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BSE: 533171 | NSE: UNITEDBNK | ISIN: INE695A01019
Market Cap: [Rs.Cr.] 2,317.06 | Face Value: [Rs.] 10
Industry: Banks - Public Sector
The Board of Directors have pleasure in presenting the 64th Annual Report of the Bankalong with the Audited Balance Sheet, Profit and Loss Account and the report on Businessand Operations for the year ended March 31, 2014 (FY 2013-14).
MANAGEMENT DISCUSSION AND ANALYSIS
I. ECONOMIC ENVIRONMENT
Global Economy:The Global economy has broadly strengthened and is expected toimprove further in 201415, with much of the impetus coming from advanced economies.Inflation in these economies, however, has underperformed projections, reflectingstill-large output gaps and recent commodity price declines. Activity in many emergingmarket economies has disappointed in a less favorable external financial environment,although they continue to contribute more than two-thirds of global growth.
India's economic growth rate for the FY 2013-14 is estimated at 4.9 per cent whichshows better performance than the previous year, mainly due to improved performance in theagriculture and allied sectors.
Gross Domestic Product:
The Central Statistics Office (CSO), Ministry of Statistics and ProgrammeImplementation had estimated the growth of GDP at 4.9 per cent for 2013-14 as compared tothe growth rate of 4.5 per cent in 2012-13.
The highlights of the performance of GDP in the third quarter Q3 (October-December) of2013-14 released by Ministry have been summarized below:
The GDP for Q3 of 2013-14 was estimated at Rs.14.78 lakh crore, as against Rs.14.12lakh crore in Q3 of 2012-13, showing a growth rate of 4.7 per cent over the correspondingquarter of last year.
The economic activities which registered significant growth in Q3 of 2013-14 over Q3 of2012-13 were, 'finance, insurance, real estate and business services' at 12.5 per cent,'community, social & personal services' at 7.0 per cent, 'electricity, gas & watersupply' at 5.0 per cent, 'trade, hotels, transport and communication' at 4.3 per cent and'agriculture, forestry & fishing' at 3.6 per cent.
Sectoral growth of Credit:
As per the sectoral deployment of credit data released by the RBI, incremental non-foodcredit witnessed significant growth in 2013-14. The rise in incremental non-food credit in2013-14 was particularly significant during August and September 2013. Liquiditytightening measures of RBI in July 2013 made the market borrowing via commercial paper(CPs) and other debt instruments expensive. Thus, corporates avoided raising money viadebt instruments and moved towards bank financing for their working capital needs. Bankcreditrose sharply by 20.1 per cent compared to preceding year and reached Rs.6.96trillion. This was the first instance such a rise was noticed in the incremental non-foodcredit in last three years.
Owing to the healthy rise in incremental non-food credit, growth in outstandingnon-food credit recorded a growth of 14.3 per cent in 2013-14 from 13.5 per cent in thepreceding year. However, it remained lower than the levels that were seen during the2008-12 period. Non-food credit had risen by 18.1 per cent per annum between 2008-09 and2011-12.
On a year-on-year (y-o-y) basis, non-food bank credit increased by 14.3 per cent inMarch 2014 as compared with the increase of 13.5 per cent in March 2013.
* Credit to agriculture and allied activities increased by 13.5 per cent in the yearending March 2014 as compared with the increase of 7.9 per cent in March 2013.
* Credit to industry increased by 13.1 per cent during the year 2013-14 as compared to15.1 per cent during 2012-13. Deceleration in credit growth was observed in respect ofmining and quarrying, textiles, wood and wood products, petroleum and coal product,chemical and chemical products, glass and glassware, cement and cement products, basicmetals, engineering, gems and jewellery and infrastructure.
* Credit to the services sector increased by 16.1 per cent in March 2014 as compared tothe increase of 12.6 per cent recorded in March 2013.
* Credit to Non Banking Financial Companies (NBFCs) increased by 13.2 per cent in March2014 as compared with the increase of 11.6 per cent in March 2013.
* Personal loans increased by 15.5 per cent in March 2014 as compared to theincrease of 14.7 per cent in March 2013.
Reversing its downward trend, the annual rate of inflation as measured by the WholesalePrice Index (WPI) rose by 5.7% in the month of March 2014. Mirroring the trend in WPI, CPIfor the month of March '14 rose by 8.31% compared with 8.1% in February '14.
