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    HomeNewsBusinessCompaniesUnion Bank of India stops fresh loans to troubled sectors

    Union Bank of India stops fresh loans to troubled sectors

    According to S S Mundra, executive director of the bank, it has stopped lending to troubled sectors like power, aviation, and commercial real estate in the last 6-7 months. The bank has recently set up a pilot collection centre for recovery of loans in Bangalore.

    December 01, 2011 / 20:28 IST

    Moneycontrol Bureau

    Public sector lender Union Bank of India (UBI) is tightening its belt to check the rise of non-performing assets. According to S S Mundra, executive director of the bank, it has stopped lending to troubled sectors like power, aviation, and commercial real estate in the last 6-7 months. The bank has recently set up a pilot collection centre for recovery of loans in Bangalore. It has appointed two general mangers who are overseeing recovery process, categorised into parts: ticket sizes of below Rs 10 lakh and above Rs 10 lakh.

    first published: Dec 1, 2011 01:26 pm

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