The new Managing Director and Chief Executive Officer of United Bank of India, P. Srinivas, has asked the bank employees, especially the field functionaries, to be cautious against further slippages.
The bank had gone headless for a year since the resignation of the previous incumbent.
In his maiden address to employees posted at the bank head office here, he stressed on the urgent need to increase the credit portfolio of the bank in retail, MSME and priority sectors.
He complimented the executive directors and the employees of the bank for the resilience shown by the team in turning around the bank and making it profitable once again, calling upon the rank and file of the bank to focus on CASA growth.
Mr. Srinivas appointment, for a three-year tenure, was announced on December 31 alongside three other banks. They were the first batch of MDs to be appointed in line with the government’s policy of de-linking the post of Chairman and Managing Director as well as CEO.
It may be mentioned here that UBI’s former CMD Archana Bhargava resigned on February 22, midway through her tenure amid the unravelling of record NPAs, which plunged the bank into losses. The state of affairs came to light following a Reserve Bank of India audit and a Deloittee forensic audit in end-2013.
UBI, which was in the black till the first quarter of 2012-13, reported Rs.489.50 crore loss in the second quarter, which ballooned to Rs.1238.10 crore by the third quarter. The government subsequently appointed two EDs — Sanjay Arya and Deepak Narang — to steer the bank out of the mess. The bank has now returned to the black. Mr. Srinivas said that employees should focus on the bank's strength in the east and northeastern States.
