UBI to raise Rs1,000 crore this fiscal: CEO
- The many ways China can hit back at Donald Trump, from taxes to probes
- Vodafone-Idea combine names Kumar Mangalam Birla as non-executive chairman
- Delhi Budget 2018-19: AAP govt to take development to every house, says Arvind Kejriwal
- Farm loan waiver: Siddaramaiah calls Karnataka BJP spineless
- UP Rajya Sabha elections on Friday, Arun Jaitley among candidates
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.