Home loan lender Union Bank seeks help of Rs 1500 crore from Government

Home loan lender, Union Bank of India has said that it is anticipating a capital infusion valued at Rs 1500 crore from the government as an assistance to hike its business.

S C Kalia, Union Bank of India Executive Director said, “We have requested government for financial support of Rs 1,500 crore and are awaiting response”.

In June, the government had said that capital amounting to Rs 6,211 crore would be given to 5 public sector banks. From these 5 banks, Union Bank was allotted Rs 111 crore.

The bank would also be increasing interest rates on deposits from October.

M V Nair, Union Bank of India Chairman and MD said, “This (lending and deposit rates) we have to see when the Base Rate would be revisited in the month of October”.