Looking to raise Rs 2,000 crore via QIP issue: Union Bank of India

In an interview to CNBC-TV18, Rajkiran Rai G, MD & CEO of Union Bank of India shared his views on the mega Rs 2.11 lakh crore bank recapitalisation plan that cabinet has cleared.

Capital requirement for FY18 was projected around Rs 3,500 crore and Rs 4,000 crore for FY19, he said.

Credit growth for September was at 12 percent; bank growing better than the industry. If adequate capital is available, we can grow around 15 percent, he added.

Will take a call on fund raising after announcing Q2 results in November. We are looking to raise Rs 2,000 crore via qualified institutional placement (QIP) issue, said Rai.