The government will revamp the senior management of the crisis-ridden United Bank of India (UBI) by appointing experts who are willing to take up the challenge and try effecting a turnaround to its board, reports Arun S in New Delhi. This follows the RBI?s audit report which found ?serious governance failures? at UBI and noted that the management and board ?did not perform and deliver results as expected?. A forensic audit report by Deloitte India had found fault with the bank?s early warning system to detect risks as well as inefficiency of its staff which resulted in a rise in NPAs ? there was a surprisingly sharp jump in NPAs, across segments, including retail, in the July-September period. The Deloitte report, it is learnt, had found the bank deliberately under-reported its NPAs in the past. The RBI is understood to have suggested the board of the bank be superseded.
Meet the leading stakeholder in Reliance, and it’s not Mukesh Ambani, Nita Ambani, Isha Ambani, Akash, or Anant