers, 75 IT Officers and 520 Clerks for 2022-23 under CRP-XI.
21.5 Training Cell:
Our Organization has to keep up with the constantly changing environment by continuously updating its workforce with various Training Programmes in the concerned Fields. Training programmes are held aligning the corporate vision, mission and fulfilling the expectations of the Top Management.
In FY 2021-22, 539 Executives, 9330 Officers and 5584 Clerks, totaling15453 were trained in Internal Training programmes conducted at our Central Staff College (CSC) situated at Kolkata and 6 Regional Training Centres, across India. We also continued to sponsor our Executives & Officers in reputed External Training Institutes like IIMs, NIBM, CAB (RBI), IIBF, CAFRAL, State Bank Institute of Leadership, IIBM, etc. in which 11802 employees were trained in External Training programmes which helped them in acquiring a global competitive edge.
In FY 2021-22 some important Training Programmes like Leadership Development Programme for Senior Management of Bank, Customized Programme on Banking Compliance, Awareness Programme for Women on Workplace Safety, Programme for Zonal Risk Officers on new Credit Rating Module, Intensive Training on Forex with faculty support from SPJIMR, Training of Investigating Officers, Customized Training Programme on Women Empowerment etc. were conducted.
Further, 2 batches of newly promoted Chief Managers attended Management Development Programme at State Bank Institute of Leadership, Kolkata and Manipal Global Academy of BFSI Bangalore.
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, wherein 97 Marketing Officers and 3000 Relationship Executives have been trained.
End User Training on Finacle 10 is being imparted through external institutes namely Amity University and Times Professional at different centres across the country together with Banks Training Colleges wherein approx. 18000 employees of Branches/Offices have been imparted training.
Department has also conducted Webinar on Cyber Security/ Phishing Awareness Programme in association with CISO Office for employees across branches/offices, wherein 21,460 employees were trained.
In FY 2021-22, total of 521 employees were paid honorarium/ incentive for passing Bank approved courses.
21.6 Internal Complaints Committee (ICC):
Our Bank is committed to promote gender equality and womens 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 2021-22, only one complaint was received which has been resolved.
22. AUDIT & INSPECTION
A) Revenue Leakages
During FY 2021-2022, we have detected and recovered revenue leakage of Rs 29.41 Crores through our various audit system such as concurrent audit, RBIA and revenue audit.
B) Risk Based Internal Audit (RBIA)
1) As per Audit plan for FY 2021-22, total 2427 no. of branches were to be covered under internal audit which includes 619 branches which was the spillover of FY 2020-21. On account of COVID-19, the audit work was disrupted from beginning of the financial year till June-July, 2021 as a result of which there was a huge pendency of RBIA of Branches as on 30.09.2021. However, due to constant follow up and micro level management of Audit plan by Audit & Inspection Department,the RBIA has been conducted in all the Branches as per the annual audit plan and only 92 branches are overdue for inspection as on 31.03.2022.
2) We have 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 2177 RBIA reports released during FY 2021-22, only 13 branches were rated under high risk category and remaining 2164 branches were rated under Low/Medium risk category.
3) During the FY 2021-22, 2341 RBIA reports were closed and as on 31.03.2022 only 44 RBIA reportsare pending for Closure beyond the stipulated time period i.e. 120 days from the date of release of report.
C) Concurrent Audit
A total of 1093 branches/offices have been approved for conduct of concurrent audit for the audit period October 21 to September 22 where 1043 CA Firms / Ex-Staff have been engaged for conduct of monthly concurrent audit of 1041 branches (including 4 Offices) and quarterly concurrent audit of 50 Branches/Offices. The engagement in respect of 672 CA Firms / Ex-Staff has been renewed and fresh engagement of 421 CA
Firms / Ex-Staff has been made during the current financial year for the above audit period.
D) Offsite Surveillance Cell (OCAS)
1) 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 2021-22, OCAS cell has detected of Rs. 37.63 Cr. in the area of incorrect interest application /office accounts irregularities, out of which Rs. 35.49 Cr. has been recover / rectified.
23. VIGILANCE DEPARTMENT
23.1 Several preventive vigilance initiatives and systemic improvements were introduced for instance:
• An in-house software has been developed (VIMS) for better monitoring and guidance of vigilance officers and for permanent record keeping.
