UTI Bank
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UTI Bank (LSE: UTI) was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd., National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United Insurance Company Ltd.. UTI-I holds a special position in the Indian capital markets and has promoted many leading financial institutions in the country.
As on the year ended March 31, 2006 the Bank had a networth of Rs. 2872.19 crores with the public holding (other than promoters) at 56.65%. Net Profit for the year was up 44.98% to Rs 485.08 crores.
[edit] Branch network
At the end of March 2006, UTI Bank had 450 branches and extension counters and 1891 ATMs covering 258 centres of India. All branches of the bank are linked via a core banking solution on a real-time basis. It was the first bank in India to adopt Finacle as a core banking software. The bank continuously leverages information technology to provide value-added products and services as well as multiple-delivery channels to customers allowing them easy, real-time and on-line access for all types of transactions in a cost-effective manner. The ATM network as of now (2006), is the third largest in India. The bank opened its first overseas branch in Singapore in April 2006.
