SME News » Financial News » Company News
Infusion of Rs 1,000 cr expected by UBI for current fiscal
SME News, Monday, Dec 10, 2012 17:05:11 PM IST
Related Topics:
next >>
- Capital
- Union Bank of India
Related News
NEW DELHI: Fund infusion amounting to Rs 1,000 crore is expected by the Union Bank of India as part of the government’s recapitalization plan. The bank, which is owned by the state gained support in the form of capital of Rs 280 crore during the previous fiscal.
The Chairman and Managing Director of Union Bank of India, D Sarkar, stated, “We have applied and we are expecting about Rs 950-1000 crore (capital infusion during the current fiscal)”. He added that the government has given its agreement out of principle to infuse the capital and in the expected span of weeks; they will be gaining details from the government. He claimed that the Tier I capital of the bank is going to rise with the infusion from 8.17 percent as on the month of September in 2012.
The bank will benefit from the capital infusion by improving lending to sectors that ensure production.
