Uco Bank to spend Rs 1,000 crore in FY25 to boost digital infrastructure

Public sector lender Uco Bank plans to spend Rs 1,000 crore in the financial year 2024-25 to boost Information Technology infrastructure, said Ashwini Kumar, managing director and chief executive officer of the bank.

The tech spending of the lender was Rs 700 crore in the financial year 2023-24.

“We are planning to spend around Rs 1,000 crore on IT wherein we are going for the upgrade of our various servers, virtual market solutions as well as technological integration of treasury systems and upgrade of our overseas (core-banking systems) CBS systems. We are bringing new technologies on cyber security and also going to integrate our transaction monitoring,” said Ashwini Kumar, managing director and chief executive officer, Uco Bank.