COBOL is an acronym for Common Business Oriented Language. It was written in the 1960s keeping the business applications in mind. The language has a simple structure, which uses English-like sentences and paragraphs. It was generally used to create programs for the main frames in big business firms. COBOL was last upgraded in late 1999 when the Y2K problem surfaced.
The basic drawback of COBOL is its verbosity. Traditional COBOL programming will never be outdated, but will be gradually be complemented by new language features for defining classes and objects.