UCO Bank was established in 1943 with its headquarters in Kolkata. It was formerly known as United Commercial Bank. Is one of the oldest and major commercial bank of India. The bank was founded by Ghanshyam Das Birla, an eminent Indian industrialist. During Quit India movement, Ghanshyam Das had conceived the idea of organizing a commercial bank with Indian capital and management, and the United Commercial Bank Limited formed. Bank started with an issued capital of Rs 2 crore and a Paid-up capital of Rs 1 crore. The bank was nationalized in 1969 by the Government of India. In 1985, its name was changed to UCO Bank, as another bank with the same name was existing in Bangladesh. Currently it has a turnover of around Rs50000 crores.