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UTI BANK
TENTH ANNUAL REPORT 2003-04
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contents rage rvos.
Board of Directors 3
Highlights 4
Chairman's Letter to Shareholders 7
Directors' Report TO
Management Discussion and Analysis 16
Auditors' Report 23;
Balance Sheet 26
Profit & Loss Account 27
Cash Flow Statement 28
Schedules Forming Part of the Balance Sheet 30
Schedules Forming Part of the Profit & Loss Account 35
Annexure to Directors' Report 52
List of Branches and Extension Counters 67
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anchor: solidity, strength, reliability
2.5 million customers
A \ V
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telescope: vision, foresight
Disaster Recovery Centre which will keep
the Bank functional in any emergency
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B O A R D O F D I R E C T O R S
P. J. Nayak Chairman & Managing Director
K. Narasimha Murthy Director
M. Raghavendra Director
Surendra Singh Director
R. N. Bhardwaj Director
Donald Peck Director
Daniel Paul Fletcher Director
N. C. Singhal Director
Yash Mahajan Director
J. R. Varma Director
A. T. Pannir Selvam Director
Ajeet Prasad Director
P. J. Oza Company Secretary
M/s. Bharat S. Raut & Co. Auditors
Chartered Accountants
M/s. Karvy Computershare Private Limited Registrar and Share Transfer Agent
(formerly Karvy Consultants Limited)
UNIT: UTI BANK LIMITED
"Karvy House", 46, Avenue 4, Street No. 1
Banjara Hills, Hyderabad 500 034.
Tel. No.: 040 - 2331 2454, 2332 0251/751/752
Fax No.: 040 - 2331 1968
Registered Office
Thrishul', 3rd floor, Opp. Samartheshwar Temple
Law Garden, Ellisbridge, Ahmedabad 380 006.
Tel. No.: 079-2640 9322
Fax No.: 079-2640 9321
Email: poza@utibank.co.in
Website: vwvw. utibank.com
Central Office
Maker Towers T', 13th Floor, Cuffe Parade
Colaba, Mumbai 400 005.
Tel. No.: 022-2218 9106/7/8/9
Fax No.: 022-2218 6944/2218 1429
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H I G H L I G H T S
• Profit after tax up 44.82% to Rs. 278.31 crores
• Net Interest Income up 75.33% to Rs. 565.26 crores
• Net Interest .Margin increased from 2.09% to 3.05%
• f e e Income up 26.88% to Rs. 182.41 crores
• Return on Average Assets up from 1.17% to 1.42%
• Deposits up 23.51% to Rs. 20,953.90 crores
• Demand Deposits up 104.11%. to Rs. 7,978.24 crores
• Share of Demand Deposits up from 23.04%> to 38.08%
• Advances up 30.40% to Rs. 9,362.94 crores
• Retail Assets up 86.54% to Rs. 2,051.79 crores
• Network of branches and extension counters increased from 192 to 252
• Total number of ATMs went up from 822 to 1244
• Number of accounts up 52% to 25 lacs
• Net NPA Ratio as percentage of customer assets down to 1.03% from 1.92%
• Earning Per Share (Basic) increased from Rs. 10.00 to Rs. 12.06
• Dividend up from 22% to 25%
• Capital Adequacy Ratio increased from 10.90% to 11.21%
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milestone: landmarks, achievements
First Indian bank to offer the International Travel Currency Card
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microphone: announcement, declaration
One of the fastest growing banks in the private sector
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CHAIRMAN'S LETTER TO SHAREHOLDERS
Your Bank has just completed its first decade of business, and as we look back over these last ten years there are unmistakable signs
everywhere of the radical transformation wrought within Indian banking. In the early 1990s you would almost certainly have visited a
bank branch to withdraw money, while today there are over 12,000 ATMs amidst us, and in your Bank over 93% of retail cash dispensation
occurs through ATMs. A decade back remittances across the country were anchored on demand drafts and telegraphic transfers, now
rendered increasingly obsolete with 'at par' cheques, debit card payments and withdrawals, and cash management services to corporates.
Your Bank has been at the forefront of this transformation, providing banking convenience - both speed and accuracy - to its customers.
This remodelling of banking services has been largely process driven, and underpinned by technology. Centralised customer data
bases and transactions processing have provided the impetus for superior and uniform standards of customer service, and facilitated
anywhere, anytime banking. Your Bank has set up powerful back offices which lessen the human effort within business branches in
putting through transactions, and release the time of branch personnel for handling customer needs. This process-transformation has
enabled branches to handle large customer volumes and helped expand the business of your Bank.
As we enter the second decade of your Bank's business, it is likely that the gains from this process-transformation will see diminishing
marginal returns. Instead, we believe that the ability of banks to differentiate between the product needs of disparate customer segments,
position differentiated products to these segments, and thereby become more customer-centric, will guide profit growth. Even that
most basic and commoditised of banking products, the savings bank account, has differentiated features in your Bank depending on
whether it is offered to the senior citizen, the salary account holder, the priority banking customer, the NGO and the Trust, or the
walk-in customer into a branch, precisely because their requirements out of this product differ. In your Bank we are increasingly sensitive
to this differentiation, and believe that such customer-centric segmentation will guide future profitability.
In the year ended March 2004, the network of your Bank expanded to 252 branches and extension counters and 1244 ATMs, straddling .
117 cities and towns. Many of our financial ratios look better than they ever have. Net NPAsareat 1.03% of Net Customer Assets, Capital
Adequacy has risen to 11.21% and your Bank maintains an Investment Fluctuation Reserve of 3% to guard against market risk on its
investment portfolio. The capital market has rewarded shareholders well in the last year.
This has, above all, been possible because of the strategising skills, tireless energy and commitment of your Bank's employees.
We strongly empower our personnel, and therefore continue to attract talented people into the Bank.
It has been a privilege being a part of the team.
P. J. Nayak
29 April, 2004 Chairman & Managing Director
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bulb: light, energy, innovation, revolution
First Indian bank to offer the At Par Cheque Facility
to all its Savings Account holders
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D I R E C T O R S ' R E P O RT : 2 0 0 3 - 0 4
Your Directors have pleasure in presenting the Tenth Annual Report of your Bank together with the Audited Stalement of Accounts and the Auditors'
Report for the Financial Year ended 31st March 2004. The Financial Highlights for the year under review are given below:
(Rs. in crores)
PARTICULARS 2003-04 2002-03 Growth
Deposits 20,953.90 16,964.72 23.51%
Out of which
Savings Bank Deposits- 2,584.51 1,423.25 81.59%
Current Account Deposits 5,393.73 2,485.53 117.01%
Advances 9,362.94 7,179.92 30.40%
Out of which
Retail Assets 2,051.79 1,099.94 86.54%
Total Assets/Liabilities 24,150.17 19,613.18 23.13%
Net Interest Income 565.26 322.40 75.33%
Other Income 540.15 410.47 31.59%
Operating Expenses excl. depreciation 357.32 273.94 30.44%
Profit before depreciation, provisions and tax 748.09 458.93 63.01%
Depreciation 61.89 48.91 26.54%
Provision for Tax 151.10 109.02 38.60%
Other Provisions & Write offs 256.79 108.82 135.98%
Net Profit 278.31 192.18 44.82%
Appropriations :
Transfer to Statutory Reserve 69.58 48.05 44.81%
Transfer to Capital Reserve 13.79 0.60 •2198.33%
Transfer to Investment Fluctuation Reserve 70.00 52.00 34.62%
Proposed Dividend (Includes tax on dividendXSubject to RBI approval) 65.31 47.71 36.89%
Surplus carried over to Balance Sheet 59.63 43.82 36.08%
KEY PERFORMANCE INDICATORS 2003-04 2002-03
Interest Income as a percentage of working funds* 8.08% • . 8.92%
Non-Interest Income as a percentage of working funds 2.75% 2.50%
Net Interest Margin 3.05% 2.09%
Return on Average Net Worth 27.09% 26.97%
Operating Profit as a percentage of working funds 3.49% 2.50%
Return on Average Assets 1.42% 1.17%
Profit per employee Rs. 8.07 lacs Rs. 8.22 lacs
Business (Deposits less inter bank deposits + Advances) per employee Rs. 8.08 crores Rs. 9.26 crores
Net Non-performing assets as a percentage of customer assets ** 1.03% 1.92%
Working funds represent average total assets
Customer Assets include advances, credit substitutes and unamortised cost of assets leased out.
Previous year figures have been regrouped wherever necessary.
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Your Bank completed a decade of successful operations on 2nd April, 2004. 25 lacs customers RISING PROFITABILITY 1105
repose trust and retain credibility in your Bank, which has created competencies in products and
processes, and has innovated to create significant customer and shareholder value. In pursuing a
strategy of profitable growth through stronger corporate relationships and multi-channel driven
retail customer expansion, your Bank has developed a nationwide distribution network comprising
branches and extension counters as also self-service channels encompassing ATMs, internet
banking, telebanking, mobile banking and online
FEE INCOMt
payment facilities. Several years back your Bank used
technology to design a distribution network which
enables the delivery of banking products and services
Net Profit Operating Revenue
with a uniform standard of service and speed across
• 2000-01 • 2001 -02 •2002-03 • 2003-04
branches. The consequential high and identical level of . ___ ^
distributional efficiency across locations constitutes a process innovation which has facilitated the sale of retail
products, provided scalability in allowing the customer base to grow rapidly without a dilution of service standards,
and nurtured wr'hin your Bank a service culture and discipline which is strongly customer-centric. Your Bank
continues to be successful in growing its business volumes and profits, and during 2003-04 has achieved a
. Fee Income (Rs. crores) growth of 44.82% in net profit at Rs. 278.31 crores, as compared to Rs. 192.18 crores in 2002-03.
'2000-01 • 2001-02 • 2002-03 • 2003-04
During 2003-04, the net interest income of your Bank rose to Rs.
TRADING PROFITS
565.26 crores, as compared to Rs. 322.40 crores a year earlier, a growth of 75.33% which makes it an outlier 348
within the Indian banking system. This exceptional increase in net interest income was driven by a sharp fall in 314
the cost of funds, and anchored on a strong growth in demand
TRADING PROFITS deposits. Consequently, the average net interest margin rose to 3.05%
51
during the year, from 2.09% in the previous year. The trading profit
from the sale of government securities, corporate bonds and other
trading was Rs. 348.42 crores, as compared to Rs. 262.81 crores during
the preceding year. Despite this growth of 32.57%, the trading profit
during the year was 31.52% of the operating revenue, as compared
to 35.86% of operating revenue in the previous year, as a
consequence of which your Bank's dependence on trading profits
has reduced, providing greater stability to its earnings. Income from
Trading Profits (Rs. crores)
fees earned rose to Rs. 182.41 crores, up 26.88% from Rs. 143.77 • 2000-01 • 2001-02 • 2002-03 • 2003-04
crores in the previous year, and is now a significant revenue earner.
As your Bank has grown its network and brought greater depth to its more specialised and value added services,
% of Operating Revenue
' 2000-01 • 2001-02 • 2002-03 •2003-04
it has rapidly expanded its employee strength, which has risen through the year by 47% from 2338 to 3447.
The key business variables of your Bank have shown robust growth during the year. While the total balance
sheet size grew by 23.13% to Rs. 24,150 crores, as compared to Rs. 19,613 crores in the previous year, total deposits grew by 23.^1% to Rs. 20,954 crores.
The total advances (exclusive of provisions, write-offs and inter-bank participation) grew by 30.40% to Rs. 9,363 crores at the end of the year. The share.
of demand deposits to total deposits rose to 38.08%, from 23.04%, a year earlier. This explosive growth must, however, be qualified as institutional
current account deposits of Rs. 1,468 crores were received at the very year r-_ , . __L___ ,
end, and were of a one-time and exceptional nature. The adjusted demand INCREASING REACH U44
• 2000-01
deposits (after deducting these institutional deposits) would then constitute • 2001-02
• 2002-03
33.41% of total adjusted deposits.
• 2003-04
Your Bank has driven with determination the consolidation of its retail
banking franchise, as a result of which retail deposits went up during the
year by 27.42% to Rs. 6,296 crores, and retail assets increased by 86.54% to
reach Rs. 2,052 crores (exclusive of provisions and write offs).
Your Bank has continued to expand its distribution network and thereby
augment its geographical reach so as to focus on the acquisition of low Centres covered Branches + ATMs
Extension Counters
cost retail deposits and a major expansion of retail assets. During 2003-04,
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D I R E C T O R S ' R E P O R T : 2 0 0 3 -
48 new branches and 12 extension counters were added to the Bank's network, which thereby constituted 188 branches and 64 extension counters, as
compared to 140 branches and 52 extension counters at the beginning of the year. With the opening of new offices, the geographic reach of your Bank
now extends out to over 23 States and 2 Union Territories, covering 117 different cities and towns. The ATM network of your Bank increased from 822 to
1,244 during the year, and is the third largest ATM network across banks in the country.
