Scam-struck UCO Bank lines up Rs 1,000 cr investment for digitisation drive

Kolkata: Public sector UCO Bank has lined up Rs 1000 crore of investment for digitisation drive and upgradation of existing information technology system, managing director Ashwani Kumar said Tuesday.
This is about 43% more than what the bank spent last year.

Kumar said that UCO would like to be part of the digital journey which is happening across the spectrum and this would allow the bank to cross sell products and boost income in the future.

“We are also improving our overseas core banking solution, and upgrading cyber security and treasury-related IT systems,” the MD said. He said that the proposed IT spending has nothing to do with the internal technical glitch in immediate payment service (IMPS), for which the bank had erroneously credited Rs 820 crore to account holders in November last year. The bank has recovered Rs 728 crore so far from these account holders till March.

“We have tightened the systems and processes following the technical glitch,” he said.

The bank is planning to open 130 more branches this financial year, as compared with 28 it added last fiscal.


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