Correspondent Banking
The extensive network of branches in India and presence in two important international centres enables UCO to offer correspondent banking services to the banks.
UCO can provide the following main services:-
- Collection of bills both Documentary and Clean.
- Advising/confirming of L/Cs opened by banks
- Discounting of Bills drawn under L/Cs
- Maintanence of foreign currency accounts in US$ and HK$
- Maintanence of Rupee accounts in India
- Making foreign currency payments/remittance on behalf of customers of banks.
UCO’s excellent service with competitive charges provide a good Correspondent Banking solution.
UCO’s branches are active in discounting of usance international trade bills. With foreign currency resources of overseas branches, UCO offers the most competitive rates for discounting of these bills. The bills under the L/Cs of the most of the Indian Banks as well as International Banks are also discounted at competitive rates. These transactions are undertaken by them within the Bank/Country Exposure ceilings prescribed by UCO.