The Union Finance Ministry announced, on Tuesday, that it had made changes to the board of United Bank of India with regard to the nominee director of the Reserve Bank of India
It has now nominated Parvathy V Sundaram as an independent non-executive director on the UBI board. The 54-year old Chief General Manager of RBI replaces Surekha Marandi of RBI as the regulator’s representative on the UBI board .
The beleaguered bank sent shock waves last month after reporting a Rs. 1238 crore loss in the third quarter of 2013-14. Its problems are traced to its mounting bad loans to the agricultural sector and also some medium and large industries including Kingfisher.
The state of affairs was exposed following a forensic audit by the RBI.