CAPITAL & RESERVES
The business expansion plans of your Bank need to be backed by adequate capital. The Capital Adequacy Ratio of the Bank at the end of the year of
11.21% indicates substantial comfort despite the rapid growth of the Bank, and there was no necessity to raise additional Tier-l capital, with the exception
of the allotment of equity shares to employees under the Employee Stock Option Plan aggregating to 13,94,991 shares. The Paid Up Capital of your Bank,
as on 31st March, 2004 thereby rose to Rs. 231.58crores, as compared to Rs. 230.19croresason 31st March, 2003. The shareholding pattern of your Bank
as on 31st March, 2004 was as under:
l
Sr. No. Name of Shareholders % of Paid Up Capital >
i. . Administrator of the Specified Undertaking of the Unit Trust of lndia(UTI-l ) 33.35%
ii. Life Insurance Corporation of India 13.46%
iii. General Insurance Corporation and four PSU Insurance Companies 7.06%
iv. Overseas Investors/OCBs/NRIs 27.10%
V. Other Indian Financial Institutions/ Mutual Funds/Banks 4.65%
vi. Others 1.4.38%
Total 100.00%
Your Bank's shares are listed on the NSE, the BSE, the Ahmedabad Stock Exchange and the OTCEI, and are deliverable only in the dematerialised form
with effect from 21 st March, 2000. The listing fee for the current year 2004-05 has been paid. With effect from 26th March, 2001, the shares of your Bank
have been included and traded in the BSE Group 'A'.
Your Bank has also raised Rs. 150 crores by way of subordinated bonds (unsecured redeemable non-convertible
debentures) of which Rs. 108.84 crores has qualified as Tier-l I capital at end-March 2004. The Capital Adequacy Ratio
(CAR) of your Bank was 11.21%, as compared to 10.90% at end of the preceding year, and as against the minimum
regulatory requirement of 9%. Of this, Tier-l CAR constituted 6.44%, while Tier-ll CAR amounted to 4.77%.
To guard against a possible fall in the value of investment securities in future, your Bank has further strengthened
the Investment Fluctuation Reserve (IFR) by transferring to it Rs. 70 crores as part of the appropriation of profit. As on
31st March, 2004, the balance in the IFR stood at Rs. 192.81 crores, which is equivalent to 3% of the Bank's securities
portfolio under the 'Held for Trading' and 'Available for Sale' categories.
Return on Average Assets (%)
DIVIDEND • 2000-01 • 2001-02 • 2002-03 «2003-04
Your Bank's diluted Earning Per Share (EPS) during 2003-04 has risen to Rs. 11.92 from Rs. 9.97 during 2002-03. In view of the enhanced profitability, and
the positive outlook for the future of the Bank, the Board of Directors has recommended a higher dividend of 25% on equity shares, as compared to the
22% dividend declared for the previous financial year.
SHAREHOLDER RETURNS
49.1
ENHANCING SHAREHOLDER VALUE
t 25
22
20
9.31 997
6.47
Earning Per Share (Diluted) Rs. Dividend Rate (%)
Book Value per Share (Rs.) Return on Average Net Worth (%)
• 2000-01 • 2001-02 '2002-03 • 2003-04
• 2000-01 • 2001-02 • 2002-03 • 2003-04
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BOARD OF DIRECTORS
During the year, some changes in your Bank's Board of Directors have taken place. Shri AT. Pannir Selvam and Shri Jayanth R. Varma were appointed as
Additional Directors on 25th June, 2003. Shri Pannir Selvam joined the Board as a nominee of the Specified Undertaking of the Unit Trust of India while
Shri Jayanth R. Varma joined as an independent Director. Shri Ajeet Prasad resigned as a nominee Director of the Specified Undertaking of the Administrator
of the Unit Trust of India on 13th May, 2003 but was re-nominated and appointed as an additional Director with effect from 20th January, 2004.
Shri B. S. Pandit resigned on 12th November, 2004. ShriJ.M.Trivedi, Director, CDC Advisors FVt. Ltd., was appointed as an alternate Director to Shri Daniel
Paul Fletcher from 6th May, 2003 to 21st July, 2003, and again as an alternate Director to Shri Donald Peck from 22nd July, 2003 to 19th August, 2003.
Your Directors place on record their appreciation and gratitude to Shri B. S. Pandit for the valuable services rendered by him during his tenure as -a
member of the Board of Directors.
In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Bank, Shri M Raghavendra, Shri Daniel Paul Fletcher
and Shri Donald Peck, present Directors, retire by rotation at the Tenth Annual General Meeting and, being eligible, offer themselves for re-appointment.
Further, Shri AT. Pannir Selvam, Shri Jayanth R. Varma and Shri Ajeet Prasad are Additional Directors.
EMPLOYEE STOCK OPTION PLAN (ESOP)
With a view to aligning the incentives of your Bank's emplcyees with those of shareholders, your Bank introduced an Employee Stock Option Plan during
the year 2000-01, in accordance with SEBI guidelines on Employee Stock Options. Pursuant to the approval given by the shareholders in February, 2001
for granting an aggregate of 1,30,00,000 stock options to employees in one or more tranches, three tranches of options of 11,18,925; 17,79,700 and
27,74,450 options were granted to the employees during 2000-01, 2001-02 and 2003-04 respectively. The options vest in a graded manner over three
years, with 30%, 30% and 40% of the grants vesting in each year commencing after one year from the date of grant.
Other statutory disclosures as required by the revised SEBI guidelines on ESOP are given in the Annexure to this report.
CORPORATE GOVERNANCE
Your Bank is committed to achieving a high standard of corporate governance and it aspires to benchmark itself with international best practices. The
corporate governance practices followed by your Bank are given in the Annexure to this Report.
DIRECTORS' RESPONSIBILITY STATEMENT
The Board of Directors hereby declare and confirm that:
i. The applicable accounting standards have been followed in the preparation of the annual accounts and proper explanations have been furnished,
relating to material departures.
ii. Accounting policies have been selected, and applied consistently and reasonably, and prudent judgements and estimates have been made so
as to give a true and fair view of the state of affairs of the Bank and of the Profit & Loss of the Bank for the financial year ended 31st March, 2004.
ill. Proper and sufficient care has been taken for the maintenance of adequate accounting records, in accordance with the provisions of the
Companies (Amendment) Act, 2000, for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities.
iv. The annual accounts have been prepared on a going concern basis.
STATUTORY DISCLOSURE .
Considering the nature of activities of the Bank, the provisions of Section 217(1 He) of the Companies Act, 1956 relating to conservation of energy and
technology absorption do not apply to your Bank. The Bank has, however, used information technology extensively in its operations.
The statement containing particulars of employees as required under Section 217(2A) of the Companies Act, 1956 and the rules made thereunder, is-
given in an Annexure to this Report. In terms of Section 219(1) (iv) of the Act, the Report and Accounts are being sent to the shareholders excluding the
aforesaid Annexure. Any shareholder interested in obtaining a copy of the said Annexure may write to the Company Secretary at the Registered Office
of your Bank. /
ACKNOWLEDGEMENTS
The Board of Directors places on record its gratitude to the Reserve Bank of India, other government and regulatory authorities, financial institutions and
correspondent banks for their strong support and guidance. The Board also places on record its gratitude to the Bank's shareholders and customers for
their continued support, patronage and goodwill. The Board also expresses its deep sense of appreciation to the employees, who have continued to
display outstanding professionalism and commitment in your Bank's quest for sustained growth and profitability.
For and on behalf of the Board of Directors
Place: Mumbai P.J.Nayak
Date : 29 April, 2004 Chairman & Managing Director
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A N N E X U R E
STATUTORY DISCLOSURES REGARDING ESOP:
ESOP 2000-01 Grant Grant Grant
24 Feb, 2001 28 Feb, 2002 6 May, 2003
Options Granted 56,73,075 11,18,925 17,79,700 27,74,450
, Pricing Formula Fixed Price i.e. the average daily Rs. 38.63 Rs. 29.68 Rs. 39.77
high-low price of the shares of the
Bank traded during the 52 weeks
preceding the date of grant at that
stock exchange which has had the
maximum trading volume of the
Bank's shares during that period.
Options Vested 6,64,409 3,27,777 3,36,632 0
Options Exercised 14,04,866 7,11,713 6,93,153 0
Total number of shares arising as a 14,04,866
result of exercise of options
Options lapsed/cancelled 2,75,530 79,435 87,495 1,08,600
Variation in terms of ESOP N.A. - .
Money realised by exercise of options (Rs. in lakhs) 480.66
Total number of options in force " . " 39,92,679 3,27,777 9,99,052 26,65,850
Additional details to be disclosed:
Employee-wise details of grants to: . ' .
- Senior managerial personnel 1,09,100 22,500 , 36,600 50,000
i.e. Chairman and Managing Director
- Employees who were granted, during any N.A.
one year, options amounting to 5% or more
of the options granted during the year
- Identified employees who were granted option, N.A.
during any one year, equal or exceeding 1 % of
the issued capital (excluding outstanding
warrants and conversions) of the Bank
under the grant
- Diluted Earnings Per share pursuant to issue of shares on exercise of options calculated in accordance with International
Accounting Standards IAS 33 - Rs. 11.92
Weighted average exercise price of Options whose:
- Exercise price equals market price on the date of grant N.A.
- Exercise price is greater than market price on the date of grant Rs. 38.63
- Exercise price is less than market price on the date of grant Rs. 35.83
Fair Value Related Disclosure
Fair value method of accounting is applicable only for grants made on or after 30th June, 2003. Since no grants have been made by the Company
on or after June 30, 2003, the fair value method of accounting is not applicable. Hence, no disclosures have been made regarding-the same.
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VSAU\
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hourglass: time, futuristic, cutting edge
Truly 24/7/365 with ATMs, Tele-bankin
and Internet banking
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7 7 I \ \ \
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M A N A G E M E N T D I S C U S S I O N A N D A N A L Y S I S
As your Bank completes its first decade of operations, it will need to move to the very edge of competitiveness within Indian banking if it is to continue
to grow its business and profitability as it has in recent years. The management of your Bank believes that translating this vision into successful performance
is feasible and will entail:
RISING MARGINS
* Continual strategising in order to comprehend where future sources of profitability will arise from, as the
565
structure of the Indian economy transforms to become more open and competitive, in a situation where
growth in industry will be driven as much by technological change as by the accumulation of capital.
* Periodic reconfiguration of business processes within the Bank in order to create efficiencies in the
distribution of products, services and customer information, and to enable sales strategies to become 199
more customer-centric.
* Operational smoothness in handling existing customers, with an increasingly larger proportion of
transactions migrating to real time and self-service channels of the Bank, thereby facilitating customer Net Interest Income (Rs crore)
• 2000-01 • 2001-02 • 2002-03 • 2003-04
convenience..
Your Bank has developed an increasingly credible franchise in respect of corporate, retail and merchant
banking, and it is very much the intent to continue to develop all three segments of this franchise. In
corporate banking, the last year has seen your Bank more confidently poised in providing value-added
business to corporates, including channel financing, structured credit products, derivative products,
and collection and payment solutions. Your Bank expects to add depth to these businesses in the
current year and thereby enhance profitability. In retail banking, your Bank has seen very strong growth,
as much in demand deposits as in asset acquisition, and this has enabled net interest margins to grow
rapidly in recent years while maintaining a good quality asset portfolio. Finally, the merchant banking
franchise has also grown aggressively. Your Bank is among the top syndicators of corporate debt and
Net interest Margin (%)
has, over the last year, moved into project advisory services, particularly within the infrastructure sector,
•2000-Ot • 2001-02 » 2002-03 • 2003-04
and is implementing an increasing number of advisory mandates.
LOWER COST OF FUNDS
The periodic reshaping of business processes has also led to a clearer separation between
• 2000-01 relationship management and transactions processing, with an increasing proportion of the
' 38 08°fc / • 2001 -02
latter moving out of business branches into the Central Processing Unit and service branches,
K • 2002-03
• 2003-04 and relationship management with existing customers becoming the focal activity of business
23.04»/ • branches. Organisational restructuring to facilitate this dichotomy between relationship
15.38%' & 5 W0 — : management and transactions processing has hitherto kept pace with the requirements of
>
business, and will continue to redefine the roles of employees in your Bank.
•:
Demand Deposits as
% share of Total Deposits
:
i Cost of Funds
All of this has led to greater operational smoothness in the manner your Bank conducts its
business, proved a powerful instrumentality for customer acquisition, and-raised business
volumes and profitability. It has made the business model of the branches more scalable,
enabling them to handle a very high growth in customers without any diminution in service
standards. Finally, it has enabled your Bank to understand where the wellsprings of profitability arise from, at the business segment level, the
product level and the customer segment level. This understanding helps drive business strategy within your Bank, and has placed it more
competitively within t h e banking system. • . . - ' . • • '
A snapshot of this enhanced competitiveness is provided below, and indicates the manner in which key variables have gained in strength over
the last four years.
