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RBI wants supercession of UBI board

The Reserve Bank of India has written to the finance ministry recommending supercession of United Bank of India board. Secretaty, Financial services Rajiv Takru confirmed this and said superceding the board is an administrative alternative that the RBI has suggested but the department is waiting for the inquiry report. While merging the troubled bank with another bank is a possibility, ministry sources said it was not high on the agenda at the moment. Meanwhile, senior managers of the bank have been given targets to bring down the NPAs and directed to submit daily reports to executive directors. From Rs 2,902 crore in December 2012, the bank’s NPAs rose to Rs 8,546 crore in December 2013. Its tier-1 capital is 5.6% versus the RBI-mandated 6.5% in March 2014.

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