| Speaking to Business Standard, P J Nayak, chairman and managing director of UTI Bank, said: "In Andhra Pradesh, UTI Bank will set up its branches in Khammam and Kurnool in the next three months." Nayak was in the city to inaugurate UTI Bank's branch at Dilsukhnagar. |
| "UTI Bank already has five rural branches in the country and plans to set up another five in the next 12 months. This will increase greater rural credit offtake," Nayak said. He added that UTI Bank was the first private sector bank to set up rural branches in the country. |
| "We see debit cards sector as a major growth area. UTI Bank has about 2.2 million debit card holders at present," Nayak said. The bank has also been the first to offer 'At Par' cheque facility according to which all their savings bank customers can make payments to any beneficiary in the country, provided the bank has a presence in that city. "This is because of the centralised databank that we have," Nayak added. |
| "We also plan to aggressively market our electronic data capture machines that we launched for merchant establishments at the beginning of the year," Nayak said. The bank has offered this service to over 7,500 merchants across the country. |
| UTI has also entered into a partnership with Comsat Max, a leading provider of Infocom solutions in India. Comsat Max would connect their ATM network through VSATs and manage them on a 24/7 basis. UTI intends to double its installed ATM base and expand its retail banking reach as well. |
| According to Nayak, retail lending contributes to 28 per cent of the total lending of the bank. "The advances of the bank have grown by 41 per cent at the end of the second quarter. While our savings bank deposits have grown by 88 per cent, our current bank deposits have grown by 59 per cent," he said, adding that in the last five years, UTI Bank has achieved a growth rate of 40 per cent. |
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