Primary articles basket witnessed a marginal increase in inflation from 7.4% inMarch '13 to 7.7% in March '14. Inflation in food articles rose to 9.9% in March '14compared with 8.6% inflation in March '13. However, the rise in food inflation was offsetto a substantial extent by the fall in inflation in the non food articles from 9.3%in March '13 to 4.6% in March '14.
Fuel and power inflation which had been on the higher end over the last six monthsrose to 11.2% in March '14 compared to 7.8% in the corresponding month of the previousyear. This was the highest inflation rate for the industry in the last six months.
Inflation in manufactured products had dropped to 3.2% in March '14 from 4.3% inMarch '13. This was reflective of the fact that the manufacturing sector has had a slackrun in FY14.
Average Inflation FY 2013-14: Inspite of the high WPI inflation which persisted forthe larger part of FY14, the average WPI inflation for FY14 stood much lower at 5.92% asopposed to the 7.36% of inflation in FY13. Average inflation in primary articles remainedunchanged at 9.9% in FY14 vis--vis 9.8% in FY13. Inflation in food articles escalated to12.8% in FY14 compared with 9.9% in FY13 and inflation in non food articles hasdecelerated to 5.6% from 10.6% it averaged in FY13. Fuel and power inflation on averagehad fallen only marginally to 10.1% from 10.4%. Average inflation in manufactured productsreduced sharply from 5.4% in FY13 to 2.9% in FY14. This further reiterated the apparentslowdown of the manufacturing sector in the country.
A large trade deficit made the Indian economy vulnerable to external sector shocks inthe first half of the FY 2013-14 and saw the Indian currency touching a record low ofalmost 69 per dollar in August. However, a pickup in exports and curbs on gold importshelped India to rein in its current account deficit in the last two quarters of 2013-14.
The trade deficit reached a five-month low in March, totaling USD 10.5 billion, whichwas just below the USD 10.4 billion shortfall recorded in the same month last year. In the12 months up to March, the trade deficit totaled USD 138.5 billion, which marked animprovement over the USD 189.5 billion shortfall seen in the same period of lastyear.March's result reflected a contraction in both imports and exports. Overseas salescontracted 3.2% over the same month last year, which was up from the 3.7% contractionrecorded in February. Imports decreased 2.1% in March (February: -17.1% year-on-year).This marked the softest pace in seven months following six months of double-digitcontractions, which were driven by the strong government-imposed curb on gold imports.
The 12-month sum of exports up to March totaled USD 312.4 billion. Accordingly, India'soverseas sales came in 3.9% short of its export target of USD 325 billion for FY2013-2014.
Government managed to bring the current account deficit (CAD) in 2013-14 down to $32billion, or 1.7 per cent of gross domestic product (GDP), compared with the $45 billionestimated in the interim Budget in February and $35 billion projected towards the end ofMarch.
Economic Environment in West Bengal
West Bengal is the 4th largest State in India in terms of population with over 91million people. Percentage growth in population for the period 2001-2011 was 13.9%. Itholds a large and rich human capital. The area of the State is 88,752 sq. km. and thedensity of population is 1029 per sq. km, which is 2nd in the country.
Against the national GDP growth of 4.9% in 2013-14, Bengal's GSDP growth is estimatedto be 7.7% contributed by a growth of 5.28% in agriculture, 9.58% growth in Industry and7.8% growth in Services.
* West Bengal holds the 5th position in Social Sector Expenditure in India.
* The city of Kolkata has the 3rd highest GDP, based on Purchasing Power Parityamongst all Indian cities.
In respect of Institutional Finance, the State of West Bengal has a robust, dynamic andresilient banking infrastructure. In recent times, the State has shown significantincrease in both deposits and credit.
State's Robust Banking Infrastructure
The State of West Bengal enjoysthe presence of 26 Public Sector Banks, 18PrivateBanks, 3 Regional Rural Banks, 18 Co-operative banks and 8 Foreign Banks operatingacross the State.
The Credit-Deposit Ratio (CDR) of the State is around 64%, creating hugepotential for credit availability for industrial activities.
United Bank of India, owing its origin to the State, continuesto hold a key position inthe economic growth of the State. The Bank has been playing a leading role in extendingfinancial services to large number of people through a network of 789 branches,spread across the State of West Bengal.
