UBI to open 240 branches by next fiscal

In order to improve credit-deposit ratio, public sector lender United Bank of India (UBI) on Monday said it was focusing on opening around 240 branches by the next financial year for a more pan-India presence as around 60 per cent of its branches were in eastern India.

The lender was looking at expanding its footprint in central and western parts of India.

"We have a plan to open 51 branches by March, 2017, of which 10-12 branches have already been opened. We plan to set up additional 200 branches in the next financial year," said bank's MD and CEO Pawan Bajaj.

"We have a plan for more pan-India presence to improve our CD ratio," he said at a programme organised by Merchants' Chamber of Commerce and Industry.

Bank's branch network stood at 2011 as on March 31, 2016.

Bajaj said the bank saw huge deposit growth after demonetisation but its loan growth would be muted for this fiscal due to low credit offtake.

"We are not finding the way to lend. So, we cannot expect to clock a business growth of 18-20 per cent this fiscal from October, 2016 lending figures are flat."

--IANS

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