UTI gets RBI nod to set up asset mgmt firm

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.