2000-01 2001-02 2002-03 2003-04
% of Demand Deposits 15.38 16.50 23.04 38.08
Net Interest Income (Rs. crores) 98.26 198.53 322.40 565.26
Net Interest Margin (%) 1.11 1.68 2.09 3.05
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CAPITAL MANAGEMENT
Your Bank believes in the continual enhancement of shareholder value and its capital management framework helps to optimise the use of capital by
ensuring:
(i) the optimum composition of capital in relation to business growth; and
(ii) the efficient use of capital through an optimal mix of products and services.
During the year, your Bank continued to attract investor interest from domestic as well as foreign institutional investors, leading to a very visible increase
in trading volumes and price.
Your Bank focused on developing an asset structure which was sensitive to the importance of enlarging the proportion of low risk weighted assets, in
order that capital is more efficiently deployed. In addition, your Bank also placed subordinated bonds of Rs. 150 crores in the market in order to raise the
level of Tier II capital. Consequently, as on 31st March, 2004, your Bank's Capital Adequacy Ratio rose to 11.21% from 10.90%, a year earlier. The trend of
risk-capital ratios during the last three years has been as follows: ';
(Rs. in crores)
As on As on As on
31 st March, 2004 31 st March, 2003 31 St March, 2002
Tier I Capital - Shareholders' Funds 912.03 789.37 544.02
Tier II Capital 675.17 546.14 357.98
Out of which
- Bonds qualifying as Tier II capital 456.02 394.69 272.01 ;
- Investment Fluctuation Reserve 192.81 122.81 70.81
-Other Provisions eligible for Tier II Capital ' - . '" 26.34 28.64 15.16
Total Capital -qualifying for computation of Capital Adequacy Ratio 1,587.20 1,335.51 902.00
Total Risk Weighted Assets 14,164.50 '. 12,251.91 8,469.85
Total Capital Adequacy Ratio (CAR) 11.21% 10.90% 10.65%
Out of above
- Tier I Capital 6.44% 6.4 6.4
-Tier II Capital 4.77% 4.46% 4.23%
RETAIL BANKING
RETAIL LIABILITIES
6296
The retail business is developing as the key driver of your Bank's growth strategy underpinned by
(Rs. in crores)
products, channels and processes with a complete suite of both asset and liability products. The
4941 >
Retail business of the Bank in terms of liabilities, assets and fees, showed significant growth in the
3986 •:
year 2003-04. Strategies followed for growth centred around customer segmentation, product
, 3328 !
innovation, increasing sales effectiveness, service excellence and the expansion of channels. During 25 85 ,_
the year, Savings Bank deposits grew by Rs. 1,162 crores to Rs. 2,585 crores, registering a growth of ]
1423
81.59%. The Bank opened 7,92,818 Savings Bank accounts, with the total number of Savings Bank 876 CO} , , ~ s~
569 rT-KjZfJJ
relationships crossing 1.60 million during the year. mjffiffl -
•I ^: ~
SB Deposits Retail Deposits
Some of the major segments that your Bank continues to focus on are the Payroll accounts of
• 2000-01 • 2001 -02 • 2002-03 • 2003-04
corporates and Government, and high networth individuals including NRIs. Your Bank has recently
launched product variants aimed at Defence personnel (labelled as Power Salute), Retirees as well as the NGOs and Trusts. Your Bank has been the
pioneer among domestic banks for products such as the AT PAR cheque facility and the Travel Currency Card. More such products are on the anvil to cater
to specific customer needs. The Priority Banking Services targeted at high networth individuals, witnessed a strong acceptance with 21,497 customers
providing Rs. 1,025 crores of deposits as on 31st March, 2004, as against 4,771 customers, worth Rs. 247 crores of deposits as on 31st March, 2003.
Your Bank had also mobilised Rs. 1,869 crores across various mutual fund schemes through its Investment Advisors across the country.
Your Bank continues to provide good quality customer service at its branches and to track customer satisfaction levels continuously. "Mystery Shopper"
surveys & Customer Service audits are carried out through professional Market Research agencies. The findings of the survey provide inputs into the
training needs of employees as also upgradation of product features.
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M A N A G E M E N T D I S C U S S I O N A N D A N A L Y S I S
Your Bank continued with its aggressive ATM Channel expansion, with ATM CHANNEL MIGRATION
1,244 ATMs as on 31st March, 2004, as compared to 822 ATMs on 31st 89 5.4
Over 93% of SB account
March, 2003. Your Bank also continued its pioneering efforts in ATM cash withdrawals are ]
happening on ATMs
sharing and today offers the largest available access to 7,000 ATMs in
the country to its customers, with tie ups with five banks and two multi-
shared payment networks. Your Bank successfully launched Mobile ; . ' • '
4 9
>
Airtime Recharge Facility at its ATMs and SMS for Airtel, Hutch and Idea
Cellular service providers. LIC Insurance Premia Payment through ATMs S _
- . ' ' •
s -.
177
was launched in March 2004
70 tu> 3S v 67.89
and is currently being offered 2.9 5.6 12.2 ia8 mvffl} \ —
r-r-K r-r-k r-r-N m> rrSJ-l-D1 ! r^JTTvfTfvFRh
to common customers of your
Cardbase (In lacs) Cash Withdrawals (Rs. crore) No. of Transactions (in lakhs)
Bank and LIC. Your Bank had a •2000-01 • 2001-02 • 2002-03 ' 2003-04
debit card base of 16.1 lacs as on 31st March, 2004, an increase of 104% over the base in 2002-03.
Your Bank became the first Indian bank to launch a pre-paid Dollar denominated travel card product targeted at
the outbound travellers, which has shown potential for stronger growth in the niche market of the pre-paid card
segment. As part of the marketing strategy, your Bank has tied-up with 14 major full-fledged moneychangers to
market the cards to travellers. Your Bank also proposes to launch the Euro and Pound Sterling variants of the
travel card shortly.
Retail Advances (Rs. In crores)
• 2000-01 • 2001-02 • 2002-03 • 2003-04
Your Bank has entered the Merchant Acquiring Business in December 2003, whereby POS (Point of Sales) terminals
(swipe machines used for accepting Debit and Credit card payments) are offered to merchant establishments,
resulting in the acquisition of a substantial number of Current Accounts.
/Connect™, the internet banking service of the Bank, saw a growth in its user base to 3.4 lacs as on 31 st March,
RETAIL ASSETS
2004, providing access to over 4.5 lacs accounts.
221084
During the year 2003-04, the retail asset portfolio registered a growth of Rs. 951.85 crores to reach a level of,
Rs. 2,051.79 crores, an increase of 86.54%. Retail assets form 21.91% of the total advances (excluding provisions
and write-offs), up from 15% as on 31st March, 2003.
Your Bankopened 7 Retail Asset Centres (RACs) at Mumbai, New Delhi, Kolkata, Chennai, Hyderabad, Bangalore
and Ahmedabad during 2003-04. These RACs are specialized retail lending units, supported by specific strategic
partners, who help the RACs in areas of marketing retail assets as also in technical and legal verification and 30668
back-office functions. 12377
No. of Clients
In order to increase the share of retail loans generated through the Bank's own distribution channels in Tier II
•2000-01 • 2001-02 '2002-03 • 2003-04
cities, where your Bank has a significant presence, 7 satellite RACs (SRACs) were operationalised during
2003-04 and 9 more SRACs will be opened shortly at other cities.
The Credit and Operational Risks associated with retail loans were contained by evolving tight and streamlined eligibility criteria, a robust credit-scoring
model based on socio-economic parameters and monitored on a continual basis.
NRI BANKING
Your Bank took powerful initiatives in growing the NRI business during the year. The NRE Savings Bank balances grew by 162% over the previous year to
Rs.172.82 crores, and the overall NRI portfolio grew by 21 % over the previous year. Your Bank also widened the NRI customer base by 50% during the year.
-•Your Bank has set up an alliance with National Bankof RasAI Khaimah in theUAE, for mutual development of business, and is in the process of finalising
alliances with other leading financial institutions in the Gulf countries.
Your Bank conducted successful marketing campaigns in the NRI-intensive regions of the country, designed in accordance with the needs and ethos of.
the regions, and thus improved the brand visibility and customer acquisition rate.
Your Bank, equipped with a multi-channel delivery architecture, aims to be of service to retail customers anytime, anywhere in all the utility dimensions
of anywhere banking.
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CORPORATE BANKING
Your Bank offers a wide spectrum of financial services to the corporate sector. The focus during 2003-04 was on expanding the range and depth of corporate
relationships, acquiring new clients and cross selling our products and services to the existing client base. In a year characterised by sluggish credit growth
in the economy and continuing trend of disintermediation, your Bank's corporate advances showed a healthy growth of 20% and were placed at Rs. 7,311
crores as on 31 st March, 2004. Your Bank continues to focus on corporates with a global competitive advantage, good corporate governance and effective
management practices.
The healthy growth in corporate advances was accompanied by significant improvement in the quality of the credit portfolio. This is reflected in
improvement in net NPAs to 1.03% of customer assets as on 31st March, 2004 as against 1.92% as on 31st March, 2003. This was achieved in spite of'
shifting to the 90 day norm for NPA recognition during the year, and has benefited from the stringent credit appraisal processes and strong risk
management and credit monitoring systems put in place.
To maintain the high rate of growth and to further improve the spreads, your Bank is placing increased focus on providing credit facilities to Small and
Medium Enterprises (SMEs), vendors and dealers of large corporates (channel financing) and traders. Your Bank has identified the infrastructure sector
as one of the thrust areas for its corporate banking activities in view of the high growth prospects of this sector. Your Bank already has a substantial
exposure to this sector, especially to the telecom industry. " . .
TREASURY OPERATIONS
The role of the Treasury came into sharper focus during the year 2003-04 as greater emphasis was put into building customer relationships, apart from
proprietary trading in debt and foreign exchange, liquidity management and non-retail resource mobilisation in both domestic and foreign currency. The
focus of trading operations was active participation in key markets.
Your Bank continues to be a major participant in the wholesale debt market with 6% market share of the turnover in government securities which
touched Rs. 47,972 crores during 2003-04, up from Rs. 20,862 crores in the previous year.
Notwithstanding stiff competition and consequent pressure on margins, your Bank was also able to increase its
turnover in customer foreign exchange business by 128% and profits by 105% over the previous year. The Treasury
was also active in providing market solutions to valued constituents in the area of derivatives.
The efficacy of funds management was reflected in the improvement in the Net Interest Income (Nil) at Rs. 565.26
crores in 2003-04, up from Rs. 322.40 crores in the previous year. Correspondingly, Net Interest Margin (NIM) improved
to 3.05%, from 2.09% in the previous year.
INSTITUTIONAL BUSINESS
Throughput (Rs. crore)
The institutional business initiatives undertaken during 2003-04 continued to focus on offering the best in transactional
• 2000-01 • 2001-02 • 2002-03 • 2003-04
banking services by leveraging your Bank's strengths in terms of network and technology. New current account
products such as Business Privilege, Business Global and SWEEPS were launched during the year resulting in the acquisition of a substantial number of
fresh current accounts.
The current account deposits rose to Rs. 5,394 crores at the end of March, 2004, as compared to Rs. 2,486 crores at the end of the previous year.
In the area of Cash Management Services, your Bank has emerged as a strong player, aided by its reach to 117
centres as well as strong correspondent bank tie ups. The total CMS throughput increased to Rs. 88,820 crores
CMS GROWTH
during the year from Rs. 47,556 crores in the previous year and the number of CMS clients increased from 413 to 651
651 during the year.
'
413
Your Bank was authorised to handle government transactions from October, 2003 for collection of Central
Government taxes on behalf of Central Board of Direct Taxes and Central Board of Excise and Customs and also
177 -
handle the expenditure related payments of Central Government Ministries & Departments, and pension
36 -
payments on behalf of Civil and Non-Civil Ministries such as Defence, Posts, Telecom and Railways. 1 1 1 TK
-
No. of CMS clients
Your Bank was the first Private Sector Bank to be authorised for Collection of Commercial Taxes in the twin cities • 2000-01 • 2001-02 • 2002-03 "2003-04
of Hyderabad & Secunderabad in July 2001. Your Bank has now been empanelled by the Government of Gujarat
for collection of Sales Tax/Profession Tax in the State of Gujarat.
Your Bank handled Government Business in excess of Rs. 6,988 crores during the year under review.
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M A N A G E M E N T D I S C U S S I O N A N D A N A L Y S I S
MERCHANT BANKING
Your Bank's Merchant Banking Business encompasses investing and trading in corporate debt and equity, and provides a broad range of other fee based
products such as consultancy, placement & syndication, trusteeship services, capital restructuring, management of public and rights issue, depository
related services and capital market related services. Your Bank is also acting as a Global Advisor to State Governments/ Central Government for divestment
of their stake in some public sector undertakings. Investment and trading in corporate debt and equity shares have been highly profitable for your Bank.
