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UCOBANK has international presence for over 50 years now. UCO presently has four overseas branches in two important international financial centres in Singapore and Hong Kong and representative office at Kuala Lumpur, Malaysia. The international linkage from India is supported by a large Indian network through Integrated Treasury Branch, International Banking Branches and Authorised Forex Branches. Our other branches in India also provide international banking facilities through the Authorised Branches of our bank. This international network is further augmented by
correspondent arrangements with leading Banks at all important world centres in various
countries. 1. PRODUCTS & SERVICES The international banking services in India is provided for the benefit of Indian customers, corporates, NRIs, Overseas Corporate Bodies, Foreign Companies/ Individuals as well as Foreign Banks etc. by our International Banking Branches, Authorised Forex Branches and Integrated Treasury Branch. Our other branches in India also provide international banking facilities through the aforesaid network of our branches. All the facilities are subject to the prevalent rules & guidelines of the Bank and RBI. Brief details of services provided are as under:- 1. NRI Banking (Please visit NRI Corner) 3. Finance/Services to Exporters 4. Finance/Services to Importers 5. Remittances 7. Resident Foreign Currency (Domestic) Deposits 8. Correspondent Banking Services 9. All General Banking Services (Please visit Domestic Banking Sections)
a) In India (FCNR 'B' Loans): The foreign currency denominated loans in India are granted out of the pool of foreign currency funds of the Bank in FCNR(B) Deposit etc. accounts as permitted by Reserve Bank of India. These loans are commonly known as FCNR(B) Loans. UCO has a broad base of NRI customers/depositors. Therefore, with the resource base of FCNR(B) deposits etc. UCO is in a position to offer the Foreign Currency Loans in India to our customers as an alternative to loans in Rupees. These loans are denominated in foreign currency such as US Dollars and are offered as short term loans. The interest is fixed with a reasonable spread over LIBOR UCO also allows loans in foreign currency to NRIs against their FCNR(B) Deposits at the Indian Branches. The details are available in NRI Banking section. b) From Outside India: With presence at two major financial centers of the world, UCO has foreign currency resources to arrange /grant Foreign Currency Loans to Indian as well as multinational corporates at the competitive rates. The foreign currency denominated loans are granted by our
overseas branches to Indian Corporates as per External Commercial Borrowing
(ECB) Policy of Govt. of India/RBI.
3. FINANCE/SERVICES TO EXPORTERS UCOGOLD CARD FOR EXPORTERS UCO launches Goldcard for creditworthy exporters - Simplified access to export credit on very good terms: Better terms of credit including rates of interest than those extended to other exporters by the Bank. Processing of applications for credit faster than for other exporters.Simpler norms, subject to specific requirements in each case, if any. 'In-principle' limits for a period of 3 years with a provision for automatic renewal, subject to fulfillment of the terms and conditions of sanction. Preference for grant of packing credit in foreign currency (PCFC), subject to availability of foreign currency funds. Lower charges schedule and fee-structure than those provided to other exporters. Relaxations in the norms in respect of security and collaterals, wherever feasible. Other facility/benefit to the exporters, subject to the fulfillment of extant rules and regulations applicable to export finance. Download Application Form for UCOGOLD CARD FOR EXPORTERS Types of Facilities for Exports a) Rupee Export Credit (pre-shipment and post-shipment): UCO provides both pre and post shipment credit to the
Indian exporters through Rupee Denominated Loans as well as foreign currency loans in
India. Credit facilities are sanctioned to exporters who satisfy credit exposure norms of
UCO. Exporters having firm export orders or confirmed L/C from a bank are eligible to
avail the export credit facilities. b) Pre-shipment Credit in Foreign Currency (PCFC): UCO offers PCFC in the foreign currency to the exporters enabling them to fund their procurement, manufacturing/processing and packing requirements. These loans are available at very competitive international interest rates covering the cost of both domestic as well as import content of the exports. The corporates/exporters with a good track record can avail a running
account facility with UCO for PCFC. PCFC in foreign currency is available for a maximum
period of 180 days from the date of first disbursement similar to the case of Rupee
