United Western Bank submits reconstruction scheme to RBI

Mumbai, Sep 05 (UNI) The board of the United Western Bank Ltd (UWB), placed under a moratorium since Saturday last, today said it has submitted a reconstruction scheme to the Reserve Bank of India (RBI).

As part of the scheme, UWB has committed to bring in funds immediately to meet all liabilities, achieve adequate capital to risk weighted assets ratio and net worth requirements, the Bank said in a statement issued here.

It may be noted that the Union Government on Saturday placed the bank under a moratorium citing poor financials and the need to protect depositors.

A clutch of banks including India's second-largest lender ICICI Bank and State-run lenders like Canara Bank, Allahabad Bank and Andhra Bank besides Saraswat Co-operative Bank are bidding for UWB.

UNI SN GB AG1508