The total syndication of debt arranged by your Bank for the year aggregated to Rs. 19,800 crores as compared to Rs. 8,176 crores in the previous year.
Your Bank has been ranked as No. 1 amongst the country's merchant bankers by Prime Database and Credence Database in respect of raising debt on
private placement basis. Your Bank also acts as Trustees to Debenture Holders for 170 corporates involving assets aggregating Rs. 63,585 crores as-
on 31st March-, 2004.
Your Bank has established itself in consulting and financial advisory services to the corporates including State as well as Central Government agencies
and undertakings. This business is expected to deepen further in the coming years.
RISK MANAGEMENT
Your Bank is exposed to specific risks such as credit risk, market risk and operational risk that are an integral part of banking. Delivery of superior
shareholder value depends on achieving an appropriate trade off between risks and returns. Risk management strategy is, therefore, based on a clear
understanding of various risks, disciplined risk assessment, and continuous monitoring. During the year, risk management practices in your Bank were
further strengthened.
For management of credit risk, the risk assessment procedures were made more rigorous by introducing uniformity in assessment standards. This,
coupled with objectivity in rating brought about an enhancement in the share of assets with higher rating in the overall credit portfolio. Sector specific
studies were conducted to gain more insight into the behaviour of industry segments, apart from conducting cluster studies at four locations to evaluate
potential and associated risks in financing units in those clusters. - . •
Advanced statistical measurement techniques were also introduced to assess and contain market risks emanating from changes in various contributors
such as intere'st rate, liquidity, volatility in foreign exchange market, change in valuation of-the derivative portfolio and movement in equity share prices.
The portfolio behaviour was monitored within various risk based parameters at pre-determined frequency to maintain integrity and reduce or eliminate
shocks. Your Bank also attempts to mitigate operational risk by maintaining a comprehensive system of internal controls, establishing systems and
procedures to monitor transactions, maintaining back up procedures and contingency planning.
INFORMATION TECHNOLOGY
Your Bank continues to leverage Information Technology as a strategic tool for business development and operations. The core IT infrastructure comprising
the network, data base, application servers and storage devices was upgraded during the year to cope with the increase in the number of offices and
transaction volumes as also to ensure its availability with acceptable response time. By providing adequate back up arrangements, the network-availability
was maintained at above 99 %.
Another major IT initiative undertaken during the year was implementation of transfer pricing and profitability modules of Oracle Financial Software
Application (OFSA) for analysis of profitability of products and strategic business units of the Bank.
For achieving greater operational efficiency and to add flexibility in product design, version upgrades were carried out in thexnre banking application
software. Cost reduction in the activities pertaining to account opening and mailing process was made possible by customisation of work flow in th'e-
core banking application software.
OPERATIONS
Your Bank formulated risk free and operationally feasible procedures for delivery of new products launched during 2003-04, apart from implementing
the Clean Note Policy of RBI across all branches as well as 'Know Your Customer' (KYC) guidelines and Anti Money Laundering guidelines in line with
internationally prevalent best practices. , .
Your Bank continued to pursue the policy of Business Process Re-engineering in order to maximize the time available for business development at
service outlets by centralizing all possible off-line transactions, setting up regional processing centres for activities which cannot be removed to one,
single back office location and outsourcing various activities from reliable external processing agencies which meet our risk standards. This resulted in
enlargement of the work handled by the Central Processing Unit and creation of regional units such as ATM Nodal Cells to service all the ATMs located
in a city. Service 'quality was kept in constant focus across all service outlets.
Central Processing Unit (CPU) is an integral part of your Bank's initiative to leverage technology, redefine business processes and deliver better quality
products to our customers in a cost-effective and efficient manner by harnessing various available technologies. It is a technology workshop and the
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backbone of the Bank, serving its branches and customers in a trend-setting manner in the banking industry. The activities of CPU encompass opening of
liability accounts for the branches as also a host of activities such as production and mailing of welcome kits to customers, personalised and non-
personalised cheque books, statement of accounts, IDS certificates, photo debit cards, etc. to help branches serve their customers better, and to enable
frontline staff to have more time for marketing and cross selling various products. During the year 2003-04, the CPU opened 8.87 lac accounts and issued
9.99 lac photo debit cards. Care has been taken in laying down control systems as also processes and monitoring the turn-around time of various
activities in the CPU for making its functioning defect free and efficient. The print shop at the CPU wherein two heavy duty MICR printers with a rated
capacity to print 360 pages a minute are installed, print on various types of stationery so that the deliverables for different segments of clients can be
varied and customized. The print shop printed 87 lac statements of accounts, 53 lac dividend and interest warrants for corporate clients and 14 lac
cheque books during 2003-04. The complete requirement of Security Stationery of your Bank is now printed by CPU. CPU is managing a 24-hour debit
card help line at Mumbai and New Delhi and this service will be extended to other major cities during the next financial year.
INSPECTION AND AUDIT
The Inspection and Audit Department of your Bank undertakes the internal inspection and audit of branches through in-house auditors as well as
through reputed Chartered Accountant firms. During the year, Risk Based Internal Audit (RBIA) and Information System Audit were introduced successfully
and 46% of the branches where inspection & audit was conducted were covered under RBIA model.
Apart from 22 large branches, centralised operations in respect of Foreign Exchange, Investment, Money Market and Merchant Banking were covered by
concurrent audit. These activities evaluate the adequacy of internal controls, adherence to operating guidelines, and regulatory and legal requirements,
as also proactively recommend improvements in operational processes and service quality.
HUMAN RESOURCES
Your Bank attaches the highest priority to the quality of intellectual capital at its disposal and believes that the knowledge and skill levels of its employees
are the key to achievement of its corporate mission. For this, your Bank relies upon a sound recruitment policy and a comprehensive training system.
The recruitment policy aims to access people who combine in them the experience of a banker and the skill INTELLECTUAL CAPITAL
sets of a marketing professional. Your Bank does not lose sight of this dual objective even as recruitment keeps Profile by Age
pace with the rapid expansion in the branch network. During the year, the staff strength rose by 1109 and
stood at 3447 as on 31st March, 2004. Apart from the manpower for branch operations, your Bank has also
been active in taking in personnel for specialised activities such as Treasury Operations, Corporate Banking,
Retail Banking and Merchant Banking, which have contributed significantly to the bottomline, as also for Risk
Management, Information Technology and Human Resources which are some of the important support
functions. 66.15%
• Above 40 yrs.-50 yrs.
In order to harness bright young managerial talent in the country, your Bank continues to recruit manpower
' Above 50 yrs.
from the elite business schools. With the right mix of the young and the experienced, the average age of • Below 30 yrs.
employees continues to be 31 years. • Above 30 yrs-40 yrs.
The training philosophy of your Bank aims at enriching the knowledge levels of its employees in all grades. In keeping with the increase in the number
of employees, the changing regulatory requirements, the diverse range of activities in your Bank and the inputs required for new recruits, the focus is to
ensure that the employees are equipped at all times to render quality customer service. The depth and breadth of training were improved and
fine-tuned during the year by introducing new programmes as well as adding new inputs to existing programmes.
INTELLECTUAL PROFILE
Apart from the regular programmes, your Bank has been conducting in-house programmes on domain skills in Profile by Qualification
the areas of Corporate Credit, Agricultural Financing, Priority Sector Lending and Retail Assets. To supplement
in-house training facilities, your Bank has also been regularly deputing its officers to participate in programmes
/ workshops / seminars on various specialized financial areas conducted by leading organisations.
Career progression in your Bank is based purely on merit, judged on well-defined performance parameters.
36%
Besides, the deserving are rewarded with performance-linked variable pay and stock options under the Employee
Stock Option Plan in addition to a market related compensation structure. The focus on human resources
• CA/ICWA/CS/CFAs
management as a key organisational activity has resulted in the creation of an exceptional pool of talent, as
• Engineers/Technical
also a performance oriented organisational culture and has enabled your Bank to capitalise on opportunities • Other Graduales/Post Graduates
• MB As
and deliver value to the stakeholders.
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keys: solutions, answers
Utility Bill Payments. Mobile Recharge, LIC Payments
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A U D I T O R S ' R E P O R T
To the Members of UTI Bank Limited
We have audited the attached Balance Sheet of UTI Bank Limited ('the Bank') as at 31 March 2004 and the Profit and Loss Account and the Cash
Flow Statement of the Bank for the year ended on that date, annexed thereto. . '
These financial statements are the responsibility of the Bank's management. Our responsibility is to express an opinion on these financial statements
based on our audit. . .
We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and performIhe
audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit includes examining, oh v
a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion. - ^
'5
The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with the provision of Section 29 of the Banking Regulation Act/ .
1949 read with Section 211 of the Companies Act, 1956.
We report thereon as follows:
• We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of the
audit and have found them to be satisfactory;
• The transactions of the Bank which have come to our notice have been within the powers of the Bank;
"• In our opinion, proper books of account as required by law have been kept by the Bank insofar as it appears from our examination of those
books,-
• Proper returns, adequate for the purpose of our audit, have been received from the Bank's branches,-
• The Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by. this report are in agreement with the books of account and
the branch returns,-
• In our opinion, the accompanying Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with
Accounting Standards referred to in sub-section 3(C) of Section 211 of the Companies Act, 1956, to the extent they are not inconsistent with the
accounting policies prescribed by the Reserve Bank of India.
• On the basis of the written representations received from the Directors as on 31 March, 2004 and taken on record by the Board of Directors, we
report that none of the Director is disqualified as on 31 March, 2004 from being appointed as a Director under Section 274 (1) (g) of the Companies
Act, 1956; and
• In our opinion, and to the best of our information and according to the explanations given to us, the said accounts give the information required
under the Companies Act, 1956 in the manner so required for banking companies and give a true and fair view:
i) in the case of the Balance Sheet, of the state of affairs of the Bank as at 31 March, 2004;
ii) in the case of the Profit and Loss Account of the profit of the Bank for the year ended on that date; and
iii) in case of the Cash Flow Statement of the cashflows for the year ended on that date.
For Bharat S Raut & Co.
Chartered Accountants
Akeel Master
Partner
t' Place: Mumbai Membership No.: 46768
; Date: 29 April, 2004
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satellite: network, connectivity
First bank to implement Finacle in India - a core banking
software that allows a fully integrated, centralised banking
architecture to offer banking services anywhere, anytime
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B A L A N C E S H E E T
BALANCE SHEET AS ON 31 ST MARCH, 2004
As on As on
31-03-2004 31-03-2003
CAPITAL AND LIABILITIES Schedule No. (Rs. in Thousands) (Rs. In Thousands)
Capital 1 2,315,806 2,301,856
.. Reserves & Surplus 2 9,048,401 6,879,248
Employees' Stock Options Outstanding (Net) 17(4.12) 16,310 8,209
Deposits 3 209,539,025 169,647,173
Borrowings 4 5,277,536 7,193,m
Other Liabilities and Provisions 5 15,304,591 10,102,188
TOTAL 241,501,669 196,131,790
ASSETS
Cash and Balances with
Reserve Bank of India 6 37,769,412 16,000,303
Balance with banks and money at call and short notice 7 18,862,705 19,696,774
Investments 8 77,927,567 78,410,249
Advances 9 93,629,450 71,799,203
Fixed Assets • 10. 4,351,550 3,055,086
Other Assets 11 8,960,985 7,170,175 •
TOTAL 241,501,669 196,131,790
j
Contingent Liabilities 12 374,396,689 130,680,798
Bills for Collection 19,158,144 10,724,512
Significant Accounting Policies and Notes to Accounts 17
Schedules referred to above form an integral part of the Balance Sheet
As per our report of even date For UTI BANK LTD.
For Bharat S Raut & Co.
Chartered Accountants P. J Nayak
Chairman & Managing Director
Akeel Master K. Narasimha Murthy M. Raghavendra N. C. Singhal
Partner Director Director Director
P. J. Oza Date : 29 April, 2004
Company Secretary Place: Mumbai
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2b
27
o P R O F I T & L O S S ACC O U NT
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MARCH, 2004
Year ended on Year ended on
'
(ii) - Money at Call and Short Notice
(a) With banks 3,139,210 4,342,450
(b) With other institutions . -,
TOTAL 18,116,077 19,091,830
II. Outside India
i) in Current Accounts 90,866 604,944
. ii) • in Other Deposit Accounts 655,762 -
'
iii) Money at Call & Short Notice -
TOTAL 746,628 604,944
GRAND TOTAL (Ml) 18,862,705 19,696,774
@ Includes deposits with NABARD Rs. 1,322.89 crores ( previous year Rs. 1,312.11 crores )
SCHEDULE 8 - INVESTMENTS
I. . Investments in India in -
(i) Government Securities ## ** 50,559,302 46,484,858
(ii) Other approved securities
(iii) Shares 1,898,316 2,046,709
(iv) Debentures and Bonds 25,390,515 29,604,322
(v) Others 299,500 435,723
(Mutual Fund units, CD / CP etc.)
