United Bank steps up recovery process; sets recovery target of NPAs worth 400 – 500 cr inFY13
By Vaibhav Aggarwal
Aug 20, 2012
Print    Email    RSS   

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,"

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Know about Form 16
Get a loan to meet your any personal need
Managing and emerging out of institutional...
Consolidation good for creating healthier...
How far can new banking licenses be banked...

Wickr ID :::gblghl2;;;;GBL Gamma Butyrolactone Wheel...
HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive