Union Bank seeks Rs 1,800 cr fund

Union Bank seeks Rs 1,800 cr fund

“We have asked about Rs 1,800 crore capital from the government,” said Union Bank of India Executive Director S Raman in an interaction with media persons here. 

When quizzed for details, he said it still remains to be worked out whether to get this in equity or any other form. Responding to another query, he said the bank is expecting Securities and Exchange Board of India nod for its proposed Asset Management Company (AMC) in the next few days. 

The bank expects to start operations of the Asset Management Company in a couple of months, after the approval is received, said the Executive Director. On the credit-demand front, he pointed out that with industrial activities picking up, the bank has seen a sizeable pick-up in credit in the last one month and the situation is expected to improve further in the months ahead.       

The bank is not foreseeing any significant increase in its non-performing assets (NPA) in the remaining part of the current fiscal year, added Raman.

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