Gross Investments in India 78,147,633 78,571,612
Less: Depreciation in the value of investments (220,066) (161,363)
(includes provision for Non Performing Investments
Rs. 3.04 crores, previous year Rs. 1.37 crores )
Net investments in India , 77,927,567 78,410,249
II. Investments outside India
Net investments outside India
GRAND TOTAL 77,927,567 78,410,249
## Includes securities costing Rs. 36.37 crores (previous year Rs. 19.71 crores) pledged for availment of fund transfer facility and margin
requirement
** Investments are shown net of year-end Repo Transaction-Current year Rs. 206.09 crores (previous year Rs. 374.35 crores) in line
with Reserve Bank of India requirements
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As on As on
31-03-2004 31-03-2003
(Rs. in Thousands) (Rs. in Thousands)
SCHEDULE 9 - ADVANCES
A. (i) Bills purchased and discounted # 2,585,004 2,098,827
(ii) Cash credits, overdrafts and loans repayable on demand 31,197,277 30,613,880
(iii) Term loans 59,847,169 39,086,496
TOTAL 93,629,450 71,799,203
B. (i) Secured by tangible assets $ 82,390,882 63,174,111
(il) Covered by Bank/Government Guarantees && 880,432 582,577
(iii) Unsecured 10,358,136 8,042,515
TOTAL 93,629,450 71,799,203
C. I. Advances in India . . . . . ' • ' ' .
(i) Priority Sectors 24,562,160 16,392,621
(ii) ' Public Sector . 144,997 1,114,675
(iii) Banks ' 2,484 . •, -
(iv) Others 68,919,809 54,291,907
TOTAL 93,629,450 ' 71,799,203
II. Advances Outside India
(i) Due from banks
(ii) -Due from others -
(a) Bills purchased and discounted
(b) Syndicate loans
(cl Others •
TOTAL - -
# Advances are net of Rs. 150.00 crores ( previous year Rs. 110.00 crores) of borrowings under the Bills Rediscounting Scheme.
$ Includes advances against book debts
&& Includes advances against L/Cs issued by Banks.
Advances are net of floating provision, which has been adjusted based on management estimate.
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S C H E D U L E S F O R M I N G P A R T O F T H E B A L A N C E S H E E T
As on AS on
31-03-2004 31-03-2003
(Rs. in Thousands) (Rs. in Thousands)
SCHEDULE 10 - FIXED ASSETS
I. Premises
At cost at the beginning of the year 86,543 85,771
Additions during the year 204,652 • 772
Deductions during the year
Depreciation to date (23,181) (13,826)
TOTAL 268,014 72,717
\
II. Other fixed assets (including Furniture & Fixtures)
At cost at the beginning of the year 3,521,516- ' 2,551,006
Additions during the year 1,434,654 . 1,018,732
Deductions during the year (45,958) (48,322)
Depreciation to date (1,683,662) (1,140,472)
TOTAL 3,226,550 2,380,944
III. Assets on Lease
At cost at the beginning of the year 459,000 459,000
Additions during the year 275,400
Deductions during the year
Depreciation to date . (139,641) (92,156)
TOTAL 594,759 366,844
4,089,323 2,820,505
IV. CAPITAL WORK-IN-PROGRESS (including Capital Advances) 262,227 234,581
GRAND TOTAL 4,351,550 3,055,086
SCHEDULE 11 - OTHER ASSETS
I Interest Accrued 2,108,526 2,086,608
II Tax paid in advance/ tax deducted at source (net of provisions) 824,120 548,462
III Stationery and stamps 6,502 6,164
IV Others 6,021,837 4,528,941
TOTAL 8,960,985 7,170,175
SCHEDULE 12 - CONTINGENT LIABILITIES
I. Claims against the bank not.acknowledged as debts 397,102 357,102'
II. Liability for partly paid investments . - -
III. Liability on account of outstanding forward exchange and derivative contracts
a) Forward Contracts 120,693,614 53,631,463
b) Interest Rate Swaps & Currency Swaps 225,050,016 58,128,400
c) Foreign Currency Options 477,317
TOTAL 346,220,947 111,759,863
IV. Guarantees given on behalf of constituents in India 12,222,351 . 9,837,299
V Acceptances and endorsements 15,346,689 8,717,034
VI Other items for which the bank is contingently liable 209,600 - ' 9,500
TOTAL 374,396,689 130,680,798
Compiled by : Asian CERC Information Technology Ltd.
SCHEDULES FORMING PART OF THE PROFIT & LOSS ACCOUNT
As on As on
31-03-2004 31-03-2003"
(Rs. in Thousands) (Rs. in Thousands)
SCHEDULE 13 - INTEREST EARNED
1. Interest/discount on advances/bills 7,675,222 7,361,388
II. Income on investments 6,389,016 5,762,333
III. Interest on balances with Reserve Bank of India
and other inter-bank funds 329,454 368,234
IV. Others 1,473,429 1,156,194
TOTAL 15,867,121 14,648,149
SCHEDULE 14 - OTHER INCOME
1. Commission, exchange and brokerage 1,824,081 1,437,667
II. Profit on sale of Investments/Derivative transaction (net) 3,208,373 2,461,388
III. Profit on exchange transactions (net) 275,804 166,708
IV. . Profit/(Loss) on sale of fixed assets (net) (14,943) (15,319)
V. Income earned by way of dividends etc. from
subsidiaries/companies and/or joint venture abroad/in India. -
VI. Lease rentals' 21,824 39,658
VII. Miscellaneous Income 86,317 14,596
(including recoveries on account of advances written off
in earlier years Rs. 7.19 crores, previous year Rs. 0.68 crores)
TOTAL 5,401,456 4,104,698
Compiled by : Asian CERC Information Technology Ltd.
SCHEDULES FORMING PART OF THE PROFIT & LOSS ACCOUNT
As on As on
31-03-2004 31-03-2003
(Rs. in Thousands) (Rs. In Thousands)
SCHEDULE 15 - INTEREST EXPENDED
1. Interest on deposits 9,344,138 10,569,245
II. Interest on Reserve Bank of India/lnter-bank borrowings 194,264 266,752
III. ' Others @ 676,085 588,127
TOTAL 10,214,487 11,424,124
@ Including Interest on repos & Subordinated debt
SCHEDULE 16 - OPERATING EXPENSES
I. Payments to and provisions for employees 1,212,500 852,287
II. Rent, taxes and lighting 657,976 485,117
III. Printing and stationery 158,698 130,618
IV. Advertisement and publicity 108,105 75,461
V. ' Depreciation on bank's property 618,889 489,141
VI. Directors' fees, allowance and expenses 3,154 2,411
VII. Auditors' fees and expenses 3,919 2,999
VIII. Law charges 22,035 27,264
IX. Postage, Telegrams, Telephones, etc. 230,351 187,921
X. Repairs and maintenance 467,086 315,437
XI. Insurance 115,413 92,062
. XII. Other Expenditure 593,929 567,789
TOTAL 4)192,055 3,228,507
Compiled by : Asian CERC Information Technology Ltd.
N O T E S T O A C C O U N T S
SCHEDULE 17
Significant accounting policies and notes forming part of the financial statements for the year ended 31 March, 2004
1 Background
UTI Bank Limited ('the Bank') was incorporated on 3 December, 1993 and provides a complete suite of corporate and retail banking products.
As at 31 March, 2004, the Bank has a network of 188 branches and 1244 ATMs.
2 . Basis of Preparation
The financial statements have been prepared and presented under the historical cost convention and on the accrual basis of accounting,
unless otherwise stated, and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India and conform to
the statutory requirements prescribed under the Banking Regulation Act, 1949, circulars issued by the Reserve Bank of India ('RBI') from lime
to time and current practices prevailing within the banking industry in India.
3 Use of Estimates
The preparation of the financial statements, in conformity with generally accepted accounting principles, requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the
financial statements. Actual results could differ from those estimates. Any revisions to financial estimates are recognised prospectively in the
financial statements when revised.
4 Significant Accounting Policies
4.1 Investments .
Classification
In accordance with the RBI guidelines, investments are classified at the date of purchase as:
• Held for Trading CHIT);
• Available for Sale CAPS'), and
• Held to Maturity ('HTM').
Investments that are held principally for resale within a short period are classified as HFT securities. As per RBI guidelines, HFT securities,
which remain unsold for a period of 90 days are reclassified as AFS securities as on that date.
Investments not exceeding 25% of total investments, which the Bank intends to hold till maturity, are classified as HTM securities. In computing
the investment ceiling for HTM portfolio for the aforesaid purpose, debentures and bonds, which are in the nature of advances are excluded.
All other investments are classified as AFS securities.
However, for disclosure in the balance sheet, investments are classified under five categories - Government securities, Other approved
securities, Shares, Debentures and Bonds and Others.
Transfer of security between categories
Transfer of security between categories of investments is accounted for at the acquisition cost/book value/market value on the date of
transfer, whichever is lower, and.the depreciation, if any, on such transfer is fully provided for.
Valuation
Investments classified under the HTM category are carried at acquisition cost. Any premium on acquisition over face value is amortized on
a straight-line basis over the remaining period to maturity.
Investments classified under the AFS and HFT category are marked to market.. Net depreciation, if any, within each category of investments
is recognised in the profit and loss account. The net appreciation, if any, under each classification is ignored.
Treasury Bills and Commercial Paper, being discounted instruments, are valued at carrying cost.
Market value of investments where current quotations are not available, is determined as per the norms laid down by the RBI as under:
• market value of unquoted Government securities is derived based on the Prices/Yield to Maturity CYTM') rate for Government securities of
equivalent maturity as notified by Fixed Income Money Market and Derivatives Association of India CFIMMDA');
• market value of unquoted State Government securities is derived by applying the YTM method by marking it up by 25 basis points above the
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N O T E S TO A C C O U N T S
yields of the Central Government Securities of equivalent maturity prescribed by the Primary Dealers Association of India CPDAI'l/FIMMD/1
periodically;
• in case of unquoted bonds, debentures and preference shares where interest/dividend is received regularly, the market price .Is derivec
based on the YTM for Government securities as prescribed by FIMAADA and suitably marked up for credit risk applicable to the credit rating ol
the instrument. The matrix for credit risk mark-up for various credit ratings, maturity and sector classification issued by FIMMDA is adopted foi
this purpose,- •
7
• • in case of preference shares where dividend is not received regularly, the price derived on the basis of YTM. is discounted in accordance
with the FIMMDA guidelines,-
• in case of bonds and debentures where interest is not received regularly, the valuation is in accordance with prudential norms for provisioning
as prescribed by RBI;
• equity shares, for which current quotations are not available or where the shares are not quoted on the stock exchanges, are valued 41
break-up value (without considering revaluation reserves, if any) which are ascertained from the company's latest balance sheet (which is not
more than one year prior to the date of valuation). In case the latest balance sheet is not available, the shares are valued at Re 1 per company;
a n d • • , . - . • . . . • . ; . . . , ' ' • • . - . ' ' . ' ' ' :
• units of mutual funds are valued at the latest repurchase price/net asset value declared by the mutual fund.
Investments sold op repurchase basis are excluded from the investment portfolio. However, depreciation in their value, if any, compared to
their original cost, is provided for.
4.2 Advances
Advances are classified into standard, sub-standard, doubtful and loss assets in accordance with the guidelines issued by the RBI and are
stated net of provisions made towards Non-Performing Advances CNPAs').
Effective 1 April, 2003, the Bank has adopted the 90 day norm (as prescribed by the Reserve Bank of India) for classifying advances as Non
Performing Assets, as compared to the 180 day norm used in the prior years.
Provision for NPAs (other than retail advances) comprising sub-standard, doubtful and loss assets is made in accordance with the RBI guidelines.
NPAs are identified by periodic appraisals of the loan portfolio by management.
Effective 1 April, 2003, in the case of retail advances, provisions are made upon reaching specified stages of delinquency (90 days or more of
delinquency) under each type of loan, which is more conservative than the RBI prudential norms on provisioning and used in the earlier
years. As a result of this change, the Bank has made additional provisions amounting to Rs. 5.32 crores during the year ended 31 March, 2004.
In addition to specific provisions made towards identified NPAs, the Bank also establishes a 'floating provision'. Floating provision is used to
set off specific provisions required to be made in accordance with the RBI prudential norms towards existing/future NPAs.
As per RBI guidelines, a general provision @ 0.25% is made on all standard assets. In addition, general provision is also made on retail
advances based on bucket-wise provisioning for delinquencies less than 90 days. These provisions are included in 'other liabilities'.
4.3 Foreign Currency Transactions
Transactions denominated in foreign currencies are accounted for at the rates prevailing on the date of the transaction, except for interest
income and interest expense on foreign currency asset/liabilities, which are translated at exchange rates prevailing at the month end.
