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UBI to raise Rs1,000 crore this fiscal: CEO

LiveMint logoLiveMint 29-06-2017 PTI

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.

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