UTI to expand its business operation in NE

Gangtok, Apr 21: Eastern Zone President of the UTI Bank S K Mitra said northeast region is poised for a big leap and UTI is trying to expand its business operation there.

Mr Mitra, who was here to launch a branch of the bank yesterday, said, the UTI bank was the first private sector bank in the country to foray in the North-East by opening branches in Arunachal Pradesh, Nagaland, Mizoram, Tripura, Meghalaya and Sikkim in 2004.

He said the bank targetted to achieve 60 per cent growth rate in the current financial year. The bank has achieved a growth rate of 55 per cent in the eastern region covering 14 states last year with the total deposit reaching Rs 6789 crore and advances stood at Rs 3141 crore.

He said the bank's lending in North East region had registered a robust growth of close to 400 per cent in last year and is likely to grow further in the current financial year.

''We want to lend in a big way if promoters approach us with right project'' he said.

In Sikkim where the Credit Deposit ratio is 90 (Deposit) and 10 (Credit) per cent, the bank is ready to support projects in floriculture, tea processing, tourism, transport, fast food and for projects under the PMRY scheme.

Meanwhile, during the last two years the bank has expanded its business operation in the region by adding 10 more branches.

He said the bank will set up a branch in Manipur within the current financial year.

''We have applied for license and the branch in Manpur would be opened as soon as the license is obtained'', he said.

UNI