(20 second reading) UCO Bank has lined up Rs 1000 crore of investment for digitisation drive and upgradation of existing information technology system, managing director Ashwani Kumar said. This is about 43% more than what the bank spent last year.
Proposed IT spending has nothing to do with the internal technical glitch in immediate payment service (IMPS), for which the bank had erroneously credited Rs 820 crore to account holders in November last year. The bank has recovered Rs 728 crore so far from these account holders till March.
The bank is planning to open 130 more branches this financial year, as compared with 28 it added last fiscal.