RBI writes to FinMin, recommends superseding UBI Board
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Reserve Bank of India has written to the Finance Ministry with recommendations to clean up United Bank of India . According to sources, RBI has gone so far as to recommend superseding the UBI Board.
It is important to clarify that it is a bunch of recommendations that have been made by the Reserve Bank of India (RBI) to the government with regards to cleaning up United Bank and superseding the board is one of them.
The recommendation to supersede the board of United Bank of India essentially means that the board will stand dissolved. The RBI will then get to appoint an administrator to run the bank.
According to finance ministry sources, they have not taken a call yet and it will be taken only once the administrative inquiry report is finalised. Then they will be able to establish what went wrong with the bank. They are also looking at appointing a new CMD. If the finance ministry is able to appoint a CMD in the next two weeks then they can avoid the process of supersession as they believe that they will be able to appoint their own man at the board helm.
On the other hand United Bank is aggressively pursuing recovering their NPAs. They are very confident that they will be able to recover around Rs 1800 crore in the fourth quarter which essentially means that the bank will not require any capital from the government before March 31 and some capital will be required only in the final budget that will be presented later on.
So, clearly capital is not the issue with United Bank at this point in time. The ministry is expecting the administrative inquiry report in the next 2-3 days. Only then will they take a final call on what will be the kind of road map that they will look at for United Bank of India. (Money Control)
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