Facebook Pixel Code

Govt to name expert directors to help steady United Bank of India ship

Govt will revamp the senior management of the crisis-ridden United Bank of India.

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 The RBI is understood to have suggested the board of the bank be superseded.

Get live Share Market updates, Stock Market Quotes, and the latest India News and business news on Financial Express. Download the Financial Express App for the latest finance news.

First published on: 27-02-2014 at 03:14 IST
Market Data
Market Data
Today’s Most Popular Stories ×