Kolkata: Union Bank of India (UBI) has set a target to achieve an overall business growth of Rs 73,500 crore for 2002-03 from the Rs 62,000-crore-mark set in 2001-02. The over-18-per cent projected growth is expected to come through an increase in its business mix of deposits and advances in the current year.

The bank projects a 19-to-20-per cent increase in its deposits and advances, respectively, in the current year. Union Banks deposits and advances at the end of the last fiscal stood at Rs 39,100 crore and Rs 22,850 crore, respectively.

Retail banking will continue to be a thrust area, which has contributed nearly 30 per cent to the credit growth last year. According to the bank, housing loans will be a major product where competitive pricing and add-on features will support the cutting edge.

The bank also proposes to expand its loan features to professionals as well as self-employed, and widen the scope of its health scheme for medical practitioners, besides covering other professionals like software consultants and architects. Retail lending is expected to bring in Rs 1,500 crore in the current year.