UWB on track as IDBI takes over

Satara, Oct 3 (UNI) Long queues and confidence marked the opening of the United Western Bank (UWB) today after it was taken over by IDBI Bank recently.

Around 230 (UWB) branches began functioning under the IDBI bank and its banner, taking the bank to the number sixth position with 430 branches countrywide.

The Reserve Bank of India (RBI) had recently issued a moratorium restraining the bank from doing business due to mounting NPA's and losses, paving the way for the take over.

Speaking on the occasion, IDBI Chairman V P Shetty told reporters that the bank will focus on priority sectors like corporate finance, self-employment and agriculture. The Chairman also informed that all shares of the UWB will not be merged with the IDBI, whoever desires IDBI shares, will have to do so from the open market. The employees who desire retirement will be relieved within a month, ''this does not come under the voluntary retirement scheme, he clarified. We are opening branches in Bahrain and Singapore shortly,'' he added.

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