The Government of India (GoI) has decided to infuse funds to the tune of Rs 810 crore in United Bank of India by way of preferential allotment of equity in favour of the Bank. Out of total, 75% of capital that is Rs 608 crore has been marked for infusion with immediate effect, while remaining 25% will be infused based on Bank’s performance against prescribed benchmark activities by end of December 2016 or earlier. The bank will take the necessary steps in this regard.
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.
