No rate hike on the cards for UBI
By Neelima Shankar
Jan 28, 2011
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Public sector lender, United Bank of India has denied of any recent plans to raise interest rates in both deposit and advances domain. Chairman of the bank, Bhaskar Sen said that in case of requirement, the bank may look into the idea of enhancing interest slabs by the end of this fiscal.

Sen affirmed that the bank has done a total business of Rs 3824 crore as on December 2010, a 23.1% rise over the figures accumulated for the same period last year.

"UBI has been firmly set on a growth trajectory. The bank's aggregate deposits increased by Rs 751 crore from Rs 2078 in March 2010 to Rs 2829 crore in December 2010, up by 36.1 %. Similarly, the gross credit declined by Rs 23 crore or 3.2% from Rs 1028 crore in March 2010 to Rs 995 in December 2010," Mr Sen added.

He also said that the lender is soon going to set up a fully operational branch in Dhaka and that there are no further overseas expansion plans as of now.

The non performing assets (NPA) of the bank amounted to Rs 763 crore.


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