Govt decides to infuse capital of Rs 2839 crore in United Bank of India

21 Feb 2019 Evaluate

The Government of India has decided to infuse capital of Rs 2839 crore in United Bank of India

In relation to the above, the Board of Directors of the Bank proposes to consider and approve by circulation on or after February 25, 2019, the proposal for creation, offering, issuance and allotment of equity shares of face value of Rs 10 each to the President of India acting on behalf of Government of India, for an amount aggregating up to Rs 2839 crore by way of preferential allotment.

United Bank of India is one of the 14 major banks, which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.

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