United Bank of India receives Rs 608 crore from Govt

United Bank of India has received Rs 608 crore from the Central Government towards preferential allotment of 26,74,87,901 equity shares of Rs 10 each at a price of Rs 22.73 per share. Pending receipt of regulatory clearance, the amount has been deposited in the share application money account.

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.