United Bank of India's turnaround plan hinges upon BPSL resolution

In case the resolution of BPSL doesn't take place in this quarter, the bank would need to provide Rs 300 crore of additional provisioning

United Bank of India's (UBI's) target to return to profitability in this quarter hinges upon the resolution of Bhushan Power and Steel (BPSL).
 
According to Ashok Kumar Pradhan, managing director and chief executive officer (CEO), UBI, the bank expects to return to profitability this quarter. However, if the resolution of BPSL doesn't take place in the quarter, the bank would need to provide Rs 300 crore as additional provisioning, he said.
 
In August last year, the committee of creditors for BPSL had approved JSW Steel's Rs 19,700-crore resolution plan.
 
Earlier, the National Company Law Appellate Tribunal (NCLAT)