• UCO Sandeh Nivaran for creating formal and direct channels between field functionaries and the Management for conceptual/ procedural clarity on a real-time basis. The Vigilance Department and it continues to play the role of an advisory body which includes changes to be made as and when needed.
• For all NPA accounts eligible for compromise under NDND scheme, a message alert containing details of said scheme to be forwarded to the concerned NPA account holder to make the compromise settlement more transparent. Once the account is closed under NDND, a system generated SMS alert mentioning the amount deposited by the borrower shall be sent to NPA borrower.
• Under the Commissions directions, IT has been proposed to be leveraged in the allotment of staff quarters. The system has been integrated with the Banks HRMS.
• Further, under the Commissions directives, department steered focus towards a Policy for digitalising old records and a parallel process of weeding out records which are not required at a later date. The Bank has now formed a Committee which is under the jurisdiction of OSD look into all the issues related to digitalisation of records.
During the time period from 01.04.2021 to 31.03.2022, 190 Vigilance cases were added and 195 cases were disposed from.
23.2 Vigilance Awareness Week (VAW)
The theme given by the Commission for the Year 2021 was Independent India@ 75: Self Reliance with Integrity. During VAW the initiative Alert UCOite and Alert Management System [escalation matrix for dealing with unusual credit transactions in staff accounts] were selected for publishing in the CVC booklet for VAW 2021. Among the nominees sent by all Banks under Alert UCOite, one of our employees (Smt. Premsheela Sahu) was chosen to be felicitated by CVC.
Various measures were adopted to keep VAW 2021 interactive which included
• Questions related to PIDPI and vigilance posted on Banks Twitter handle and on Banks official Facebook page.
• Circulation of two in-house video clips (uploaded under the initiative of CVC) and other videos on cyber vigilance and ethics.
• In-house quiz and essay writing competition among all employees.
• Outreach programmes like walkathons, bicycle rallies, human chains, customer meets, grievance redressal camps/ preventive vigilance programmes. 285 Gram Sabhas and FLCs were held at rural and semi-urban branches with a participation of over 7000 persons.
• 161 schools and 62 colleges actively participated in events like declamations, poster making, slogan writing, essay writing and quiz competitions. Webinars, seminars and panel discussions were used as an effective mode of spreading awareness on the theme of VAW.
24. OFFICIAL LANGUAGE
The Bank has taken proactive steps to implement the Official Language Policy of Government of India. The Bank has also taken appropriate follow up actions to implement the directives as contained in the Annual Programme with regard to the use of Official Language Hindi issued by Departments of Official Language, Ministry of Home Affairs, Government of India and also endeavoure to achieve various targets prescribed in it. Bank has also given preferred attention to comply with the instructions of Department of Financial Services, Ministry of Finance, Government of India.
24.1. Sankalp Rajbhasha- 2021-22
With the Inspiration and active support of Top Management of the Bank Sankalp Rajbhasha Action Plan-2021-22 continued its journey towards achieving the target of winning Rajbhasha Kirti Puraskar / Regional Rajbhasha Puraskar awarded by Department of Official Language, Ministry of Home Affairs, Govt. of India in recognition for excellent work in the field of Official Language.
Head Office as well as Zonal Offices implemented all the objects and targets mentioned in the Sankalp Rajbhasha Action Plan - 2021-22, the outcome of the endeavour are as under : -
1. UCO G D Birla Memorial Lecture
Our 28 Zonal Offices organised the lectures delivered by eminent personalities such as His Excellency, Governor of Bihar, eminent VCs, Scientists, Economists, Retd. EDs & GMs of Banks, Professors and several distinguished Scholars on various relevant topics.
2. UCO Bharteey Bhasha Sauhard Samman
Dakshin Bharat Hindi Prachaar Sabha, Chennai, an Institution of National importance established by Mahatma Gandhi in 1918 was awarded with UCO Bharteey Bhasha Sauhard Samman comprising Rs.51,000/- and a memento.
3. UCO Matribhasha Samman
Our 9 Zonal Offices honoured 18 candidates with Rs. 5000/- and a memento who got selected in Civil Services Examination of State Public Service Commission through Hindi/Regional Languages.
4. UCO Rajbhasha Samman
Head Office and 26 Zonal Offices honoured 55 students of different Universities in India with Rs. 5000/- and a memento who topped in MA (Hindi) Examination.
5. UCO Bhasha Setu Samman
Head Office and 37 Zonal Offices honoured 38 eminent/ renowned literary/ linguist figure with a memento and a Shawl for making a bridge between Hindi & Regional Language.
