New Delhi, Mar 30 : The Union Cabinet today approved the restructuring of the state-owned United Bank of India's capital, which includes reduction in paid-up equity by over 80 per cent to improve its financial parameters.
Besides, the government will infuse a sum of Rs 800 crore into the bank to enable it to provide more capital to productive sectors.
Talking to reporters here, Home Minister P Chidambaram said, "The paid-up equity capital of the bank will be reduced to Rs 266.43 crore."