UTI Bank

By: EconomyWatch Content   Date: 3 November 2009

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UTI Bank is one of the leading private sector banks in India. With its headquarters in Mumbai, the bank offers core banking solutions to retail and corporate customers. The bank changed its name to Axis Bank in the year 2007.

UTI Bank: Company Information

UTI Bank was established in 1994, when The Government of India allowed new private players into the banking industry. The bank was jointly promoted by major public sector undertakings, namely:

  • Unit Trust of India Ltd. (UTI)

  • Life Insurance Corporation of India Ltd. (LIC),

  • General Insurance Corporation Ltd. (GIC)

  • National Insurance Company

  • The New India Assurance Company

  • Oriental Insurance Corporation

  • United Insurance Company

The bank has been converted into a public holding company with the launch of initial public offering (IPO) in 1998. As of 2009, their total assets are worth Rs. 65,830.9 million (approximately $1.3 billion). It enjoys a huge infrastructure with a network of 853 branches across India, including representative offices and extension counters. UTI bank has above 3,500 ATMs as well. It enjoys a consumer base of over six million in India.

UTI Bank: Products and Services

UTI Bank is one of the pioneers in providing modern banking facilities to Indian customers. The range of products and services include personal and corporate banking products. In Personal banking, they offer the following facilities to individual or retail customers:

  • Savings account

  • Current account

  • Fixed deposit

  • Recurring deposits

  • Loans - home, auto, personal and education

  • Loan against shares, security and property

  • Credit cards, prepaid cards and debit cards

  • Investment in gold, stocks and mutual funds

  • Life and non-life insurance products

Corporate banking products and services available to their business clients include:

  • Accounts - corporate, current and capital market accounts

  • Credit - structured and microfinance

  • Capital market solutions - broking, debt, depository services and advisory

  • Treasury - foreign exchange, money market and securities

  • Cash management

UTI Bank offers priority banking (PB) services as well to qualified customers. PB customers have the right to special privileges such as a dedicated relationship manager, preferred loan rates and gold credit card.


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