Union Bank of India has identified eight Non-Performing Asset (NPA) accounts worth Rs 3,000 crore to be sold to the National Asset Reconstruction Company (NARCL) this fiscal (FY24). The lender has more than doubled its net income at Rs 3,236 crore in the June 2023 quarter on improved asset quality and recoveries. The bank had already sold three accounts worth Rs 900 crore last fiscal to the national bad bank at a recovery of 33 per cent.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
