The Hindu Business Line : UTI Bank plans more branches

UTI Bank plans to set up seven more branches in Andhra Pradesh during the current financial year, in addition to the existing 31, and 100 more in the country, according to Mr Hemant Kaul, President, retail banking division.

He was addressing the press here on Monday after inaugurating the second branch of the bank at Dwarakanagar.

Mr Kaul said the bank had a network of 359 branches, 95 extension counters and 1,914 ATMs in the country.

"We are not operating in the urban centres alone. Ours is the first among the new generation banks to enter the rural areas. Many of our 100 proposed branches will come up in the semi-urban and rural areas," he said.

He said all the services available in the urban branches were also available to rural customers and the bank was offering the customers at-par cheque facility, Internet banking, anywhere banking and several other facilities.

With deposits of Rs 40,000 crore and advances of Rs 25,000 crore, Mr, Kaul said, UTI Bank was one of the fastest growing banks in the country.

"We are growing at 45 per cent every year and we will make all efforts to sustain the growth," he said.

He said the bank had opened a branch in Singapore and branches were proposed in Hong Kong, Shanghai, Sri Lanka and the Gulf.

"We are confident of opening the Hong Kong and Shanghai branches this financial year," said Mr Kaul.

He said the bank had launched its credit card in Mumbai and it would be launched in the rest of the country in a few months.

The bank's net NPA was less than 1 per cent and it had earned a net profit of Rs 487 crore during 2005-2006, he added.

Mr C.P. Rangarajan, Vice-President, South Zone, and Mr K. Srinivasa Rao, Assistant Vice-President and branch head, also spoke during the inauguration.