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Mumbai , Sept. 1

PRIVATE sector UTI Bank is targeting 25-30 per cent growth in advances for the year ending March 2004.

``The retail book will grow faster than the corporate book. But, majority of our business is still corporate. We see our total advances growing by 25-30 per cent,'' said Dr P.J. Nayak, Chairman & Managing Director, UTI Bank, at the sidelines of a press conference held by the bank for the launch of a travel currency card.

The bank will have a retail book of Rs 1,800-2,000 crore constituting 20-25 per cent of total assets by March 2004. Retail had been 17 per cent of total assets at Rs 1,300 crore as on March 2003.

Asked about any additional equity capital, said Dr Nayak, ``we do not need any more equity capital. Any equity changes if at all will take place between shareholders in the secondary market. We will meet our capital needs by increasing tier II capital through sub-ordinated debt in time to come.''

On Monday, the bank launched a Visa Electron travel currency card, a pre-paid travel card that can replace travellers cheques and is protected from fluctuations in exchange rate movement. The bank will distribute the dollar denominated card through its branches as well as through authorised moneychangers and travel houses.

This card is available at an initial load fee of Rs 150 per card and is valid for two years. The minimum load is $ 500 and every reload is at a fee of Rs 100. For ATM withdrawals, cardholders will be charged $2 per transaction and 50 cents for every balance enquiry.

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