United Bank of India is planning to raise equity capital, in one or more tranches, up to Rs 3000 crore by way of preferential allotment of equity shares. The board of directors at their meeting to be held on September 18, 2019 will consider the same. The board will also consider the amalgamation of United Bank of India, Oriental Bank of Commerce and Punjab National Bank.
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.
