NEWS & ADVICE : PERSONAL LOAN
United Bank steps up recovery process; sets recovery target of NPAs worth 400 – 500 cr inFY13
By Vaibhav Aggarwal
Aug 20, 2012
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The Kolkata based lender, United Bank of India, has planned to recover bad debts worth Rs. 400 to Rs. 500 crore in the current fiscal. The Executive Director of the bank, Mr. Deepak Narang said, "We expect to recover Rs 400-500 crore in cash in this fiscal."

Further, the bank issued a statement on this matter stating that it has recorded an increase in its non-performing assets, which has hiked from 3.42 percent in last fiscal to 3.47 percent in the current fiscal. Presently, the bank's total gross NPA is Rs. 2120 crore and the bank's net NPAs is Rs. 1096 crore. The statement also added that majority of defaults have taken place in loans disbursed to aviation and steel sectors.

Mr. Narang said, "Our NPA has grown marginally by 7 basis points and loan defaults are in aviation, steel and MSME sector." He also added that loan recovery process needs to be fast tracked and that borrowers are getting stay orders from Debt Recovery Tribunals on flimsy grounds, which has also affected the loan recovery process.

The public sector bank also has expansion plans and it will add 84 new branches in the current fiscal. On this matter, Mr. Narang said "We will open 80-84 new branches and it will be mainly in south and north regions,"


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