Foreign currency assets and liabilities are translated at the balance sheet date at rates notified by Foreign Exchange Dealers Association of
India ('FEDAD. All profits/losses resulting from year-end revaluations are included in the Profit and Loss account.
Outstanding forward exchange contracts (excluding currency swaps undertaken to hedge Foreign Currency Non-Resident CFCNR') deposits
which are not revalued) and spot exchange contracts are revalued at year end exchange rates notified by FEDAI. The resulting gains or losses
on revaluation are included in the Profit and Loss account in accordance with RBI/FEDAI guidelines.
Premium/discount on currency swaps undertaken to hedge FCNR deposits is recognised as interest income/expense and is amortized on a,
straight-line basis over the underlying swap period.
Outstanding foreign exchange contracts at balance sheet date are disclosed as contingent liabilities at contracted rates.
Derivative Transactions
Derivative transactions comprise interest rate swaps and options. Interest rate swaps and options are disclosed as off balance sheet exposures.
Compiled by : Asian CERC Information Technology Ltd.
i
The swaps/options are bifurcated as trading or hedge transaction. Trading swaps/options are revalued at the balance sheet date with the
resulting unrealized gain/loss being recognised in the Profit and Loss account and is included in 'other assets' or 'other liabilities'. Hedged
swaps/options are accounted for on an accrual basis.
4.5 Revenue Recognition
Income is accounted on an accrual basis except as stated below:
• Interest income on NPAs is recognised on receipt.
• Fees, commission and exchange income are recognised on receipt basis except in cases where income is greater than 1% of the total
income of the Bank if the income is recognised on a gross basis, or 1% of the net profit (before taxes) if the income is recognised net of costs.
Commission income on deferred payment guarantees, is recognised pro-rata over the period of the guarantee.
Premium paid on loans acquired under Deeds of Assignment is amortized over the residual term of loans based on the interest rate implicit•'
in the terms of assignment.
Gain/loss on sell down of loans is recognised at the time of sale.
Realised gains on investments under HTM category are recognised in the Profit and Loss account and subsequently appropriated to capital
reserve account in accordance with RBI guidelines.
4.6 Fixed Assets and Depreciation
Fixed assets are carried at cost of acquisition less accumulated depreciation. Cost includes freight, duties, taxes and incidental expenses
related to the acquisition and installation of the asset.
Capital work-in-progress includes cost of fixed assets that are not ready for their intended use and also includes advances paid to acquire fixed
assets.
Depreciation (including on assets given_on operating lease) is provided on the straight-line method from the date of addition. The rates of
depreciation prescribed in Schedule XIV to the Companies Act, 1956 are considered as the minimum rates. If the management's estimate of
the useful life of a fixed asset at the time of acquisition of the asset or of the remaining useful life on a subsequent review is shorter, then
depreciation is provided at a higher rate based on management's estimate of the useful life/remaining useful life. Pursuant to'this policy,
depreciation has been provided using the following estimated useful lives: . -
Asset Estimated Useful Life
Owned premises 20 years
Computer hardware 3 years
Application software ' 6.16 years
Vehicles • 4 years
EPABX, Telephone instruments 8 years
Mobile phone 2 years
Locker cabinets/Cash safe/Strong room door . 16 years
Assets at residence of staff 5 years
All other fixed assets . 10 years
All fixed assets individually costing less than Rs. 5,000 are fully depreciated in the year of installation.
Depreciation on assets sold during the year is charged on a pro-rata basis to the Profit and Loss account till the month of sale.
Management periodically identifies assets which have outlived their utility. Such assets are retired from use and written off to the Profit and
Loss account.
The Bank has in the current year re-evaluated the estimated useful life of Computer hardware from 6.16 years to 3 years for assets purchased
before 1 April, 2000 and thereby recorded an excess depreciation charge of Rs. 1.11 crores during the year ended 31 March, 2004.
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N O T E S T O A C C O U N T S
4.7 Lease Transactions
Assets given on operating lease are capitalized at cost. Rentals received by the Bank are recognised in the Profit and Loss account when due.
Lease payments for assets taken on operating lease are recognised as an expense in the Profit and Loss account on a straight-line basis over
the lease term.
4.8 Staff Retirement Benefits
/. . Contributions payable to the recognised provident fund, which is a defined contribution scheme, are charged to the Profit and Loss account.
The Bank contributes towards gratuity fund (defined benefit retirement plans) administered by the Life Insurance Corporation of India CLIC)
for eligible employees. Liability with regard to gratuity fund is accrued and actuarially determined by the LIC.
Provision for leave encashment benefit is made based on an actuarial valuation.
Employees of the Bank are entitled to receive retirement benefits under the Bank's Superannuation scheme. Superannuation is a defined
contribution plan under which the Bank contributes annually a specified sum of 10% of the employee's eligible annual basic salary to LIC,
which undertakes to pay the lumpsum and annuity benefit payments pursuant to the scheme. Superannuation contributions are charged to
the Profit and Loss account in the period in which they accrue. .- .
4.9 Taxation
Income tax comprises the current tax (i.e. amount of tax for the period determined in accordance with the Income Tax Act, 1961 and the rules
framed thereunder) and the deferred tax charge or credit reflecting the tax effects of timing differences between accounting income and
taxable income for the period. i
The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been
enacted or substantially enacted by the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty
that the assets can be realised in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws,
deferred tax assets are recognised only if there is virtual certainty of realisation of such assets.
Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/
virtually certain to be realised.
4.10 Share Issue Expenses
Share Issue expenses are adjusted from share premium account.
4.11 Earnings Per Share
The Bank reports basic and diluted earnings per share in accordance with Accounting Standard-20, Earnings Per Share. Basic earnings per
share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding for the period.
Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue equity shares were exercised
or converted during the period. Diluted earnings per share is computed using the weighted average number of equity shares and dilutive
potential equity shares outstanding during the period.
4.12 Employee Stock Option Scheme
The 2000 Employee Stock Option Scheme ('Scheme') provides for grant of stock options on equity shares of the Bank to employees and
Directors of the Bank. The Scheme is in accordance with the Securities and Exchange Board of India (Employees Stock Option Scheme.and
Employee Stock Purchase Scheme) Guidelines, 1999. Options are granted at an exercise price, which is equal to/less than the fair market price
of the underlying equity shares. The excess of such fair market price over the exercise price of the options as at the grant date is recognised
as a deferred compensation cost and amortized on a straight-line basis over the vesting period of such options.
S
For options granted before 30 June, 2003, fair market price is the closing price of the Bank's equity share in the stock exchange where the
trading volume is the highest on the grant date. For options granted after 30 June, 2003, fair market price is the average of the two week high
and low price of the share preceding the date of grant of option on the stock exchange on which the shares of the company are listed.
4.13 Contingencies
Loss contingencies arising from claims, litigation, assessment, fines, penalties etc. are recorded when it is probable that a liability has been
incurred and the amount can be reasonably estimated.
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5 NOTES TO ACCOUNTS
5.1 Statutory disclosures as per RBI
5.1.1 'Provisions and contingencies' debited to the Profit and Loss Account include:
(Rs. in crores)
For the year ended 31 March, 2004 31 March, 2003
Provision for income tax
- Current tax for the year -177.31 . 107.03
- For earlier years 0.26 , 7.07
- Deferred tax for the year (26.47) . 0.10.
- for earlier years - (5.18)
151.10 109.02
Provision for wealth tax 0.21 . 0.09
Provision for Non-performing advances & investments, " 243.56 ' 89.98
(including bad debts written off and net of recoveries)
Provision towards standard assets 8.82 . 4.60
Provision towards advances that are irregular for more than 90 days but less than 180 days - . ' . 8.88
Provision for depreciation in value of investments 4.20 5.27
_ _ _ _ _ _ _ _ _. „ _j* _ ,_
TOTAL 407.89 217.84
5.1.2 The key business ratios and other information is set out below:
As at 31 March, 2004 31 March, 2003
Interest income as a percentage to working funds 8.08
(working funds represent average total assets)
Non-interest income as a percentage to working funds / 2.75 2.50
Operating profit as a percentage to working funds 3.49 2.50
Return on assets 1.42 1.17
Business (deposits less inter-bank deposits plus advances) per employee" Rs. 8.08 crores Rs. 9.26 crores
Profit per employee" Rs. 8.07 lacs Rs. 8.22 lacs
Net Non-performing assets as a percentage of customer assets * 1.03 1.92
Net Non-performing assets as a percentage of net advances 1.29 2.39
* Customer assets include advances and credit substitutes.
"Productivity ratios are based on 'year end employee numbers.
5.1.3 Movement in Non-performing assets during the year ended 31 March, 2004 is set out below:
(Rs. in crores)
Gross Net
Opening balance as on 01 April, 2003 228.93 162.01
Additions during the year 240.88 (2.47)
Reductions (including write-offs) during the year (195.09) (47.33)
Closing balance as on 31 March, 2004 274.72 '112.21
Compiled by : Asian CERC Information Technology Ltd.
NOTES TO AC BMiMM
5.1.4 Movement in provisions during the year ended 31 March, 2004 is set out below:
(Rs. in croresf
Advances Investments
Opening balance as on 01 April, 2003 66.92 1.37
Additions during the year 243.35 16.67
Recoveries/write-offs/write backs during the year (147.76) : ' (15.00)
7
• Closing balance as on 31 March, 2004 162.51 3:04
5.1.5 Movement in non-performing non SLR investments is set out below:
(Rs. in crores)
For the year ended 31 March, 2004 31 March, 2003
_ •-,
Opening balance as on 01 April, 2003 13.67
Additions during the year 15.00, 15.17
Write off during the year (15.00) (1,50)
Closing balance as on 31 March, 2004 13.67 13.67'
. Total provisions held 3.04 1.37
5.1.6 A summary of lending to sensitive sectors as defined by the Reserve Bank of India from time to time is set out below:
(Rs. in crores)
As at 31 March, 2004 31 March, 2003
A. Advances to capital market sector
1. Individuals 5.83 6."02
2. Share and stock brokers 35.21 44.20
3. Market makers
4. All other advances against security of shares 89.20 92.61
Total advances against security/collateral of shares (Total of 1 to 4) 130.24 142.83
B. Advances to real estate sector
1. Commercial property 22.63 14.52
2. Land and buildings developers 96.16 55.66
3. Mortgages other than individual housing loans • 0.73 1.20
4. Others .. . 61.85 0.12
Total exposure to the real estate sector (Total of 1 to 4) 181.37 71.50
C. Advances to commodities sector
1. Cash crops . 0.89 . 14.43
2. Edible oils 45.96 14.15
3. Agricultural produce 235.68 85.53
4. Other sensitive commodities • • 74.74 65.67
Total exposure to commodities sector (Total of 1 to 4) 357.27 179.78
TotalofA, B & C 668.88 394.11
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5.1.7 The amount outstanding as on 31 March, 2004 in respect of loan assets subjected to restructuring during the year is Rs. 65.50 crores (previous
year Rs. 75.68 crores) in relation to standard assets and Nil (previous year Nil) in respect of substandard assets.
5.1.8 The details of accounts restructured under Corporate Debt Restructuring CCDR') are given below:
• Total amount of loan assets subjected to restructuring under CDR: Rs. 27.13 crores
• The amount of standard assets subjected to CDR: Rs. 27.13 crores
• The amount of sub standard assets subjected to CDR: Nil
• The amount of doubtful assets subjected to CDR: Nil
5.1.9 Details of financing of equities and investments in shares is set out below:
(Rs. in crores)
Category 31 March, 2004 31 March, 2003
\
Equity shares 81.12 64.66 •'
:
Convertible bonds and debentures " ' - '
Preference shares 108.70 . . 140.01
Equity linked units 27.40 18.57
Advance against shares 0.08 0.18
TOTAL 217.30 223.42
5.1.10 Details of issuer composition of non-SLR investments is set out below: , ,
Issuer Total Amount Extent of private Extent of unrated
placement private placement
(Rs. in crores) (%) of Total Amount (%) of private placement
Public sector units 715.55 74.77 3.94
Financial Institutions 559.76 ' 87.68 -
Banks 50.13 69.81 57.14
Private corporates 1,402.49 75.52 29.23
Others 30.90 3.01
TOTAL 2,758.83
5.1.11 Details of securities sold/ purchased under repos/reverse repos:
(Rs. in crores)
Minimum Maximum Daily Average As on
outstanding during outstanding during outstanding during 31 March, 2004
the year the year the year
Securities sold under repos 19.65 556.37 123.39 206.09
'
Securities purchased under reverse repos 14.92 735.00 48.97
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N O T E S TO A C C O U N T S
5.1.12 A maturity profile of assets and liabilities at 31 March, 2004 is set out below:
(Rs. in crores)
1 to 15 to 29 days Over 3 Over 6 Over 1 Over 3 Over 5 Total
14 days 28 days and up to months and months and year and years and years
3 months up to 6 up to 1 year up to 3 up to 5
months years years
Liabilities
Deposits 2,458.76 806.83 1,862.81 2,868.11 3,793.86 6,002.25 2,531.64 629.64 20,953.90
Borrowings .3.22 17.49 21.86 88.96 81.52 45.42 221.48 47.80 527.75
Assets
Investments 1,431.07 1,017.42 1,100.04 699.53 1,001.24 1,599.02 . 365.52 578.92 7,792.76
Advances 445.25 177.09 261.15 551.54 1,362.57 2,940.34 2,329.16 1,295.85 9,362.95
Cash/ Bank balances 2,931.19 193.14 183.31 147.30 186.53 754.65 932.71 334.38 5,663.21
Classification of assets and liabilities under the different maturity buckets are compiled by management based on the guidelines issued by the RBI
and are.based on the same estimates and assumptions as used by the Bank for compiling the return submitted to the RBI.
