Government has decided to infuse Rs 2,159 crore in United Bank of India as part of Rs 28,615 crore capital infusion to be done in about half a dozen banks. The bank proposes to secure the shareholders’ approval to the proposed preferential allotment by a Special Resolution by convening an Extraordinary General Meeting.
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.
