United Bank of India has received an approval to raise equity up to an aggregate amount of Rs 500 crore in the first tranche and not exceeding Rs 1,000 crore in one or more tranches during any financial year by Qualified Institutions Placement, Public Issue, Rights issue or such other issue(s). The board of directors at its meeting held on January 28, 2016 has approved for the same.
United Bank of India is one of the 14 major banks which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.