In March 2013-14, the total business of the Bank in the State stood at Rs.93178 crore,comprising of total deposit at Rs.68112 crore and advance at Rs.25066 crore whichaccounted for 51.91% of Bank's total business in the country.
II. MONETARY AND BANKING DEVELOPMENTS
The Annual Monetary Policy for 2013-14 was formulated by Reserve Bank of India in anenvironment of incipient signs of stabilization in the global economy and prospects of aturnaround, albeit modest, in the domestic economy. The monetary policy stance for 2013-14was intended to:
* continue to address the accentuated risks to growth;
* guard against the risks of inflation pressures re-emerging and adversely impactinginflation expectations, even as corrections in administered prices release suppressedinflation; and
* appropriately manage liquidity to ensure adequate credit flow to the productivesectors of the economy.
The year 2013-14 saw the following key policy measures announced by the RBI
A. Changes in CRR, SLR and Repo Rate during the year:
|Review Date||CRR||SLR||Repo||Reverse Repo||MSF||Bank Rate|
B. Apart from the above monetary policy announcements, the
RBI also announced the following development and regulatory policies;
1. Basel III Regulation on Countercyclical Capital Buffer:
A s part of the Basel-III capital framework, an internal WorkingGroup (Chairman: Shri B. Mahapatra) was constituted to operationalise the countercyclicalcapital buffer framework in India and the draft report was placed on the Reserve Bank'swebsite on December 02, 2013 for inviting comments/ suggestions from various stakeholders.
2. Framework for Dealing with Domestic Systemically Important Banks
The Basel Committee on Banking Supervision (BCBS) provided a framework for dealing withdomestic systemically important banks (D-SIBs) in October 2012. The D-SIBs framework isprinciple-based and provides broad guidance to national authorities on assessment of thesystemic importance of banks and additional capital requirements of D-SIBs. RBI placed adraft of the proposed framework for D-SIBs on the Reserve Bank's website on Dec 02, 2013for inviting comments/suggestions from various stakeholders.
3. Guidelines on Stress Testing
The Reserve Bank issued guidelines on stress testing on 02 December 2013. Theseguidelines required banks to have a sound stress testing policy which will determineliquidity risk, interest rate risk, credit risk and foreign exchange risk under stressedscenarios.
4. Un hedged Foreign Currency Exposures of Corporates
The Reserve Bank of India introduced incremental provisioning and capital requirementsfor banks' exposures to entities with un hedged foreign currency exposures from April 1,2014.
Un hedged foreign currency exposures (UFCEs) of corporates are an area of concern asthe corporates which do not hedge their foreign currency exposures can incur significantlosses due to exchange rate movements. These losses may reduce their capacity to servicethe loans taken from the banking system and, thereby, affect the health of the bankingsystem.
5. Periodicity of Payment of Interest on Rupee Savings/ Term Deposits
As per extant instructions, banks are required to pay interest on savings deposits andterm deposits at quarterly or longer intervals. As all commercial banks are now on corebanking platforms, RBI decided to give banks the option to pay interest on savingsdeposits and term deposits at intervals shorter than quarterly intervals.
6. Licensing of New Banks in the Private Sector
The Reserve Bank of India (RBI) released the final guidelines for issuing new banklicences on 22nd February 2013, paving the way for corporate houses to enter the bankingsector. The RBI assessed the quantitative and qualitative aspects of the 27 applicantswhich included analysis of the financial statements of the key entities in the group,10-year track record of running their businesses, proposed business model for the bank aswell as the applicants' demonstrated capabilities for running a bank, amongothers.Thereafter, the applications were referred to the High-Level Advisory Committee(HLAC) headed by former RBI Governor Bimal Jalan., which submitted its recommendations tothe RBI on February 25, 2014.The RBI issued bank licences on 2nd April 2014 after a gap ofa decade to IDFC and Bandhan Financial Services Pvt Ltd. It had last awarded licences toKotak Mahindra Bank and Yes Bank in 2003-04.
7. Mode of Presence of Foreign Banks in India - Scheme of Subsidiarisation
From a financial stability perspective, RBI is in the process of finalizing a scheme ofsubsidiarisation of foreign banks in India, guided by the two cardinal principles ofreciprocity and single mode of presence. The Wholly Owned Subsidiaries (WOSs) would begiven near-national treatment, including in the opening of branches.While it will not bemandatory for existing foreign banks (i.e., banks set up before August 2010) to convertinto WOSs, they will be incentivised to convert into WOSs by the attractiveness of thenear-national treatment afforded to WOSs. The initial minimum paid-up voting equitycapital or net worth for a WOS shall be Rs.5 billion.
