United Bank of India Chairman Quits Amid Probe of Bad Loans
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United Bank of India Ltd. Chairman Archana Bhargava resigned amid a probe by the central bank and the government into bad loans at the lender.
India’s government, which is the biggest shareholder in the bank, has accepted Bhargava’s request for a voluntary retirement and will appoint a replacement soon, Rajiv Takru, the banking secretary at the Finance Ministry, said by telephone from New Delhi today. The government and the Reserve Bank of India are reviewing reasons for a surge in bad loans at the Kolkata-based lender, Takru said on Feb. 12.