The chairperson and managing director of Kolkata-headquartered United Bank of India Archana Bhargava has taken voluntary retirement.

Her retirement comes in the wake of a surge in bad loans and the bank posting a loss in the third quarter.

United Bank’s gross non-performing assets jumped 194 per cent to Rs. 8,545.50 crore (includes fresh slippage of Rs. 3,172 crore in the October-December quarter) as at December-end 2013 against Rs. 2,902 crore as at December-end 2012.

In a notice to the BSE, the bank said “The Ministry of Finance vide its letter dated February 21, 2014, has communicated its acceptance to the application for voluntary retirement of Smt. Archana Bhargava, Chairperson & Managing Director of the Bank with effect from February 20, 2014.”

The Government had appointed her as United Bank’s CMD in April 2013 and her appointment was up to February-end 2015.

In absence of the Chairman & Managing Director both the Executive Directors shall jointly remain in charge of the Bank, till such time that a regular incumbent takes over the charge of CMD.