5.1.13 A maturity profile offoreign currency assets and liabilities (excluding forward contracts) at 31 March, 2004 is set out below:
(Rs. in crores)
1 to 15 to 29 days Over 3 Over 6 Over 1 Over 3 Over 5 Total
14 days 28 days and up to months and months and year and years and years
3 months up to 6 up to 1 year up to 3 up to 5
months years years
Assets 530.30 21.07 56.39 84.41 125.54 279.38 1097.09
Liabilities 730.19 65.77 81.23 102.31 57.94 89.03 93.31 1.95 1221.73
Compiled by : Asian CERC Information Technology Ltd.
5.1.14 Disclosure in respect of Interest Rate Swaps (IRS) & Cross Currency Swaps (CCS) outstanding at 31 March, 2004 is set out below:
Nature Nos. Notional Principal . Benchmark Terms
(Rs. in crores) •
Rupee IRS
Hedge Swaps 3 115.00 NSEMIBOR Fixed receivable v/s floating payable
Hedge Swaps 5 125.00 NSE MIBOR Fixed payable v/s floating receivable
Hedge Swaps 1 25.00 MIFOR Fixed receivable v/s floating payable
Hedge Swaps 8 220.68 MIFOR Fixed payable v/s floating receivable
Hedge Swaps 2 50.00 INBMK Fixed receivable v/s floating payable
Trading Swaps 124 3,100.00 NSE MIBOR Fixed receivable v/s floating payable
Trading Swaps 113 2,900.00 NSE MIBOR . Fixed payable v/s floating receivable '
Trading Swaps 307 7,660.00 MIFOR Fixed receivable v/s floating payable
Trading Swaps 298 7,510.00 MIFOR Fixed payable v/s floating receivable
Trading Swaps 1 25.00 MITOR Fixed receivable v/s floating payable
Trading Swaps 3 65.00 MITOR Fixed payable v/s floating receivable
Trading Swaps 1 25.00 QUANTO Fixed receivable v/s floating payable
Trading Swaps 1 25.00 QUANTO Fixed payable v/s floating receivable
Trading Swaps 2 45.00 INBMK Fixed receivable v/s floating payable
Trading Swaps 3 72.84 FRA Fixed receivable v/s floating payable
Trading Swaps 1 . 22.66 FRA Fixed payable v/s floating receivable
Cross Currency IRS
Trading Swaps 10 139.42 LIBOR Fixed receivable v/s floating payable
Trading Swaps 13 257.36 LIBOR Fixed Payable v/s floating receivable
Trading Swaps 2 41.70 LIBOR Floating receivable v/s floating payable
Trading Swaps 8 50.24 PRINCIPAL ONLY Fixed Payable
Trading Swaps ''5 30.10 PRINCIPAL ONLY Fixed Receivable
As at 31 March, 2004, the Bank could incur a potential loss of Rs. 182.48 crores and Rs. 11.45 crores (previous year Rs. 20.83 crores and Rs. 9.52
crores), in case the counter parties fail to fulfill their obligations under the IRS contracts and the CCS Contracts respectively.
As at 31 March, 2004, the exposure on IRS contracts is spread over various industries. However, based on the notional principal amount, the
maximum single industry exposure is with Banks at 79.88 % (previous year 94.5%).
As at 31 March, 2004, the exposure on CCS contracts is spread over various industries. However, based on the notional principal amount, the
maximum single industry exposure is with Banks at 52.61% (previous year 48.54%).
:
The fair value of IRS contracts as _at 31 March, 2004 is a loss of Rs. 2.71 crores (previous year gain of Rs. 2.58 crores) and of CCS contracts as at
31 March, 2004 is a loss of Rs. 4.37 crores (previous year Nil), which represents the net mark to market amount of the IRS contracts and CCS-
contracts respectively.
The Bank has not taken any collateral from counter parties of IRS contracts.
In case of one basis point change in the interest rates, there will be a negative impact of Rs. 0.08 crores (Rs. 0.66 crores in previous year) in the
case of Rupee IRS.
Agreements with Banks/Financial Institutions and corporates are under approved credit lines.
5.1.15 As the Bank has no net funded exposure in a foreign country, which is more than 2% or more of its total assets as at 31 March, 2004, no provision
has been made for country risk.
Compiled by : Asian CERC Information Technology Ltd.
N O T E S TO A C C O U N T S m
5.1.16 The capital adequacy ratio of the Bank, calculated as per RBI guidelines is set out below:
(Rs. in crores)*
As at 31 March, 2004 31 March, 2003
Capital adequacy
Tier I 912.03 789.37
Tier II 675.17 " 546.14
Total capital 1,587.20 . ' , 1,335.51
Total risk weighted assets and contingents 14,164.50 12,251.91 '
Capital ratios
Tier I 6.44% 6.44%
Tier 1 1 4.77% 4.46% \
Total capital 11.21%, 10.90%
5.1.17 Subordinated debt outstanding as at 31 March, 2004 is a long term unsecured non-convertible debt aggregating Rs. 638.60 crores (previous year
Rs. 488.60 crores). This debt is subordinate to present and future indebtedness of the Bank and qualifies as Tier II risk based capital under RBfs
. guidelines for assessing capital adequacy. .
During the year, the Bank has raised subordinated debt of Rs. 150.00 crores as set out below:
Date of allotment Period Coupon Amount
26 July, 2003 69 months 6.50% Rs. 30.00 crores
93 months 6.70% Rs. 5.00 crores
117 months 7.00% Rs. 65.00 crores
15 January, 2004 117 months 6.50% , Rs. 50.00 crores
5.2 Other disclosures
5.2.1 At 31 March, 2004, the Bank holds a 'floating provision' of Rs. 89.15 crores (previous year Rs. 8.71 acre's). In addition, the Bank has also made a
'general provision' of Rs. 3.24 crores (previous year Nil), based on bucket-wise provisioning for delinquencies less than 90 days for retail loans,
which is'in excess of RBI guidelfhes.
5.2.2 During the year securities aggregating Rs. 714.56 crores were transferred from the HTM portfolio to the AFS/HFT portfolio after ALCO approval as
a one time exercise in accordance with RBI guidelines.
5.2.3 During the year, the Bank has appropriated Rs. 13.79 crores (previous year Rs. 0.60 crores) to Capital Reserve, being -the gain on sale of HTM
investments in accordance with RBI guidelines.
5.2.4 The Bank currently carries an Investment Fluctuation Reserve of Rs. 192.81 crores, which is 3% of the investment portfolio, excluding HTM
investments. The Bank views this holding to be more than adequate.
, 5.2.5 Earnings Per Share ('EPS')
The details of EPS computation is set out below:
As at 31 March, 2004 31 March, 2003
Earnings for the year (Rs. in crores) 278.31 . 192.18
Basic weighted average no. of shares (in crores) 23.07 19.22
Basic EPS (Rs.) 12.06 . ' 10.00
Diluted weighted average no. of shares (in crores) 23.35 , 19.27 ,
Diluted EPS (Rs.) 11.92 9.97 '
Nominal value of shares - Basic (Rs. in crores) 231.58 230.19
Nominal value of shares - Diluted (Rs. in crores) 234.31 230.66
Dilution of equity is on account of 2,732,187 stock options (previous year 469,550).
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5.2.6 Employee Stock Options Scheme ('the Scheme')
In February 2001, pursuant to the approval of the shareholders at the Extraordinary General Meeting, the Bank approved an Employee Stock
Option Scheme. Under the Scheme, the Bank is authorized to issue up to 13,000,000 equity shares to eligible employees. Eligible employees
are granted an option to purchase shares subject to vesting conditions. The options vest in a graded manner over 3 years. The options can be
exercised within 10 years from the date of the grant.
3,077,500 options have been granted under the Scheme till the previous year ended 31 March, 2003. On 6 May, 2003, the Bank granted
• 2,774,450 stock options (each option representing entitlement to one equity share of the Bank) to its employees and the Chairman & Managing
Director. These options can be exercised at a price of Rs. 39.77 per option. The closing market price of the underlying equity shares on the
date of the grant was Rs. 46.95.
The Bank has not recorded any compensation cost on options granted during the year ended 31 March 2001 as the exercise price was more
than the quoted market price of underlying equity shares on the grant date. .
The Bank recorded a compensation cost of Rs. 1.39 crores on options granted during the year ended 31 March 2002 and Rs. 1.99 crores on
options granted during the year ended 31 March, 2004, based on the excess of the quoted market price of the underlying equity shares as of
the date of the grant over the exercise price. The compensation cost is amortized over the vesting period.
Compensation expense for all the grants under the Scheme for the year ended 31 March, 2004 is Rs. 1.35 crores (previous year Rs. 0.76 crores).
Stock option activity under the Scheme is set out below:
As at 31 March, 2004 31 March, 2003
Stock options outstanding at the beginning of the year 2,789,310 2,870,635
Granted during the year 2,774,450 .'
Forfeited during the year 176,090 71,450
Exercised during the year 1,394,991 9,875
Stock options outstanding at the end of the year 3',992,679 2,789,310
5.2.7 Dividend paid on shares issued on exercise of stock options
The Bank may allot shares between the balance sheet date and record date for the declaration of dividend pursuant to any exercise of any
employee stock options. These shares will be eligible for full dividend for the year ended 31 March, 2004, if approved at the ensuing Annual
General Meeting. Dividend pertaining to these shares has not been recorded in the current year.
5.2.8 Segmental reporting
The Bank operates in three segments: corporate banking, retail banking and treasury services. These segments have been identified and
reported taking into account the nature and risk profile of products and services, the target customer profile, the organisation structure and
the internal reporting systems of the Bank.
The corporate banking segment provides loans and transaction services to corporate and institutional customers. Revenues of the corporate
banking segment consist of interest and fees earned on loans given to corporate customers, investment income from commercial paper,:
debenture and bonds, interest earned on cash float and fees arising from transaction services and fees from merchant banking activities such
as syndication and debenture trusteeship. The principal expenses of the segment consist of interest expense on funds borrowed from
external sources and other internal segments, premises expenses, personnel costs, other direct overheads and allocated expenses.
The retail banking segment serves retail customers through branch networks and other delivery channels. This segment raises deposits from
customers and provides loans and advisory services to such customers. Revenues of the retail banking segment are derived from interest
earned on retail loans, fees for banking and advisory services, ATM interchange fees and interest earned from other segments for surplus
funds placed with those segments. Expenses of this segment primarily comprise interest expense on deposits, infrastructure and premises
expenses for operating the branch network and other delivery channels, personnel costs, other direct overheads and allocated expenses.
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N O T E S
The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives
trading. Revenues of the treasury services segment primarily consist of fees and gains or losses from trading operations and income on the
Investment portfolio.
Segment revenue includes earnings from external customers plus earnings from funds transferred to the other segments.
Segment result includes revenue less interest expense less operating expenses and provisions, if any, for that segment.
Segment-wise income and expenses include certain allocations. Inter-segment revenue represents the transfer price paid by the Central Funding
Unit (CPU) to the deposit mobilizing segments and the price paid by the lending/investing segments to the CPU. For this purpose, the funds
transfer pricing mechanism presently followed by the Bank, which is based on cost of funds and spreads, has been used.
Certain expenses are not specifically allocable to specific segments as the underlying services are used interchangeably. Therefore, the Bank
has allocated these expenses to various segments on the basis of operating revenue generated by that segment.
Since the business operations of the Bank are concentrated in India, the Bank is considered to operate only in the domestic segment,
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Segmental results are set out below:
(Rs. In crores}
31 March, 2004
Corporate Retail Treasury Unallocated Total
Banking Banking
Segment revenue
Gross interest income (external customers) 878.42 158.13 550.16 1,586.71
Other income 285.11 35.59 218.41 1.04 540.15
Total Income as per Profit and Loss account 1,163.53 193.72 768.57 1.04 2,126.86
Add/dess) inter segment interest income 783.58 633.73 936.87 . - 2,354.18.