The names of UCO Bhasha Setu Samman has been kept on renowned personalities of the said region itself like- UCO Fakir Mohan Senapati Bhasha Setu Samman, UCO Savitri Bai Jyoti Rao Phule Bhasha Setu Samman,UCO Bal Gangadhar Tilak Bhasha Setu Samman, UCO Rashtrakavi Shri G S Shiva Rudrappa Bhasha Setu Samman etc.
6. Sponsoring Popular Hindi Programme
Head Office sponsored Rs.1.50 Lakhs for the 27th Hindi Mela programme organised by Sanskritik Punrnirman Mishan, Kolkata. It is one of the largest Hindi Programmes in India spread over seven days meant for Students from Middle level to PG and beyond. Besides this, our 14 Zonal Offices also supported Hindi Programme of various universities and colleges at their centres with Rs. 10000/- each.
24.2. Achievements
RAJBHASHA KIRTI PURASKAR : 1st PRIZE, Government of India
UCO Bank won the highest award given by Government of India in the field of Official Language i.e. Rajbhasha Kirti Puraskar- First Prize for the year 2020-21 for excellent implementation of Official Language Policy in the Bank, for the First time in the history of UCO BANK. Our MD & CEO Sri Atul Kumar Goel received the award from Honble Home & Co-operative Minister, Sri Amit Shah on 14th September, 2021 at Vigyan Bhawan, New Delhi.
Regional Rajbhasha Puraskar: 1st & 2nd Prize, Government of India
UCO Bank, Head Office, being the convenor of TOLIC (Bank), Kolkata bagged the First Prize for FY- 2017-18, First Prize for FY- 2018-19 and Second Prize for FY-2019-20 amongst all the TOLICs in Eastern Region. Prizes were distributed on 18.12.2021 at Dibrugarh (Assam). First time in the history of UCO Bank, our MD & CEO Shri A. K. Goel was invited by Govt. of India as a Chief Guest on the occasion of prize distribution ceremony organised by Ministry of Home Affairs, Dept. of Official Language at Dibrugarh.
Kanthastha - All India Translation Competition of Dept, of Official Language, Ministry of Home, Government of India
Our Rajbhasha Officers won 1st, 4th & two 5th Prize out of 10 prizes in Vetter Category and 1st, 2nd, 3rd, 4th, 7th, 9th, 11th, 14th, 24th and 29th prizes out of 40 prizes in Translators Category in Kanthastha - Translation Competition organized by dept. of OL, Min. of Home, Govt of India. All the winner Rajbhasha Officers received Certificates signed by Secretary, department of OL, Government of India.
Town Official Language Implementation Committee (TOLIC) Award, Won by Zonal Offices & Branches.
| FIRST PRIZE (15) | Patna, Raipur, Karnal, Indore, Varanasi, Mumbai, Jalandhar, Surat, Ernakulam, Bengaluru and Hyderabad Zonal Offices and Panaji, Prayagraj, Raopura and Rupnagar. |
| SECOND PRIZE (10) | Jaipur and Bubaneshwar Zonal Offices and Bhilai Sec-1, Noida Sec-3, Agra Main, Fazilka, Faridkot, MC Ludhiana, Gajipur, MUzaffarpur branches. |
| THIRD PRIZE (05) | Jodhpur, Jaipur and Chandigarh Zonal Offices and Mau, Kullu branches |
Individual Awards for Various competitions organized under the aegis of TOLICs (All over India)
| STITT | |
| FIRST PRIZE | 64 staff members of various scales won 1st Prize |
| SECOND PRIZE | 28 staff members won 2nd Prize |
| THIRD PRIZE | 40 Staff members won 3rd Prize |
ALL INDIA INTER BANK HINDI ESSAY WRITING COMPETITION AWARD
Our several Executives & Officers won 1st, 2nd & 3rd PRIZE in essay writing competitions organized by PSU Banks including our own UCO Bank.
24.3. National and State Level Hindi Seminars & Competitions
Dr. Sumeet Jairath, IAS, Secretary, Dept. of OL, Ministry of Home visited our Head Office on 28th July, 2021. For the First time in the history of the Bank, any Secretary level official of Central Government. To mark this historic occasion, a National Level Seminar was organized on "12 Pra Se Rajbhashaka Samuchit Vikas". All Zonal Offices joined the seminar through VC.
