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UCO Bank, formerly United Commercial Bank, is an Indian public sector bank, and financial services government owned body headquartered in Kolkata. [3] It is a medium sized public sector bank in India and ranked 1948 in Forbes Global 2000 list of year 2018 & ranked 80 on the Fortune India 500 list in 2020. [4]
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India’s commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, six PBs, 43 RRBs, and two LABs.
The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [ 1 ] The next major government intervention in banking took place on 19 July 1969 when the Indira government nationalised an additional 14 major banks.
Regional rural banks (RRBs) are government owned scheduled commercial banks of India that operate at the regional level in different states of India.These banks are under the ownership of the Ministry of Finance, Government of India, Sponsored Bank and concerned State Government in the ratio of 50:35:15 respectively.
The shareholders of the bank are the Government of India (50%), UCO Bank (35%) and the Government of West Bengal (15%). The bank's head office is located at Tikiapara, Howrah, West Bengal. As of 31 March 2019, the bank made a net profit of ₹ 67.97 million (US$790,000)
Union Bank of India, commonly referred to as Union Bank, is an Indian public sector bank headquartered in Mumbai. It has 153+ million customers and a total business of Rs.21,65,726 crores as of 31 December 2024. [ 7 ]
Bandhan Bank and erstwhile United Bank of India have their headquarters at the hub. [9] State Bank of India has their largest training centre at the hub. [ 10 ] Other banking institutions like UCO Bank , [ 11 ] Punjab National Bank also have staff and executive training centres in FinTech hub.
The oldest bank in India is The Madras Bank (1683), followed by the Bank of Bombay, founded in 1720, which is then followed by the Bank of Hindustan, founded in 1770. Imperial Bank of India was succeeded by State Bank of India in 1955 and State Bank of Pakistan in 1948 respectively whose origins can be traced back to the Bank of Calcutta. It ...