facility. (The forward covers can be booked in respect of future PCFC drawls.) In the PCFC drawls permitted in a foreign currency other than the currency of export, exporter bears the risk in currency fluctuations. The foreign currency drawls are restricted to major currencies at present. In case, the export order is in a non-designated currency, PCFC is given in US$. For orders in Euro, Pound Sterling and JPY, PCFC can be availed in the respective currencies or US$ at the choice of exporter. Multi-currency drawls against the same order, are not permitted at present due to operational inconvenience. Repayment: PCFC is to be repaid with the proceeds of the export bill submitted after shipment.In case of cancellation of export order, the PCFC can be closed by selling equivalent amount of foreign exchange at TT selling rate prevalent on the date of liquidation. The PCFC in foreign currency are granted at our various branches through our Integrated Treasury Branch in Mumbai. c) Negotiation of Bills under L/C UCO's International Banking Branches and Authorised Forex Branches are active in negotiation/discounting of sight/usance international export bills under L/Cs opened by foreign banks as well as branches of Indian banks abroad. UCO offers the most competitive rates. These transactions are undertaken by our branches within the Bank/Country Exposure ceilings prescribed by UCO. d) Export Bill Rediscounting: UCO provides financing of export by way
of discounting of export bills, as a post shipment finance to the exporters at competitive
international rate of interest. This facility is available in four currencies i.e. US$,
Pound Sterling, Euro and JPY. Exporters can avail this facility from UCO to cover the bills drawn under L/C as well as other export bills. e) Bank Guarantees: UCO, on behalf of exporter constituents, issues
guarantees in favour of beneficiaries abroad. The guarantees may be Performance and
Financial. For Indian exporters, guarantees are issued in compliance to RBI guidelines.
4. FINANCE/SERVICES TO IMPORTERS a) Collection of Import Bills: UCO has correspondent relationship with reputed International Banks throughout the world and can thus provide valuable services to importers who may be importing from any part of the Globe. The import bills are collected by our International Banking Branches and Authorised Forex Branches at very competitive rates. The import bills drawn on customers of other branches are also collected through these branches. b) Letter of Credit: On account of UCO's presence in international market for decades, UCO has established itself as a well known international bank. L/Cs of UCO are well accepted in the International market. For any special requirement UCO can get the L/C confirmed by the top international banks. Thus UCO's L/C facility for the purchase of goods/services etc. fulfills the requirements of all importers to arrange a reliable supply. UCO offers this facility to importers in India within the ambit of FEMA and Exim policy of Govt. of India. UCO uses state of the art SWIFT network to transmit L/Cs and with a worldwide network of correspondents and our overseas branches facilitates prompt & efficient services to the importers. L/C facility is granted to the importers on satisfying credit exposure norms of the Bank. c) Financing of import Usance L/C facility UCO's Usance L/C facility provides the importer an opportunity to avail credit from their supplier/supplier's bank. Deferred Payment Guarantee/Standby LC UCO's Deferred Payment Guarantee/Standby LC facility also provides the importer an opportunity to avail credit from their supplier/supplier's bank. Rupee finance UCO also offers to Indian importers Rupee finance for payment of goods and services imported from abroad under its various Rupee credit facilities on satisfying credit exposure norms of the Bank. Foreign Currency Loans Short term External Commercial Borrowings or Trade Credits for less than three years as permitted by RBI for imports into India is allowed by our overseas branches to Indian importers at very competitive rates. These are generally backed by L/Cs opened by importer's bank. Indian importers can also avail this facility from our overseas branches as roll-over credit on their bank agreeing to extend the L/C in favour of our overseas branches. d) Bank Guarantees: UCO, on behalf of importer constituents or other customers, issues guarantees in favour of beneficiaries abroad. The guarantees may be both Performance and Financial.
5. REMITTANCES UCO, through its worldwide network of correspondents, Indian branches and overseas branches, offers prompt inward and outward foreign remittance facilities at very competitive rates. The use of SWIFT network adds to reliability and efficient handling. The remittances are handled by our International Banking Branches and Authorised Forex Branches. The outward remittances of customers of other branches are also remitted through these branches. Through our well-spread network of branches in India, inward remittances reach every nook & corner in India. UCO has tie-up arrangements with Western Union Money Transfer.