Our several Zonal Offices also organized Seminars inviting scholars to speak on various relevant topics on Economics, Language & Literature and Banking.
Bank organized National Level Essay Competition on Aatmnirbhar Bharat: Avasar, Chunautiyanevm Safalata and Aatmnirbhar Bharat: Apnaa Sapna, Apnaa Udyam, Apni Bhasha which was well received by all Banks reflecting in approx. 200 essays from all over India.
Bank hosted a Seminar cum Workshop organised by Department of Financial Services, Ministry of Finance on 07.03.2022 for all Banks/Insurance & Financial Institutions in Kolkata. The Seminar was presided by Shri Sudhir Shyam, Economic Advisor, DFS, Ministry of Finance, Govt. of India. Shri Bhim Singh, Dy. Director, DFS, MoF conducted the Seminar & Workshop.
24.4. Hindi Training
• Approx. 12147 Officers and Clerks were trained through approx.170 Offline and Online Hindi Workshops conducted by HO & ZOs to do their day to day work in Hindi. Further, approx. 950 Officers and Clerks were also imparted Desk Training on computer about Hindi Unicode.
• Central Staff College, Kolkata & all Regional Training Centres imparted Hindi Training covering all aspects of OL Policy of GOI in each training programme.
• Further, approx. 35 Officers and Clerks passed Prabodh, Praveen &Pragya Hindi Exams conducted by Government of India.
24.5. Publication
Our Hindi house journal Anugoonj is being published wherein articles in Regional Languages are also included. Our Zonal Offices also brought out their Zonal Hindi Magazines regularly along with Regional Languages articles reflecting the activities of the Bank and creativities of the Staff at same time.
"UCO Bharteey Bhasha Setuka" - Hindi-Malyalam-English, Hindi-Punjabi- English and Hindi-Assamese-English, a trilingual booklet containing day-to-day words, phrases & simple conversation with customers were published for convenience of our officers on transfer to the region where these languages are spoken.
Three e-magazines namely, UCO Dainiki (256 issues), UCO Masiki (11 issues) and UCO Sangam (Quarterly 3 issues) were published having multi media facilities, were circulated to all branches and offices. All Zonal Offices are also publishing their own e-Magazines UCO Dainiki, UCO Masikietcfor their respective Zones.
24.6. Town Official Language Implementation Committee (TOLIC)
Our Head Office is the convenor of TOLIC (Bank), Kolkata. Further, the Bank is also convenor of Roopnagar,Bilaspur(HP), Solan, Ajmer, Bhagalpur, Balasore, Darbhanga, New Jalpaiguri, Beharampur (WB) and Maldah TOLIC as entrusted by Dept. of Official Language, Min of Home Affairs, Govt. of India.
A National Seminar was organised on Use of Hindi and Regional Languages in Judiciary : Challenges and Solutions on 02.03.2022, Sri Mani Shankar Dwivedi, Ex-Justice, Judicial Secretary, WB and Member, Human Rights Commission was the Chief Speaker. Other speakers included Shri Sudhanshu Ranjan, ADG, Doordarshan, Prof. Sachi Chakrawarty, Law Dept. Calcutta University, Prof. Kavita Singh, NUJS & Shri Ashish Rai, Advocate, Supreme Court.
Vidyasagar Matribhasha Samman were conferred to Sri Surendra Kapoor, renowned Indologist& Architect for the year 2020-21) and Padmasri Smt. Usha Utthup, well-known Singer & Artist for the year 2021-22 on the above occasion. The Samman carries a cash Rs. 25000/-, Memento & Shawl.
Rajbhasha Seva Samman awarded to 40 members of TOLIC (Bank), Kolkata. This award is given to those who complete 25 years of service contributing towards implementation of Rajbhasha.
24.7. OL Inspection
Committee of Parliament on Official Language inspected our New Delhi Zonal Office on 17th August, 2021 and Surat Zonal Office on 24 October, 2021. The Committee took note of OL Implementation and praised the Bank for winning Rajbhasha Kirti Puraskar.
Regional Implementation Office, Dept. of OL, Ministry of Home inspected several Zonal Offices & branches guiding them suitably in the implementation of OL Policy of Govt. of India.
Rajbhasha Inspection were carried out in 30 Zonal Offices by HO. Zonal Offices conducted Rajbhasha inspection in approx. 2100 branches regarding OL Implementation at branch level during the FY-2021-22.
