Union Bank of india recasts retail loans of ₹6,557 cr

Union Bank of India

Mumbai: State-owned Union Bank of India has restructured retail loans of ₹6,557 crore or 5.2% of its retail loan book so far under the two tranches of Reserve Bank of India’s (RBI) covid-19 relief window, its chief executive Rajkiran Rai G said on Thursday.

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While the first tranche of such one-time recasts has already ended, the second leg of the scheme is active till 30 September. The bank’s Union Bank of India retail loan book stood at ₹1.25 trillion as on 30 June.

“Under resolution framework 1.0 we have restructured ₹11,965 crore. Of that ₹3,702 crore were from personal loans, ₹2,427 crore was from micro, small and medium enterprises (MSMEs) and ₹5,836 crore were from large corporates,” Rai told reporters.

Rai added that under resolution 2.0, the bank’s total recasts were at ₹3,962 crore till 30 June. This time, personal loans were at ₹2,855 crore and ₹954 crore were from MSMEs, while the rest was from agriculture as large corporates are ineligible this time round.

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