UCO operates in the Forex Market in India as well as abroad. In India the inter-bank forex operations is centralized at our Integrated Treasury Branch in Mumbai, country's undisputed financial hub. UCO's International Banking Branches and Authorised Forex Branches undertake customer transactions. The forex requirements of customers of other branches are also routed through these branches. Overseas branches undertake the forex treasury operations in Singapore and Hong Kong centre. All the forex treasuries are equipped with state of art technology and professionally skilled staff to handle forex treasury operations efficiently. UCO deals in all the important international currencies. Our Forex Treasuries generally undertake the following treasury related activities:- Forex Inter Bank Placements/Borrowings Sale & Purchase of currency on behalf of customers Forward Cover Bookings Cross Currency Swaps Interest Rate Swaps (IRS) Forward Rate Arrangements (FRAs) Forex Money Market Operations Forex Services For Corporates To improve the standard of service to the valued clientele, UCO has integrated its Forex and Domestic Treasury Operations under one roof in Mumbai. UCO's Forex Inter-bank desk at Treasury Branch is an active market player. UCO's Integrated operations at one place in Mumbai enables it to participate in inter-bank transactions on a large scale. Forex Dealing Rooms in Singapore and Hong Kong and a worldwide network of correspondents add to UCO's strength in providing the best forex corporate services. International Banking Branches and Authorised Forex Branches spread across the country cater to needs of all customer in foreign exchange. Corporate Forex Services include Foreign Currency Sale & Purchase, Forward Booking, Cross Currency Forward etc. Other products like Collection & Negotiation of Export & Import Bills under LC, LC Issuance, Advising & Confirmation Services, Arrangement of Trader Credits, the guarantees on behalf of Indian Corporate/Projects, EEFC Accounts, Remittance etc. are all available to corporate customers from UCO. UCO is establishing a Derivative Desk in India to offer various Derivative Products, such as IRS, FRA, Cross-currency Options, Currency Swaps with Cross-currency Interest Rate Swap etc. With this UCO will also offer structured products suitable for Corporates who have large receivables or payment obligation in foreign currencies. Derivative Desk will deal in hedging products to hedge the market risks i.e. interest rate risk and foreign exchange risk in Bank's balance sheet.
7. RESIDENT FOREIGN CURRENCY (DOMESTIC) A/Cs UCO also offers Resident individuals in India, the facility to open non-interest bearing current account in foreign currency at the selected Indian branches as permitted by RBI. Joint accounts with a resident eligible to open RFC (D) account is permissible. Nomination facility is also permitted. Thus UCO will provide an option to resident individuals to retain their receipts from abroad in foreign currency as permitted by RBI.
8. CORRESPONDENT BANKING SERVICES The extensive network of branches in India and presence in two important international centres enables UCO to offer correspondent banking services to the banks. The International Banking Branches and Authorised Forex Branches in India as well as our overseas branches are capable of providing the services that an international correspondent Bank can offer. UCO can provide the following main services:- i) Collection of bills both Documentary and Clean. ii) Advising/confirming of L/Cs opened by banks iii) Discounting of Bills drawn under L/Cs iv) Maintanence of foreign currency accounts in S$ and HK$ v) Maintanence of Rupee accounts in India vi) 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 overseas 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. EXTERNAL COMMERCIAL BORROWING (ECB)The foreign currency loans to the Indian corporate are granted by UCO's overseas branches. The borrowings raised by the Indian corporate from specified banking sources outside India are termed "External Commercial Borrowings" (ECBs). These ECBs can be raised within the Policy guidelines of Govt. of India/Reserve Bank of India, as applicable from time to time. ECB includes the following:- i) Commercial Loans ii) Syndicated Loans iii) Floating/Fixed rate notes and bonds iii) Lines of Credit from foreign banks and financial institutions iv) Import loans, loans from the export credit agencies of other countries. UCO is very active in granting and arranging various forms of ECB facilities for the Indian Corporate. UCO can offer following services to the Indian corporates in respect of cross border financing :- i) Arranging/granting External Commercial Borrowings by way of Foreign Currency Loans, FRNs, Bonds for the Indian corporates. ii) Arranging/underwriting International Syndicated Loans for the Indian corporates. iii) Participating in the International Loan Syndications. iv) Granting loans backed by Export Credit Agencies. v) Providing import finance for Indian Corporates. vi) Issue of Guarantees such as Bids, Bonds, Performance, Advance Payment etc. for the overseas projects bagged by the Indian Corporates.
Download Application Form for UCOGOLD CARD FOR EXPORTERS
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