Govt to name expert directors to help steady United Bank of India ship
Written by Arun S
| Updated: Feb 27 2014, 23:54pm hrs
The government will revamp the senior management of the crisis-ridden United Bank of India... (AP)
The government will revamp the senior management of the crisis-ridden United Bank of India (UBI) by appointing experts who are willing to take up the challenge and try effecting a turnaround to its board, reports Arun S in New Delhi. This follows the RBIs audit report which found serious governance failures at UBI and noted that the management and board did not perform and deliver results as expected. A forensic audit report by Deloitte India had found fault with the banks early warning system to detect risks as well as inefficiency of its staff which resulted in a rise in NPAs there was a surprisingly sharp jump in NPAs, across segments, including retail, in the July-September period. The Deloitte report, it is learnt, had found the bank deliberately under-reported its NPAs in the past. The RBI is understood to have suggested the board of the bank be superseded.