United Bank of India (UBI) has managed to bring down its non-performing assets (NPAs) by Rs 1,000 crore in first two months of Calendar Year 2014. The company has reduced the NPAs on account of part-recoveries from various accounts that had turned bad or post the closure of some of these accounts.
The recoveries have been strengthened with new teams being formed for follow-up (on some of the defaulters). Regular monitoring is being undertaken too.
Gross NPAs for the Kolkata-based bank had jumped to Rs 8,545 crore (including fresh slippages of Rs 3,172 crore) in the October-December quarter, from Rs 2,902 crore in the corresponding quarter last year.
