Govt appoints Ashwani Kumar as UCO Bank MD & CEO

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.

About UCO Bank

Establishment: UCO Bank was established on 6th January 1943 in Kolkata, West Bengal. The Ghanshyam Das Birla-led United Bank of India (UBI) and the Jayanti Bhai-led Hindustan Commercial Bank founded it as United Commercial Bank.
Nationalization: The Indian government nationalized UCO Bank in 1969. Along with 13 other major banks in India, bringing it under their control. This step aimed to strengthen the banking sector and promote financial inclusion.
Ownership: UCO Bank is a government-owned bank, with the Government of India holding a majority stake. The bank operates under the administrative control of the Ministry of Finance, Department of Financial Services.
Services and Operations: UCO Bank offers a wide range of banking and financial services to its customers. These include personal banking, corporate banking, international banking, loans, deposits, insurance, and treasury operations. The bank also provides various digital banking services to facilitate convenient and secure transactions.
Branch Network: UCO Bank has a widespread branch network across India, serving customers in urban, semi-urban, and rural areas. It has a significant presence in the eastern and northeastern regions of the country, particularly in West Bengal.
International Presence: UCO Bank has expanded its operations globally and has branches and representative offices in various countries, including the United Kingdom, Singapore, Hong Kong, and China. This enables the bank to cater to the banking needs of its customers engaged in international trade and business.
Financial Performance: The financial performance of UCO Bank has seen fluctuations over the years. Like other banks in India, UCO Bank has faced challenges related to non-performing assets (NPAs) and profitability. The bank has undertaken initiatives to improve its financial health, including the implementation of measures to reduce NPAs and enhance operational efficiency.