Banking 139

United Bank of India gets Rs 608 crores from Govt

uboiUnited Bank of India (UBI) has received Rs 608 crores from the central government  through preferential allotment of equity shares.

The Union Ministry of Finance plans to infuse Rs 5050 crores in public sector banks. Out of this, 22,915 crores will be used towards recapitalisation of 13 public sector banks during this fiscal year. Rs.810 crores has been allotted to the United Bank of India. 75 percent of the capital has already been transferred and the remaining 25 per cent would be infused based on bank’s performance by the year-end.

Out of the Rs 22,915 crores, State Bank of India was provided Rs 7,575 crores followed by Indian Overseas Bank Rs 3,101 crores and Punjab National Bank Rs 2,816 crores.

The other lenders, which have got commitment of capital infusion are Bank of India Rs 1,784 crore, Central Bank of India Rs 1,729 crores, Syndicate Bank  Rs 1,034 crores, UCO Bank  Rs 1,033 crores, Canara Bank Rs 997 crores, United Bank of India Rs 810 crores, Corporation Bank Rs 677 crorea, Dena Bank Rs 594 crores and Allahabad Bank Rs 44 crores.

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