OUTLOOK FOR 2014-15
The global economy in 2014 appears to be in a better shape than what it was in 2012 and2013. The IMF forecasts global growth to pick up to 3.6% in 2014 from approximately 2.9%in 2013.
US economy is on a strong recovery path being helped by the reviving job market,increase in manufacturing activity and better conditions for export.
The Eurozone climbed out of recession in the second half of 2013. The EuropeanCommission estimates that the negative impact of fiscal austerity on growth will come downfrom 0.75% in 2013 to 0.2% of Eurozone GDP in 2014. However, weak private sector growthand high unemployment continue to limit recovery and growth is projected to be around 1percent in 2014.
Overall, growth in emerging market and developing economies is expected toincrease to 5.1 percent in 2014. Portfolio shifts and some capital outflows are likelywith Fed tapering. Increased financial market and capital flow volatility and exchangerate adjustments remain a concern.
Resurgence of exports, prospects of revival in the global economy, unclogging ofdomestic policy logjam and moderation in inflation observed recently, point to a betteroutlook for the Indian economy in 2014-15 vis--vis 2013-14. In the World EconomicOutlook update released by the IMF in January 2014, growth projection for India for theyear 2014 has been kept at 5.4% over the estimated growth of 4.9% during the year 2013-14.RBI expects the real GDP of the country to grow in a range of 5 to 6 per cent in 2014-15with downside risks to the central estimate of 5.5 per cent.
The Reserve Bank's policy stance is firmly focused on keeping the economy on adisinflationary glide path that is intended to hit 8 per cent CPI inflation by January2015. However, there are downside risks stemming from a less-than-normal monsoon due topossible el nino effects; uncertainty on the setting of minimum support prices foragricultural commodities and the setting of other administered prices, especially of fuel,fertiliser and electricity; the outlook for fiscal policy; geo-political developments andtheir impact on international commodity prices.
In 2013-14, CAD is estimated to have fallen to $45 billion (2.5% of GDP) from $88billion (4.8% of GDP) inthe previous year. The improvement in CAD is a result of; (i) thecurbs on gold imports, ii) a sharp slowdown in domestic demand pulling down consumptionand investment goods' imports, and (iii) a weak rupee and (iv) recovery in US benefitingexports.Despite the sharp reduction in CAD this year, the nature of improvement isunsustainable and the Current Account gap is expected to widen to about 3.0% of GDP duringthe year 2014-15.
Bank's performance during the year was in line with the slackened business growthand increase in stressed assets at the industry level. The main performance indicators ofgrowth, profitability, efficiency, productivity, and solvency are as under:
The Bank has registered an Operating Profit of 2061.74 crore during the financial year2013-14 compared to Rs. 2049.91crore in the financial year 2012-13, registering a growthof Rs.11.83 crore (0.58%). However, due to higher provisioning requirement for rise in NPAand staff pension and gratuity requirement, Bank suffered a Net Loss of Rs (-)1213.45crore in FY 2013-14 compared to a net profit of Rs. 391.90 crore earned last year.
Gross Profit per Employee worked out to Rs.12.50 lakh for the year.
|Key Financial Ratios (%)||March 2013||March 2014|
|Cost of Funds||7.24||7.23|
|Yield on Funds||9.73||9.44|
|Cost of Deposits||7.08||7.14|
|Yield on Advances||11.31||10.83|
|Yield on Investments||7.91||8.00|
|Spread as a % of AWF||2.39||2.10|
|Net Interest Margin (NIM)||2.67||2.28|
|Operating Expenses to AWF||1.45||1.40|
|Return on Avg. Assets (RoAA)||0.38||-0.99|
|Return on Equity||7.20||-35.56|
|Business per Employee (Rs. In Crore)||10.83||10.67|
|Net Profit per Employee (Rs. In Lakh)||2.53||-7.35|
AWF Average Working Fund
Income and Expenditure Analysis
Interest income of the Bank during 2013-14 increased by Rs.1347.79crore (14.57%) fromRs. 9251.50 crore in the year 2012-13 to Rs. 10599.29crore. Non-interest income increasedby Rs.140.3crore (13.15%) from Rs.1066.57crore in the financial year 2012-13 toRs.1206.87crore in the financial year 2013-14. The Cost of Deposits increased to 7.14% dueto uptrend in interest rates during the year. The Yield on Advances declined to 10.83% asat March 2014 compared to 11.31% as at March 2013.
