 Mumbai:
UTI
Bank does not need any foreign strategic investment, nor
is the bank looking for an equity capital as it had raised
a subordinated debt of around Rs 100 crore from Life Insurance
Cooperation of India last year, says UTI Bank chairman
and managing director P J Nayak.
Saying
that the bank is capable of raising an additional capital
from the market on a "short notice," Nayak
clarifies that the bank "is neither looking at
raising funds by way of equity nor through tier-II capitals."
The
CMD categorically says it has no plans at the moment
to go in for mergers or acquisitions. UTI Bank''s retail
portfolio, according to him, is expected to grow to
23 per cent during the current financial year, from
17 per cent posted during the last fiscal. "This
will be mainly due to robust retail market conditions
in India," he says.
The
bank has a total corporate portfolio of around 83 per
cent. Nayak says the bank''s non-performing assets (NPAs)
stood at 1.9 per cent as on 31 March 2003. UTI Bank
had shifted to a 90-day NPA norm from April 2003.
UTI
bank on Monday launched a US dollar-denominated prepaid
travel card, UTI Travel Currency Card, for foreign travellers.
The card can be used at over 8.4 lakh visa and other
ATMs and at around 13 million electronic point-of-sales
terminals worldwide for making purchases or withdrawing
cash. The card, however, is not valid for use in India,
Nepal and Bhutan.
The
card comes with a minimum loading of $500 and thereafter
in multiples of $50. The customer can use the money
in the denomination s/he wants and can withdraw cash
from any ATM or can shop for even small amounts, he
says. "We expect this multi-currency card to be
a powerful substitute to carrying travellers cheque
and cash. This will be available through the bank''s
260 ATMs in India and other outlets."
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