24.8. New Initiative
• Dr. SumeetJairath, IAS, Secretary, Dept, of OL, Govt of India launched Rajbhasha Menu in Banks website on 28th July,2021. It is worth mentioning here that last year, our Banks website started opening in Hindi complying the directions of Govt. of India.
• Submission of Quarterly Progress Report on Single Sign on platform for all Zonal Offices & branches and mandatory passing of Hindi course through e-learning for all officers up to DGM level continued improving the implementation of Rajbhasha in the Bank. Both are linked with APAR also.
24.9. Miscellaneous
• Bhartiya Bhasha Sauhard Swaroop Hindi Pakhwada/Mah was celebrated by Head Office as well as all Zonal Offices and branches with full enthusiasm and zeal in the month of September-October, 2021. An All India Online Rajbhasha Gyan Competitions for all cadres including GMs was also organised during the month. Eminent Hindi writer of Punjabi origin Dr. Lakhbir Singh Nirdosh was honoured with UCO Raja Ramamohan Roy Bhasha SetuSamman on this occasion.
• Rajbhasha Department of the Bank started its journey in the year 1972 with a small step by nominating Shri S V Washimkar, a Marathi as Nodal officer. The First batch of Rajbhasha Officers joined bank in 1972 which eventually completed 50 years. To mark this historic occasion, Bank celebrated Golden Jubilee of the department on 24th March,2022 at Central Staff College, Kolkata. The Golden Jubilee Celebration was inaugurated by Shri Ajay Vyas, Executive Director in presence of all ex members of the department including some General Managers.
• All India UCO Bank Official Language Officers Conference: Sarvottam Ki Or was organised on 25-26 March, 2022 at Central Staff College, Kolkata. The theam The Conference was inaugurated by Shri Ajay Vyas, Executive Director. He congratulated all Rajbhasha Officers for achieving the goal of winning the highest Rajbhasha Award i.e. Rajbhasha Kirti Puraskar - First and invoked all to work hard to keep this award for coming years also. Shri Naresh Kumar, General Manager, HRM & OL was the guiding force behind the successful conference and motivated all Rajbhasha officers to give their best.
25. Marketing Department
Marketing Department has been introducing various initiatives and launching various campaigns from time to time to Promote Retail Asset, Liabilities, Digital Banking Products, Bancassurance, APY, PPF & SGB etc.
Apart from that, Relationship executives are designated at all branches for promotion of Banks product and to provide doorstep product advice to customers.
Department Emphasis on Banks Brand building and promotion of Banks products & services through Marketing Collaterals E.g. Video, Audio, Presentation, One pager, Comparative Charts etc.
A multidimensional approach towards Sales & Marketing of banks products has been followed leading to significant popularity as well as business development.
The Gist of Performance of various initiatives, campaigns and Important Event are as follows:
• UCO Realty: A website (www.ucorealty.com) showcasing banks approved projects which provides easy access to properties across India with digital lead generation facility. This will give our customers a new experience on digital platform to browse and choose their desired home with ease and the platform will attract attention of different builders which in turn increase our approved project base.
• The website is now fully functional with around 550+ properties and number is increasing continuously. Number of visitors on the website have crossed 1.2 Lac mark since inception.
• UCO-SBI Credit Card:
As on March2022
No. of applications received-1.05 Lac
No. of applications approved- 0.77 Lac
Total Business generated in FY 2021-22 as of March-2022 3.06 crore.
• Lead Generation Management System: A System has been established to track and monitor the progress of leads generated from various channels (Missed Call, SMS, Website, Employee referrals, Chatbot, WhatsApp, Call Centre, UCO m-Banking plus etc.)
• Home Loan Campaigns: Total four (4) campaigns on Home loan were organised that resulted in increasing the per day average of Home loans from 31 per day (performance day other than campaign) to 81 per day (performance day in Campaign).
> Total Home Loans sanctioned in FY 2021-22: 20739
> Total Home Loans sanctioned in FY 2021-22 (In Campaign): 15072
> Campaign Contribution (Campaign performance Vs Tot. Sanc.) =73%
> Total Campaign period (FY 2021-22): 185 days
• Car Loan Campaigns: Total four (4) campaigns on Car loan were organised that resulted in increasing the per day average of Car loans from 17 per day (performance day other than campaign) to 35 per day (performance day in Campaign).
