RBI Puts United Bank of India Under PCA

The Reserve Bank of India has put Kolkata-based United Bank of India under the prompt corrective action (PCA) framework. The additional action points were in the view of high net non-performing assets, low leverage ratio and need to raise capital.

UBI was among the first state-owned lenders against which RBI implemented prompt corrective action, back in February 2014. The restrictions were lifted in 2015.

Since the framework was revised in April, nine banks have seen PCA initiated against them. These include Bank of India, Central Bank of India, IDBI Bank, UCO Bank, Dena Bank, Oriental Bank of Commerce, Indian Overseas Bank, Bank of Maharashtra and Corporation Bank.

Static/Current Takeaways Important for RBI Assistant Mains 2017 Exam-
  • MD and CEO of United Bank of India- Pawan Kumar Bajaj, Headquarters- Kolkata, West Bengal.
  • Including UBI Total 10 Banks have now come under PCA.
Source- DD News