Union Bank of India (UBI) is planning to raise Rs 1,386 crore through qualified institutional placement (QIP) in FY15. The bank had already got the approval of the shareholders and RBI in this regard.
The bank is aiming to not just reduce NPAs but also increase profitability. The bank has sold Rs 325 crore worth of bad assets last fiscal.
On the recently launched JanDhan financial inclusion programme, the bank has opened 9.95 lakh accounts under the scheme so far.