UTI Bank is to set up an asset management company (AMC) by the end of the current financial year. The Reserve Bank of India has granted a licence to the bank for floating the AMC for infrastructure financing, S Chatterjee, executive director of the bank. The bank's total business, which stood at Rs 60,000 crore last financial year, is registering a year-on-year growth of 40%. Its retail asset business currently accounted for 30% of the total loans sanctioned, Chatterjee said here after inaugurating a branch of UTI Bank' subsidiary UBL Sales. The bank is adding 100 branches every year. At present, it has a network of 415 branches and the RBI has approved addition of 85 branches this year. "We have applied to the RBI to allow us to add a few more branches over and above what it has approved for this year", Chatterjee said.
