Under increasing pressure from Reserve Bank of India to improve its financials, United Bank of India has stepped- up efforts towards turnaround by March 2018. Reserve Bank of India recently imposed additional restrictions on United Bank of India under the Prompt Corrective Action (PCA) framework. Now, as a part of the intensified turnaroud effort, the bank is looking to close 8 to 10 branches and about 20-25 ATMs. It is looking to sell Rs 1500 crore worth loan to ARCs this quarter. Also, according to P Bajaj, chairman of United Bank of India, if NPA cases under National Company Law Tribunal (NCLT) do not resolve, the bank will also vet the option of selling those to loans to ARCs. To meet the regulatory capital requirement, it is planning to raise close to Rs 1000 crore as QIP and awaiting government capitalization."As a part of the earlier signed MoU, we have already enforced conditions spelled out by RBI. We have been giving only investment grade loans, reducing cost of operation, ..