> Total Car Loans sanctioned in FY 2021-22: 9568
> Total Car Loans sanctioned in FY 2021-22 (In Campaign): 6541
> Campaign Contribution (Campaign performance Vs Tot. Sanc.) =68%
> Total Campaign period (FY 2021-22): 185 days
• Mutual Fund: Bank tied-up with Fisdom for Mutual Fund business from Aug-2021 and as on March 2022 on-boarded 25841 investors, with AUM (Assets under management)- Approx. 132 Cr.
• APY & PPF: In comparison to FY 2020-21, for APY the performance in the FY 2021-22 has improved considerably from 80,328 to 163,386 numbers, increase of more than 100%. Also 20462 account PPF have been opened during FY 2021-22.
• Bancassurance: Significant marketing activities and campaigns have resulted in 22.5 Cr commission earned in FY 2021-22
• Door Step-Banking: Achieved an overall rank 2nd among all banks in DSB Udaan Campaign (February2022) launched by PSB Alliance. 1st Rank in Center Activation; 2nd Rank in Service request completion, 100% unique customers target achievement.
26. Transaction Banking Department
> Bank has achieved approx. 55 Crores Digital Transaction Volume against the allotted target of 40 Crores by Ministry of Electronic & Information Technology (Meity).
> WhatsAppBanking was launched with non-financial transactions facility for customers &Informative & Lead Generation facilities for non-customers.
> Bank has launched UCO Sandeh Nivaran app where staffs can raise & get resolved their queries regarding Banks products/Processes.
> Introduction of Wealth Management Services: E-Trading/ Demat, E-NPS, E-Income Tax Return Filing etc. in UCO Mobile Banking app.
> Premium Segment Debit Card named UCO RuPay Select Debit Card was introduced for High Net worth Individuals with focus on wellness theme.
> Cyber fraud risk insurance of Rs. 1 Lakh was introduced for Banks Visa Platinum Debit card holders.
> The Number of new merchant onboarding to POS during FY 2021-22 is 4285 and Total Amount of POS Transaction is Rs.1105.94 Crore.
> Total amount of Transaction Value done through online Fee collection module during FY 2021-22 is Rs.550.80 Crore.
> Total fresh Debit Card Issued during FY 2021-22: 15.97 Lacs
> New Registration in Mobile Banking during FY 2021-22 : 21.82 Lacs
> First time Bank ran Virtual Marketing campaign on its Social Media Handles for Brand Building and Lead Generation.
> Introduction of ORM (Organizational Reputation Management)
Tool based on Automated Intelligence (AI) for handling customer grievances on Social media.
> Social Media Followers status have increased significantly during FY 2021-22 as under:
| Social Media | Growth |
| 18 K to 41 K (Growth of 127%) | |
| 13.5 K to 26.4 K (Growth of 95%) | |
| You Tube | 7 K to 13.4 K (Growth of 91%) |
| 8 K to 12.6 K (Growth of 58%) | |
| 7 to 10K (Growth of 53%) | |
| Koo | 0 to 2.6K (Growth of 260%) |
> Verified Social Media handle on "Koo" platform was launched in July 2021.
27. GENERALADMINISTRATIVE 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 OS minimize the pendency of renewal of lease . The Centralized Rent Payment System ( CRPS ) module has been implemented and made live since January 2020 onwards , and the rent payment related to branches , ATMs and other Administrative offices is being made centrally by Head Office . The CRPS system is now stabilized and streamlined, and running smoothly
28. COMPLIANCE DEPARTMENT:
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 FY 2021-22, Compliance Test Checking (CTC) was undertaken in all the 3074 regular business Branches and forty-two 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; we have analyzed the lapses during the period 01-04-2010 to 31-03-2021 and a circular has been issued; Monthly Compliance magazine is issued to inculcate compliance culture; a Certification programme on compliance has been devised in collaboration with IIBF for all the employees of the bank for enhancement of Compliance knowledge; Direct Reporting of Non-compliance to CCO by serving employees at mail id. "noncompliance@ucobank.co.in" highlighting areas of non-compliance in Advance & Deposits; are few of them.
29. Future Plan of Banking
The FY 2021-22 witnessed most turbulent year for India. The Omicron variant of COVID-19 that peaked in the second half of Jan 2022 has had a negligible impact on the activity levels in the economy. The geo-political tensions involving Russia and Ukrains triggered a massive turbulence in the global economy. Its impact on Indias activity level such as international prices of crude oil and other commodities shot up that escalate the cost of Indias import basket.
