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United Bank of India has decided to stop fresh lending to infrastructure, steel and iron, airlines and real estate and textile sectors.
According to Archana Bhargava, Chairperson and Managing Director of the PSU bank, non-performing assets in these sectors have been going up and the recovery has also been poor.
”We have stopped lending to infrastructure, steel and iron, airlines and real estate sectors,” Bhargava said at the 4th annual general meeting of the bank.
She, however, clarified that the bank would continue to lend to public sector companies in these sectors.
According to a senior official of the bank, some of the existing long-term loan accounts in these sectors are being restructured. The bank's fund-based exposure to infrastructure power and iron and steel stood at 13 per cent and 6.91 per cent of the total respectively.
UBI's net NPA stood at Rs 1,970 crore as on March 31, 2013.
ayan.pramanik@thehindu.co.in
Source: thehindubusinessline
According to Archana Bhargava, Chairperson and Managing Director of the PSU bank, non-performing assets in these sectors have been going up and the recovery has also been poor.
”We have stopped lending to infrastructure, steel and iron, airlines and real estate sectors,” Bhargava said at the 4th annual general meeting of the bank.
She, however, clarified that the bank would continue to lend to public sector companies in these sectors.
According to a senior official of the bank, some of the existing long-term loan accounts in these sectors are being restructured. The bank's fund-based exposure to infrastructure power and iron and steel stood at 13 per cent and 6.91 per cent of the total respectively.
UBI's net NPA stood at Rs 1,970 crore as on March 31, 2013.
ayan.pramanik@thehindu.co.in
Source: thehindubusinessline
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