United Bank of India dips over 2% on bad debt menace

Shares of state-controlled lender United Bank of India fell over 2 per cent in early trade on Bombay Stock Exchange (BSE) after RBI report suggests serious lapses on the credit appraisal and automated NPA detection system of the bank.

According to ET report, RBI-appointed forensic audit firm Deloitte suggests that NPAs were not being detected for past two and half to three years.

Weighed down by development, shares of bank declined as much as 2.59 per cent to trade at Rs 24.40 a piece on the BSE. In a similar fashion, shares of lender slipped 1.00 per cent to Rs 24.80 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 20,220.36, up 27.01 points or 0.13 per cent at 10:10 hours.

Dion Global Solutions Ltd.

Story first published: Friday, February 14, 2014, 12:48 [IST]
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