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SICOM to infuse funds in UWB
Special Correspondent
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Proposal for reconstruction to be submitted to RBI today
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MUMBAI:
The board of directors of Satara-based United Western Bank, at an emergency meeting held here on Wednesday, unanimously approved a proposal of SICOM (State Industrial Corporation of Maharashtra) to infuse Rs. 350 crore into the bank for its reconstruction.
The proposal will be submitted to the Reserve Bank of India before 10.00 a.m. on Thursday, sources close to the development said. "UWB will comply with all stipulations and expectations of the RBI while submitting its proposal,'' the sources added. The board meeting took place at the SICOM office here.
Earlier, R. M. Prem Kumar, Chairman of SICOM, indicated to mediapersons that a leading financial institution would support the reconstruction effort for UWB but he refused to name the institution. SICOM holds around ten per cent in the capital of Unitied Western Bank, which was placed under a moratorium by the RBI and the Union Government on September 2.
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