UBI raises interest rates on Term Deposits

Kolkata, Jun 16 (UNI) United Bank of India (UBI) has increased interest rates on term deposits following Reserve Bank of India's announcement for hike of 25 basis points.

'' The interest rates on term deposits are being hike by 25 to 27 basis points, '' UBI Chairman P K Gupta told reporters today on the sidelines of the Banking Conclave, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Earlier, speaking at the conclave, Mr Gupta said the Bank had initiated some 'aggressive' measures to enhance its 'pan-India' presence.

'' We have drawn up a three-year plan to open 150 new branches, the majority of which would be in northern and central India, '' he said.

During 2007-08, the Bank opened 76 branches of which 23 were in central region, 17 in northern region, eight in southern region and five in western region.

Mr Gupta said during 2007-08, UBI's net profit stood at Rs 318.95 crore registering a 19.5 per cent growth over the previous fiscal's figure.

'' During the fiscal under review, UBI's net non-performing asset declined to 1.10 per cent from 2.43 per cent, '' he said.

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