United Bank of India is planning to raise equity capital, in one or more tranches, for an amount not exceeding Rs 3000 crore by way of preferential allotment of equity shares. The board of directors at their meeting on October 31, 2018 will consider 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.
