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Union Bank of India can manage impact from RBI project finance draft if implemented: A Manimekhalai

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Union Bank of India can manage impact from RBI project finance draft if implemented: A Manimekhalai

Union Bank of India's managing director and CEO, A Manimekhalai, stated that the bank will be able to manage the impact of the Reserve Bank of India's (RBI) proposed tighter regulations on project financing. The draft norms require lenders to set aside provisions of 5% of the loan amount during the construction phase, and reduce it to 2.5% once the project is operational, and further to 1% when there are adequate cash flows. The RBI also called for stricter monitoring of emerging stress and classification of loans after three years of project delays. UBI reported a 19% year-on-year growth in net profit in Q4 2023-24, with improved asset quality and increased interest income.

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