Uco Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial bank of India. Ghanshyam Das Birla, an eminent Indian industrialist, during the Quit India movement of 1942, had conceived the idea of organizing a commercial bank with Indian capital and management, and the United Commercial Bank Limited was incorporated to give shape to that idea.Bank started with its Head Office at Kolkata Capital with an issued capital of Rs 2 crore and a Paid-up capital of Rs 1 crore. The bank, along with 13 major commercial banks of India, was nationalized on 19 July 1969 by the Government of India. Its name was changed to UCO Bank, in 1985, by an act of Indian Parliament as a bank in Bangladesh existed in the name “United Commercial Bank” which was posing problem in the international banking arena. As of 2011 the bank had 2206 Service Units spread all over India, with four overseas branches two each in Singapore and Hong Kong. Mr Arun Kaul is Chairman and Managing director of UCO Bank. It has a turnover of Rs 48000 crores
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“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next year’s seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (1886–1968)