UBI registers a business growth of 21.28 pc in FY08

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Mumbai, Apr 4 (UNI) State-run Union Bank of India (UBI) has registered a business growth of 21.28 per cent as on March 31, 2008 over the previous year and targets a credit growth of about 22 per cent in FY-09.

UBI's total business grew to Rs 1,80,516 crore in the FY08 and it is targeting 22 per cent growth each in credit and deposits for the FY-09, UBI Executive Director R S Reddy told newspersons on the sidelines of the launch of 'Union Reverse Mortgage Scheme' here today.

As per the provisional data, the total deposits of the bank stand at Rs 1,04,272 crore and has maintained a growth rate of 22.41 per cent over March 31, 2007. Meanwhile, the advances grew by 19.77 per cent at Rs 76,244 crore, during the same period.

''The bank is very much confident about maintaining the same growth pattern, as the growth of 22 to 25 per cent is not a big issue unless there is some serious drawback,'' Mr Reddy asserted.

When asked about the high inflation and RBI's concern, Mr Reddy said the cause of high inflation rate should be attributed to tremendous rise in oil and food prices in the last couples of months and government has started taking some initiative on the fiscal side.

''On monetary side, definitely, the apex bank is expected to take some necessary action. We are waiting for its stance,'' Mr Reddy said adding, however, the liquidity in the system is adequate thus there is not much to worry about.

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