UBI to raise Rs 1,000 crore this fiscal


Jun 29, 2017 07:16 PM IST | Source: PTI

State-owned United Bank of India (UBI) has decided to raise Rs 1,000 crore as capital to support the bank’s growth projections.

UBI to raise Rs 1,000 crore this fiscal

State-owned United Bank of India (UBI) has decided to raise Rs 1,000 crore as capital to support the bank’s growth projections.

“We got an approval of the shareholders to raise Rs 1,000 crore as capital in the current fiscal,” MD and CEO of UBI P Bajaj said.

He said the bank is looking at a business if 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.