Interest Expenditure increased to Rs. 8036.47 crore with a lower Y-o-Y increase of18.8% compared to 23.4% registered during last year. The Bank contained its increase inoperating expenses at 13.57% amounting to Rs.1707.95 crore. The Net interest incomerecorded a growth of Rs.75.6 crore (3.04%) during the year and the Net Interest Margin(NIM) worked out at 2.28%.
Capital & Reserves
Net Worth of the Bank was assessed at Rs.4188 crore as on March 31, 2014. Total paid-upcapital of the Bank was Rs.1355 crore while the reserves and surplus stood at Rs.3928crore. The Government shareholding in the Bank accounted for at 88% at March 2014.
(Rs. in crores)
|Composition of Capital||March 2013||March 2014|
|Basel-II Norms||Basel-II Norms||Basel-III Norms|
|Risk Weighted Assets||62429||60060||61007|
|Tier 1 Capital||5242||4359||3987|
|Of which CET1 Capital||NA||NA||3987|
|Tier 1 Ratio (%)||8.40||7.26||6.54|
|Of which CET1 ratio (%)||NA||NA||6.54|
|Tier 2 Ratio (%)||2037||2523||1994|
|Tier 2 Capital||3.26||4.20||3.27|
Capital Adequacy Ratio under Basel-III norms was assessed at 9.81% with Tier-1 Ratioreaching 6.54% as at March 2014. Capital Adequacy Ratio under Basel-II norms was assessedat 11.46% with Tier-1 Ratio at 8.40% in the same period. The Bank has adequate headroomavailable under both Tier-1 and Tier-2 options to raise capital to support business growthmomentum.
During the year 2013-14, Total Deposits of the Bank increased from Rs. 100651 crore ason 31st March, 2013 to Rs. 111510 crore, registering a growth of 10.79 per cent.Bank'sSavings deposits grew by 9.16 per cent and Bank's share of CASA deposits to total depositsstood at 36.98 per cent as on March 31, 2014. With a view to reduce the cost of deposits,the Bank shed a substantial amount of bulk deposits including certificate of deposits.Thrust had also been given to maintain the share of CASA deposits to total deposits at40%.
The Bank's customer acquisition campaign resulted in growth of customer base of theBank from 2.72 crore as at March 2013 to 3.05 crore as at March 2014.
The total credit portfolio of the Bank went down by Rs.1726 crore (-2.48%) and reachedRs. 67982 crore as on March 31, 2014.
Credit deposit ratio stood at 60.96% as on March 31, 2014. Bank achieved the PRISECAdvance target of 40% of ANBC. Intensive marketing of retail credit products broughtconsiderable growth in Retail Advances. The muted growth in Advances is mainly due to therestrictions on disbursement of loans beyond Rs.10 crore to any single borrower or groupas advised by RBI in November 2013 considering the deterioration in the asset quality andcapital adequacy position.
The Bank is taking all necessary steps to recoup its asset quality. The bank hasadequate capital buffer for provision purposes. Moreover, bank is taking necessary stepsto improve and strengthen its capital adequacy position and will be approaching RBI forrelaxation in credit dispensation.
Bank's non-food credit declined from Rs.68154 crore to Rs.66480 crore,while food credit came down from Rs.1554 crore as on March 31, 2013to Rs.1502 crore at theend of March, 2014.
During 2013-14, the total business of the Bank grew by 5.36% to reach Rs.179492 croreas against Rs.170359 crore during the previous financial year.
Productivity, as measured by business per employee, increased to Rs.10.83 crorecompared to Rs.9.87 crore a year ago.
SWOT analysis of the Bank
* Bank has a Pan India presence spread in 28 states and 5 union territories
* Maintaining healthy CASA Ratio of 37% - 40% year after year.
* Customer acquisition remains a top priority of the Bank and customer base crossed themilestone of 3 crore this financial year.
