Sunday, March 16, 2014

United Bank of India faces auditing, corporate governance probes

The crisis-hit United Bank of India (UBI), which has run into losses amid suspiciously high bad loans, now faces fresh probes for possible lapses related to auditing and corporate governance norms. Raising alarm, the lender’s gross Non Performing Assets (NPAs) touched Rs 8,546 crore during the same period. The amount of NPAs surged from just Rs 2,964 crore at the end of March last year. Besides, there are apprehensions about the books of UBI amid fears that rising bad loans might have not been properly reported for quite sometime.

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