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In 1993, it was being incorporated as of 3rd December and the certificate of business as of 14th December. Also, the bank transacts banking business of all the types. Also, UTI Bank Ltd. was promoted by Unit Trust of India, and Life Insurance Corporation of India, and the General Insurance Corporation of India and its 4 subsidiaries. It was also the first private sector bank to get a license under the new guidelines issued by the RBI.
Some of the Milestones:
- It obtained a license to act as a Depository Participant with NSDL and also applied for registration with SEBI to act as the 'Trustee to Debenture Holders.'
- INR 100 crores was contributed by UTI, and the rest from LIC INR 7.5 crores, GIC and its 4 subsidiaries INR 1.5 crores each.
- It had 28 branches in urban and semi-urban areas as of 31st July.
- It offered ATM cards to all its customers.
- It launched a new retail product with operational flexibility for its customers.
- It signed a co-brand agreement with the market, leader, Citibank NA for entering into the highly promising credit card business.
- It was promoted by India's pioneer mutual fund Unit Trust of India along with GIC, LIC, and its 4 subsidiaries.
- Both UTI Bank and Citibank launched an international co-branded credit card.
- Both UTI Bank and Citibank came together to launch an international co-branded credit card under the MasterCard umbrella.
- It also inaugurated an off-site ATM at Ashok Nagar here, taking the total number of its off-site ATMs to 13 m.
- It declared the launch of Tele-Depository Services for its depository clients.
- It launched 'iConnect,' its Internet banking Product.
- It signed a memorandum of understanding with equitymaster.com for the e-broking activities of the site.
- Also, Infinity.com financial Securities Ltd., which is an e-broking outfit, was typing up with UTI Bank for a banking interface.
- Indiabulls signed a memorandum of understanding with UTI Bank.
- It also upgraded the rating of UTI Bank's INR 500-crore certificate of deposit program to A1+.
- It launched a private placement of non-convertible debentures to raised to INR 75 crore.
- It also opened the two offsite ATMs and one extension counter with an ATM in Mangalore, and its total number of ATMs across the country was 355.
- Also, B Paranjpe & Abid Hussain ceased to be the Directors of UTI Bank.
- It also informed that Shri J M Trivedi was appointed as an alternate director to Shri Donald Peck since November 2, 2002.
- It was authorized to launch 16 ATMs on the Western Railway Stations of Mumbai Division.
- It filed suit against financial institutions IFCI Ltd in the debt recovery tribunal at Mumbai to recover INR 85cr in dues.
- Shri Ajeet Prasad, Nominee of UTI also resigned as the director of the bank.
- The Banks Chairman and MD Dr.P.J.Nayak inaugurated a new branch at Nellore.
- It allotted shares under Employee Stock Option Scheme to its employees.
- It unveiled pre-paid travel card 'Visa Electron Travel Currency Card.'
- The allotment of 58923 equity shares of INR 10 each under ESOP.
- It tied-up with the UK govt fund for contract farming.
- It unveiled the new ATM in Sikkim.
- It came out with INR 500 mn Unsecured Redeemable Non-Convertible Debenture Issue, issue fully subscribed.
- It tied-up with Shriram Group Cos.
- It unveiled a premium payment facility via ATMs applicable to LIC &a
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