UBI to raise Rs1,000 crore this fiscal: CEO
- Centre plans ‘halfway homes’ to help rehabilitate the mentally ill
- HUL: Rural growth yet to recover from demonetisation, farm crisis
- Militancy growing in Jammu and Kashmir as terrorist influx continues, warn officials
- Emmanuel Macron lays out vision of a Europe fit for globalized world
- British engineer James Dyson to build electric car by 2020
Kolkata: State-owned United Bank of India (UBI) has decided to raise Rs1,000 crore as capital to support the bank’s growth projections.
“We got approval of the shareholders to raise Rs1,000 crore as capital in the current fiscal,” MD and CEO of UBI P. Bajaj said. He said the bank is looking at a business of Rs 2.20 lakh crore in the current fiscal. UBI has also targeted to reduce the gross NPA to acceptable levels for which it was laying stress on recovery and upgradations, Bajaj said.
The bank will move away from large corporate advances to reduce risks, he said. UBI has appointed KPMG for GST preparedness, Bajaj added.