* Strong customer loyalty in the ethnic areas of East & North East India hasprovided the Bank with stability and has won appreciation and awards in Customer Serviceon national platform
* Growing fee based and other non-interest income provides better overhead efficiency.
* Bank's advance has posted a negative growth but non-performing assets have increased.Despite good recovery and upgradation, the Gross NPA to Total Advances ratio stillcontinues to remain high and affects earnings.
* Capital base needs to be strengthened further to support credit expansion andensure compliance to BASEL-III norms.
* Low credit off take due to industrial downturn in Eastern and North Eastern part ofthe country where bank is having strong presence
* Recent branch expansion in industrially active states will open new vistas forbusiness expansion
* Growth in demand for housing sector opens up scope for Retail Credit expansion
* Industrial climate is likely to improve with stable government in place.
* Bank is trying hard to retain borrower base, in view of restrictions on furtherfinancing.
* Bank is tackling the issue of retirement of experienced manpower by fresh recruitment
Retail Lending Operations
Retail Credit has been one of the thrust areas of the Bank for growth of credit duringthe FY 2013-14. Bank has laid special focus on sanctioning of Retail Loans like HousingLoan, Auto Loan and Mortgage Loan which were the major engines of growth under RetailCredit comprising of 65.07% of total Retail Credit Portfolio.
Performance during FY 2013-14:
Lending under Retail Credit witnessed a positive growth of Rs. 308.32 Crore from Rs.10048.50 Crore as on March 31 , 2013 to Rs. 10356.82 Crore as on March 31 , 2014,registering a Y-o-Y growth of 3.07 %. The growth during the period was primarily accountedfor by the following segments: Housing 24.89 %; Car 20.91 % and Mortgage 14.39 %.
* Housing Loan had shown an impressive positive growth during the FY 2013-14. Itregistered a growth of Rs. 873.28 Crore (24.89%) from Rs. 3508.22 Crore as on 31.03.2013to Rs. 4381.50 Crore as on 31.03.2014.
* Car Loan also registered a satisfactory growth of 20.91% during FY 2013-14. It surgedfrom Rs. 536.97 Crore as on 31.03.2013 to Rs. 649.24 Crore as on 31.03.2014.
* With repackaging of the scheme, the Mortgage Loan registered substantial growth toreach Rs. 1708.16 Crore as on 31.03.2014 compared to Rs.1493.29 Crore as on 31.03.2013recording a growth of 14.39 % during the period.
With a view to promote hassle free credit delivery with reduced turn around time, Bankhas set up 26 Retail hubs all over the country In these retail hubs, retail creditproposals are processed electronically. During FY 2013-14, these 26 Retail Hubsfunctioning in 21 Regions of the Bank sanctioned 9522 retail credit proposals amounting toRs.1087 crore.
During the Financial Year 2013-14 Bank has launched an innovative scheme for BusinessCorrespondents namely "United Sanyog Paribahan Scheme" to enable them to buy twowheelers to facilitate the cause of financial inclusion.
Besides most other loans like Housing Loan, Auto Loan, Consumer Loan, Education Loan,Mortgage Loan etc. were offered at very competitive rates of interest with variouscustomer friendly features to boost up consumer demand in line with the objectives ofGovt. of India. Housing Loan and special Education Loan for premier institutes wereoffered at Base Rate.
During the Financial Year, the Bank has extended interest subsidy scheme to eligibleEducation Loan borrowers and interest subvention schemes to eligible Housing Loan accountsas per the Govt. Guidelines.
The online application facility for Retail Loans like Housing and Education has been amajor success in FY 2013-14 with many applican
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Deepak Narang , Executive Director
Sanjay Arya , Executive Director
Bikramjit Shom , Company Secretary
Sanjib Pati , Director (Workmen Employee)
Company Head Office / Quarters:
11 Hemanta Basu Sarani,
Phone : West Bengal-91-033-22487472 / West Bengal-
Fax : West Bengal-91-033-22489391 / West Bengal-
E-mail : firstname.lastname@example.org
Web : http://www.unitedbankofindia.com
|Scheme Name||No. of Shares|
|SBI Emerging Businesses Fund (G)||59,96,531|
|SBI Tax Advantage Fund - Series I (G)||16,00,000|
|SBI PSU Fund (G)||5,00,800|
|HSBC Progressive Themes Fund (G)||3,36,000|
|SBI Tax Advantage Fund - Series II (G)||2,20,000|