UTI Bank to come up with credit card

UTI Bank has taken up a credit card initiative which would be on offer by next month, according to the bank's president (projects and planning) S K Chakrabarti.

Addressing mediapersons after the inauguration of the bank's tenth branch in Hyderabad on Friday, Chakrabarti said that the bank's credit card initiative will have several variants, and it should be on offer by next month.

On the bank's performance, he said, "UTI Bank has been performing consistently well over the past 15 quarters, except the last quarter, with a bottomline growth of not less than 30 per cent every quarter. We have also been able to reduce the cost of our products."

Giving details of the bank's new products under offer, Chakrabarti said that the bank has recently launched a product under the small services and business enterprises (SSBE) segment, a priority lending segment as per the Reserve Bank of India guidelines, that would cater to the needs of professionals and retail marts. "We plan to launch three more products under the same segment," he added.

The bank is also planning to extend its reach to 12 more locations in Andhra Pradesh in the coming few months. C P Rangarajan, senior vice-president, UTI Bank, said, "Our present agenda is to make our presence felt in almost all the districts of Andhra Pradesh by March 2006. Towards this, we plan to reach out to 12 more locations in the state in the coming few months, including rural areas such as Jangareddigudem, Edarapalle and Alamuru."

"Another branch at Karimnagar is also slated for inauguration today," he said.

The bank currently has 22 branches, 11 extension counters and 133 ATMs spread across 16 districts in the state. It has a network of 278 branches, 88 extension counters and 1,718 ATMs spread across more than 206 cities and towns in the country.