United Western Bank Board Meeting decides to propose scheme of reconstruction of bank to RBI

United Western Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on September 04, 2006 has considered the Order of Moratorium u/s 45 of Banking Regulation Act, 1949.

The Board deliberated on various issues including the revival of the Bank and it was unanimously decided to prepare and forward the Scheme of Reconstruction of the Bank to RBI with a commitment to bring in funds immediately to meet all liabilities and achieve adequate CRAR and the Net Worth requirements.

In view of the above the Bank has filed Expression of Interest to RBI for submission of Scheme of Reconstruction up to September 08, 2006.

Source : Equity Bulls

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