United Bank of India steps up turnaround efforts in face of new PCA curbs

United Bank of India has trimmed its workforce by 700-800 in the past one and half years as a part of turnaround plan

Under increasing pressure from Reserve Bank of India to improve its financials, United Bank of India has stepped up efforts towards turnaround by March 2018.The central bank recently imposed additional restrictions on United Bank of India under the Prompt Corrective Action (PCA) framework.
 
Now, as a part of the intensified turnaround effort, the bank is looking to close 8 to 10 branches and about 20-25 ATMs. It is considering selling Rs 1,500 crore worth loan to ARCs this quarter. Also, according to P Bajaj, chairman of United Bank of India, if NPA cases under National Company Law Tribunal (NCLT)