No more lending – United Bank of India
By Neelima Shankar
Feb 10, 2014
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Public sector bank united bank of India has recently reported that the bank will no longer provide the loan facility. The bank is halting all its lending activities except the few such as crop loans because it is crippled with 10% of bad loans. The bank is having the worst bad loan ratio in the whole banking industry. Bank reported that they will be providing only with the crop loans and staff loan for the time being because the two posses the minimum threat.

Further it has been reported that bank will not be able to provide with lending services because of the insufficient capital available with them. Executive director Sanjay Arya stated that bank need to focus only on current and savings bank accounts the opportunity to deploy resources would be squeezed. RBI investigation into doubtful lending practices is expected to issue a formal circular for lending termination soon.

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