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UBI told to focus on recovery

The finance ministry has directed United Bank of India to focus on recovering sticky loans for the next few quarters so that the bank can overcome to some extent its stressed position becuase of bad assets and losses. The ministry reviewed the performance of the bank for the quarter ending March recently and came out with this proposal. A senior official of the bank said the ministry wanted the bank to improve asset quality and the bank has been able to do well on this score and the ministry now wants it to continue this work for some more time. The bank has recovered and upgraded sticky assets to the tune of Rs 2,000 crore between January and March while fresh slippages during the quarter amounted to less than Rs 500 crore, according to bank sources. The bank was expecting to reduce its gross NPAs to Rs 7,000-7,200 crore by March end from Rs 8,546 crore on 31 December 2013. It is also examining seven large borrower accounts with debt restructuring proposals involving Rs 1000 crore.

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