Mumbai, Sept 8
UCO Bank's Mumbai region is planning to increase its educational loans portfolio from Rs 12 crore as on July to Rs 100 crore by end of this fiscal.
The region's retail advances currently amount to about Rs 600 crore out of total advances of Rs 7,500 crore, said Mr N. Kumaraswamy, General Manager, Mumbai region.
The bank's total educational loan portfolio is Rs 185 crore, against total advances to the retail and small business segment of Rs 8,000 crore.
The Mumbai region has 76 branches, including 40 in Mumbai and 36 spread over Amravati, Sangli and Aurangabad. Eight of these are in rural areas.
The bank is planning to introduce a facility by which students can contact its sales force through SMS.
"It will be a local telephone number. Once a student sends an SMS, someone from the nearest branch will get in touch with him for further details," Mr Kumaraswamy said. The bank recently deployed about 40 sales officers in Mumbai and will do the same in Pune in a couple of months.
Through educational loans the bank hopes to target students who can be potential customers in future, Mr Kumaraswamy said.