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United Western Bank submits reconstruction scheme

The board of the United Western Bank Ltd, placed under a moratorium, said on Tuesday it has forwarded a reconstruction scheme to the Reserve Bank of India.

DNA Web Team

Updated : Sep 14, 2017, 03:46 PM IST

MUMBAI: The board of the United Western Bank Ltd, placed under a moratorium, said on Tuesday it has forwarded a reconstruction scheme to the Reserve Bank of India.

As part of the scheme, United Western has committed to bring in funds immediately to meet liabilities, achieve adequate capital to risk weighted assets ratio and net worth requirements, it said.

The Indian government on Saturday placed the bank under a moratorium citing poor financials and the need to protect depositors.

A clutch of banks including India's second-largest lender ICICI Bank and state-run lenders like Canara Bank, Allahabad Bank and Andhra Bank, are bidding for the bank.

Shares in United Western fell 28.38 percent to Rs 16.15 in the market on Monday.

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