Kolkata, June 29 (PTI) State-owned United Bank of India (UBI) has decided to raise Rs 1,000 crore as capital to support the bank’s growth projections. Also Read - Rohit Chadda, The Turnaround CEO Carved Out Another Success Story in 2020

“We got approval of the shareholders to raise Rs 1,000 crore as capital in the current fiscal,” MD and CEO of UBI P Bajaj said. Also Read - Elon Musk May Lose Job as Tesla CEO Over Controversial Tweet

He said the bank is looking at a business if Rs 2.20 lakh crore in the current fiscal. Also Read - IndiGo Spat Becomes Public, Day on, CEO Ronjoy Dutta Pens Letter to Staff

UBI has also targeted to reduce the gross NPA to acceptable levels for which it was laying stress on recovery and upgradations, Bajaj said.

The bank will move away from large corporate advances to reduce risks, he said.

UBI has appointed KPMG for GST preparedness, Bajaj added. PTI dc

This is published unedited from the PTI feed.