United Bank of India (UBI) battling swelling non-performing assets (NPAs) is aiming to trim them by 10 per cent every year. The public sector lender presently has a gross NPA of Rs 10,800 crore which is 15.6 per cent of its advances. Its net NPA stands at 10.1 per cent.
In this regards, the company has formed a special team for recovery (of bad loans). Special powers have been given to the branches for one-time settlement (OTS).
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.
