Ubi To Stress More On Credit Offtake

United Bank of India (UBI) has laid less stress on investments with the signs of increase in credit offtake lately. Investments of the bank are largely in government securities as fund parking in other portfolios has not yielded desired returns.

Credit offtake in the past financial year, in the midst of industrial recession, was relatively low at around Rs 3,500 crore.

This may go up by about Rs 1,000 crore to Rs 4,500 crore at the end of this financial year.

According to G R Sundaravadivel, executive director of the bank, the credit offtake has already reached about Rs 4,200 crore.

To meet the growing demand from corporate sector, UnitedBank of India has initiated a number of steps.

Corporate bodies with at least 60 per cent holding by non-resident Indians would be given the opportunity to open selected type of non-resident account in the UBI Park Street branch.

Biswajit Choudhuri, chairman-cum-managing director of the bank, opened an exclusive cell for the non-resident Indians and high networth customers in the Park Street branch yesterday.