During this fiscal Central Government had introduced series of flagship programme to revive economy through fiscal measure. The thrust of Government was to increase capital expenditure in 2022-23. This will help to enhance productivity capacity of the country by crowding in Private Investment and strengthening aggregate demand, improving business and consumer confidence. RBI unleashed several unconventional measures to stabilize the financial markets, interest rate and liquidity situation in the economy.
Going forward for the FY 2022-23 our bank has endeavour to open 200 new branches in the potential centres across India.
Bank focus would be promotion of digital channel, RAM, augmentation of low cost deposit and maintaining sustainable level of Profit. Increasing market share of the Bank, cross selling of products and customer service would be the core area of our Business. Our future plan is to adopt to changing market conditions and cater to our growing customer base across India, for this Bank will accelerate the use of technology to generate leads and also aid us in monitoring post sanction.
On boarding quality assets will continue to remain our priority area. There is always scope for restricting our expenses and leverage technology to reduce cost to a great extent. Last but not the least, to improve score in EASE Index of our Bank.
30. Board of Directors
30.1 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 Banks 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.
30.2 Changes in the Board of Directors
• The tenure of Shri Atul Kumar Goel as Managing Director & CEO of the Bank, ended on 31.12.2021.
• Shri Soma Sankara Prasad appointed as Managing Director & CEO of the Bank w.e.f 01.01.2022.
• The tenure of Shri Anand Madhukar as Government Nominee Director of the Bank ended on 13.05.2021
• Shri Sanjay Kumar appointed as Government Nominee Director on the Board of the Bank w.e.f 13.05.2021.
• The tenure of Dr Tuli Roy as RBI Nominee Director of the Bank, ended on 08.03.2022.
• Shri Rajesh Kumar appointed as RBI Nominee Director on the Board of the Bank we.f 08.03.2022.
• Shri Anjan Talukdar and Shri Ravi Kumar Agrawal appointed as Part-time Non-Official Directors on the Board w.e.f 21.12.2021.
30.3 Meetings of the Board of Directors
During the FY 2021-22, Twelve 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:
| SI.No Name of the Committee | No. of meetings held |
| 1. Management Committee of the Board | 15 |
| 2. Audit Committee of the Board | 07 |
| 3. Risk Management Committee of Board | 04 |
| 4. Stake holders Relationship Committee of the Board | 02 |
| 5. Special Committee of the Board for Monitoring Large Value Frauds | 03 |
| 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 | 01 |
| 9. Committee of the Board for Disposal of Appeal Cases against Non-Promotion | 01 |
| 10. IT Strategy Committee of the Board | 05 |
| 11. Board Level Committee for Monitoring Recovery in NPA Accounts | 05 |
| 12. Committee of the Board for Disposal of Appeal Cases | 03 |
| 13. Review Committee (Wilful Defaulters) | 01 |
| 14. Performance Evaluation Committee of the Board | 01 |
| 15. Board Level Credit Approval Committee | 52 |
Statement of Directors Responsibility
The Board of Directors confirm that in the preparation of the annual accounts for the year ended March 31, 2022, 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, 2022. 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 welcomes Shri Soma Sankara Prasad, Managing Director & Chief Executive Officer, Shri Sanjay Kumar, Director, Shri Anjan Talukdar, Director and Shri Ravi Kumar Agrawal, Director and Shri Rajesh Kumar, Director, nominated on the Board during the year 2021-22 and look forward for their valuable inputs towards the growth of the Bank. The Board acknowledges the valuable contributions of Shri Atul Kumar Goel, MD & CEO Shri Ajay Vyas, Executive Director and Dr Tuli Roy, Director whose tenure completed during the financial year 2021-22.
The Board thank our customers, vendors, shareholders, business associates and correspondent banks for their continued support during the year. The Board remain thankful to the Government of India, Reserve Bank of India and other regulatory authorities for their support and valuable guidance and look forward to their continued support in the future.
The Board also thanks the staff unions/associations for the support extended by them. The Board place on record their deep appreciation of the dedication and contribution made by each employee at all levels. Our resilience to meet challenges was made possible by their hard work, solidarity, co-operation and support.
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ATTENTION INVESTORS
- Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
- KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
- No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Risk Disclosure on Derivatives
- 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
- On an average, loss makers registered net trading loss close to Rs. 50,000.
- Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
- Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
We are ISO 27001:2013 Certified.
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.