United Bank Targets UB Holdings over Kingfisher default

Mumbai: State-owned United Bank of India (UBI) has identified liquor baron Vijay Mallya's United Breweries Holdings Ltd as a 'wilful defaulter' over non-payment of loans by his group's grounded carrier Kingfisher Airlines. India has been alarmed by the rise in bad loans, particularly at the state lenders that dominate the banking system, and is cracking down on so-called wilful defaults. The Reserve Bank defines a wilful defa...