GoI appoints Ashwani Kumar as MD of UCO Bank

GoI appoints Ashwani Kumar as MD of UCO Bank

The government has appointed Ashwani Kumar as managing director of UCO Bank in place of Soma Sankara Prasad whose terms comes to an end. Kumar is currently an executive director of Indian Bank and prior to this, he served as Chief General Manager of Punjab National Bank. The central government appoints Ashwani Kumar as managing director and chief executive officer in UCO Bank for a period of three years, the Finance Ministry said in a notification. The appointment comes into effect from the date of assumption of office on or after June 1, 2023 or until further orders.

Kumar, a chartered accountant, rose through ranks serving various offices of five public sector banks — Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank. His work experience includes working in wholesale banking division and as head of several branches (including Industrial Finance Branches). As general manager, he was heading mid corporate and large corporate verticals and was also chief financial officer.

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About UCO Bank

• UCO Bank, formerly United Commercial Bank, is an Indian public sector bank, established in 1943 in Kolkata. It is one of the 21 public sector banks in India. The bank has a network of over 4,000 branches and 10,000 ATMs across India. It also has a presence in Hong Kong and Singapore.
• The bank was founded by G.D. Birla, an Indian industrialist, in 1943. The bank was started with Kolkata as its head office with an issued capital of ₹2 crores, of which ₹1 crore was actually paid up. Birla was its chairman; the Board of Directors included eminent personalities of India drawn from many fields.
• The bank was nationalized by the Government of India on July 19, 1969. This historic event brought about a sea-change in the entire fabric of the bank’s thinking and activities, commensurate with the government’s socio-political approach of mass banking as against class banking hitherto practised.
• The bank has been growing steadily over the years. Its total business has grown from ₹2 crores in 1943 to ₹3.24 lakh crore in 2020-21. The bank is ranked 80 on the Fortune India 500 list and 1948 in Forbes Global 2000 list.
• The bank is committed to providing comprehensive financial solutions to its customers. It offers a wide range of products and services, including savings accounts, current accounts, fixed deposits, loans, insurance, and foreign exchange. The bank also has a strong focus on corporate banking and SME banking.
• UCO Bank is a responsible corporate citizen. It is committed to social and environmental sustainability. The bank has implemented various initiatives to promote financial inclusion, education, and healthcare. It has also taken steps to reduce its carbon footprint.
• UCO Bank is a trusted financial institution with a long and rich history. It is committed to providing its customers with the best possible banking experience.

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