United Bank of India (UBI) has cleared its entire obligation towards voluntary retirement scheme benefits to 2,067 employees by encashing the five-year bonds issued in lieu of cash payment.
The bank, which had incurred an outgo of Rs 94 crore, encashed the bonds in the last financial year itself, UBI chairman and managing director Madhukar said.
The bonds offered an interest of 10 per cent a year.
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