United Bank of India has decided to raise Rs 1,000 crore as capital to support the bank’s growth projections. The bank has received shareholders approval to raise Rs 1,000 crore as capital in the current fiscal. The bank is looking at a business of Rs 2.20 lakh crore in the current fiscal.
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.