Total segment income 1,947.11 827.45 1,705.44 1.04 4,481.04
Less: Interest expense (external customers) 615.60 318.82 87.03 1,021.45
Less: Inter segment interest expenses 796.37 140.49 1,417.32 2,354.18
Less: Operating expense 124.28 256.90 37.84 0.19 419.21
Less: Provisions for non performing assets/Others 242.18 14.40 - 0.21 256.79
Segment result 168.68 96.84 163.25 0.64 429.41
Segment assets 11,370.87 2,051.79 9,396.25 1,331.25 24,150.16
Segment liabilities 14,774.91 6,178.99 1,166.35 891.86 23,012.11
Net assets (3,404.04) (4,127.20) 8,229.90 439.39 1,138.05
Fixed assets additions during the year - - - 191.48 ' 191.48
Depreciation on fixed assets during the year - - 61.89 61.89
(Rs. in crores)
31 March, 2003
Corporate Retail Treasury Unallocated Total
Banking Banking
Segment revenue
Gross interest income (external customers) 899.90 76.33 488.58 -•' 1,464.81
Other income 235.39 19.36 155.96 (0.24) . 410.47
Total Income as per Profit and Loss account 1,135.29 95.69 644.54 (0.24) 1,875.28
Add/dess) Inter segment interest income 814.77 540.90 873.33 2,229.00'
Total segment income 1,950.06 636.59 1,517.87 (0.24) 4,104.28
Less: Interest expense (external customers) 703.92 353.00 85.49 1,142.41
Less: Inter segment interest expenses 807.91 65.41 1,355.68 - '. 2,229.00
Less: Operating expense 130.45 176.12 16.28 - .- 322.85
Less: Provisions for non performing assets/Others 106.71 2.02 - 108.73 •
Segment result 201.07 40.04 60.42 (0.24) 301.29
Segment assets 10,590.12 1,094.44 6,906.09 1,022.53 19,613.18
Segment liabilities 12,023.77 4,940.95 1,207.91 521.62 18,694.25
Net assets (1,433.65) (3,846.51) 5,698.18 500.91 918.93
Fixed assets additions during the year - - 101.95 101.95
Depreciation on fixed assets during the year - - • 48.9T 48.91
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N O T E S T O A C C O U N T S
5.2.9 Related party disclosure
The related parties of the Bank are broadly classified as:
* a) Promoter
Administrator of the Specified Undertaking of the Unit Trust of India (UTI-1)
b) Key Management Personnel
' Dr. P. J. Nayak (Chairman & Managing Director). •-. -.
/ . ' Based on RBI guidelines, details of transactions with related parties are not disclosed since there is only one entity/party in each
related party category.
5.2.10 Leases
Disclosure In respect of assets given on operating lease
Operating lease comprises leasing of power generation equipments.
(Rs. in crores)
Gross carrying amount 73.44
Accumulated depreciation as on 31 March, 2004 .13.95
Accumulated impairment losses as on 31 March, 2004 -
Depreciation for the year ended 31 March, 2004 4.75
Impairment losses for the year ended 31 March, 2004
Future lease rentals receivable as on 31 March, 2004:
- Not later than 31 March, 2005 6.99
- Between 01 April, 2005 to 31 March, 2010 34.951
- After 31 March, 2010 ; : , ' 14.75
There are no provisions relating to contingent rent.
The terms of renewal/purchase options and escalation clauses are those normally prevalent in similar agreements.
Disclosure in respect of assets taken on operating lease
Operating lease comprises leasing of office premises, staff quarters and electronic data capturing machines.
(Rs. in crores)
Future lease rentals payable as on 31 March, 2004:
- Not later than 31 March, 2005 28.02
- Between 01 April, 2005 to 31 March, 2010 91.52
- After 31 March. 2010 58.35
The total of minimum lease payments recognised in the Profit and Loss Account for the year . 26.27
The Bank has not sub-leased any of the above assets taken on lease.
There are no provisions relating to contingent rent.
The terms of renewal/purchase options and escalation clauses are those normally prevalent in similar agreements.
There are no undue restrictions or onerous clauses in the agreements.
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5.2.11 Income taxes
The income tax expense comprises:
(Rs. in crores)
As at 31 March, 2004 31 March, 2003
Current income tax expenses 177.57 114.10
Deferred income tax expense/ibenefit) (26.47) ' (5.08)
151.10 . , 109.02
The major components of deferred tax assets and deferred tax liabilities arising out of timing differences are as under:
(Rs. in crores)
As at 31 March, 2004 31 March, 2003
Deferred tax assets on account of provisions for doubtful debts 63.59 35.99 -,
Deferred tax liabilities on account of depreciation on fixed assets (42.49) - (35.53)
Other deferred tax assets 12.11 6.27
Net deferred tax asset/diability) 33.21 • . 6.73 :
In computing the amount of permanent difference for reckoning tax provisions, the disallowance of interest expenditure u/s. 14A of the
Income Tax Act, 1961 has been arrived at having regard to the statutory restrictions on deployment of resources raised, their cost and their
maturity.
5.2.12 As per the circular issued by the Ministry of Law in April 2002, banking companies are not required to create Debenture Redemption Reserve"
under section 117C of the Companies Act, 1956 in respect of debentures issued by them. Accordingly in the previous year the amounts'
created in the earlier years have been transferred to General Reserve.
5.2.13 Previous year figures have been regrouped and reclassified, where necessary, to conform to current year's presentation.
For UTI BANK LIMITED
P.J. Nayak
Chairman & Managing Director
K. Narasimha Murthy
M. Raghavendra
IM. C. Singhal
P. J. Oza Date: 29 April, 2004 Directors
Company Secretary Place: Mumbai
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A N N E X U R E T O D I R E C T O R S ' R E P O R T
AUDITORS' CERTIFICATE ON CORPORATE GOVERNANCE
To the Members of UTI Bank Limited
We have examined the compliance of conditions of Corporate Governance by UTI Bank Limited ('the Bank'), for the year ended 31 March, 2004, as
stipulated in clause 49 of the Listing Agreement of the Bank with the Stock Exchange, Mumbai, the Ahmedabad Stock Exchange and the National
Stock Exchange.
The compliance of conditions of Corporate Governance is the responsibility of the Bank's management. Our examination was limited to procedures
and implementation thereof, adopted by the Bank for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor
an expression of opinion on the financial statements of the Bank.
.yv • / • . •
In our opinion and to the best of our information and according to the explanations given to us and the representations made by the management;
we certify that the Bank has complied with the conditions of Corporate Governance as stipulated in the above-mentioned Listing Agreement.
We state that no investor grievances are pending for a period exceeding one month against the Bankas per the records maintained by the Shareholders/
Investors Grievance Committee and certificate given by the Registrar and Transfer Agents of the Bank.
We further state that such compliance is neither an assurance as to the future viability of the Bank nor the efficiency or effectiveness with which the
management has conducted the affairs of the Bank.
For Bharat S Raut & Co.
Chartered Accountants
Akeel Master
• Partner
Membership No.: 46768
Place: Mumbai
Date: 29 April, 2004
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CORPORATE GOVERNANCE
(Forming part of the Directors' Report for the period ended 31 st March, 2004)
1. Philosophy on code of governance :
Your Bank's policy on Corporate Governance has been
, I. _ To enhance the long term interest of its shareholders and to provide good management, the adoption of prudent risk management techniques
and compliance with the required standards of capital adequacy, thereby safeguarding the interest of its other stakeholders such as creditors,
customers, suppliers and employees.
II. To identify and recognise the Board of Directors and the Management of your Bank as the principal instruments through which good corporate
governance principles are articulated and implemented. Further, to identify and recognise accountability, transparency and equality of treatment1
\
for all stakeholders, as central tenets of good corporate governance. - .' . . . • . • "
2 . Board o f Directors.- - . . . . , .. .
The Board consists at present of 12 Directors and is responsible for the management of the Bank's business. The functions, responsibility, role and
accountability of the Board are well defined. The Board, in addition to monitoring corporate performance, also carries out functions such as
approving the business plan, reviewing and approving the annual budgets and borrowing limits, and fixing exposure limits, and ensures that your
Bank keeps shareholders informed about plans, strategies and performance. The detailed reports of the Bank's performance are periodically
placed before the Board.
The composition of the Bank's Board includes the representatives of the Administrator of the Specified Undertaking of the Unit Trust of India,
(UTI -1), the Bank's promoters. At present, CDC Financial Services (Mauritius) Limited, South Asia Regional Fund, Life Insurance Corporation of
India and General Insurance Corporation of India are also represented on your Bank's Board. The structure of the Board also follows the requirements
of the Banking Regulation Act, 1949. The Board is now constituted by the following members:
P. J. Nayak Chairman and Managing Director
K. Narasimha Murthy Independent •
M. Raghavendra GIC Nominee
Surendra Singh Independent
Donald Peck Independent
Daniel Paul Fletcher Independent
N. C. Singhal Independent
Yash Mahajan Independent
R. N. Bhardwaj LIC Nominee
A. T. Pannir Selvam Promoter - Nominee of the Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I)
J. R. Varma Independent
Ajeet Prasad Promoter - Nominee of the Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I)
Of these, all Directors are independent except S/Shri P. J. Nayak, M. Raghavendra, R. N. Bhardwaj, A. T. Pannir Selvam and Ajeet Prasad.
In all, five meetings of the Board were held during the year on the following dates, besides the Annual General Meeting :
6th May, 2003, 25th June, 2003, 22nd July, 2003, 17th October, 2003 and 20th January, 2004.
Out of five meetings, four were held at Mumbai and one at Ahmedabad.
Shri P. J. Nayak, Shri K. Narasimha Murthy and Shri N. C. Singhal attended all the five meetings. Shri Surendra Singh and Shri M. Raghavendra
attended four, Shri Yash Mahajan attended three, and Shri R. N. Bhardwaj attended two meetings. Shri B. S. Pandit, Shri Donald Peck and
Shri J. R. Varma attended three out of four meetings for which they were eligible. Shri A. T. Pannir Selvam attended all four and Shri Daniel Paul
Fletcher attended two out of three meetings for which he was eligible. Shri Ajeet Prasad attended both the meetings for which he was eligible.
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A N N E X U R E T O D I R E C T O R S ' R E P O R T
Shri J. M. Trivedi attended one out of two meetings as an alternate Director to Shri Daniel Paul Fletcher, and also attended one meeting as an
alternate Director to Shri Donald Peck. All Directors except S/Shri Surendra Singh, Donald Peck, Daniel Paul Fletcher, Yash Mahajan and
R. N. Bhardwaj attended the Annual General Meeting held on 25th June, 2003.
These disclosures are made as required under the amended Companies Act.
The Directors of the Bank also hold positions, as directors, trustees, members and partners in other well-known and reputed companies, trusts,
associations and firms as per the details given below:
I. P.J. NAYAK:NIL
ii. K. NARASIMHA MURTHY :
Sr. No. Name of Institution/Company/Firm Nature of Interest '••
1. Industrial Development Bank Of India (1DBI) Director
2. Srikari Management Consultants Pvt. Limited Director
3. • • Narasimha Murthy & Co., Cost Accountants Partner
iii. SURENDRA SINGH .- .
'!
Sr. No. Name of Company/Institution Nature of Interest '
1. NUT Limited • . Director
2. . Jubilant Organosys Limited " Director
3. BAG Films Limited Director
4. CMC Limited Director
5. West Bengal Power Development Corporation Limited Nominee Director
6. Andhra Pradesh Paper Mills Limited Director
iv. M. RAGHAVENDRA: • ..
Sr. No. Name of Company Nature of Interest
1. GIC Asset Management Company Limited Director
2. United India Insurance Company Limited Director
3. OTC Exchange of India Director
4. National Stock Exchange of India Limited . Director . . •
5. Agriculture Insurance Company of India Limited Director
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DONALD PECK :
Sr. No. Name of Company Nature of Interest
1. Alumnus Software Limited Director
2. CDC Advisors Pvt Limited Director
3. , Cico Technologies Limited Director
4. International Auto Limited Director
5. " Ortel Communications Limited Director
6. Daksh eServices FVt. Limited Director
7. Punjab Tractors Limited Director ';
8. Infrastructure Development Finance Co. Limited Alternate Director
vi. DANIEL PAUL FLETCHER:
Sr. No. . Name of Company Nature of Interest
1. CDC Group Pic Director
2. AUREOS ADVISERS Director
vii. R. N. BHARDWAJ : / ' ' , .
Sr. No. Name of Company Nature of Interest
1. Jaypee Cement Limited Nominee Director
2. IFCI Limited . Nominee Director
3. ABB Limited Nominee Director
4. LIC Lanka Limited Director
5. LIC (Mauritius) Offshore Limited Director
6. LIC Mutual Fund Trustee Company FVt. Limited Chairman
viii. A. T. PANNIR SELVAM :
Sr. No. Name of Company Nature of Interest
1. 2icapital (India) FVt. Limited . Director, .
2. Rolta India Limited Director
3. Royapettah Benefits Fund Nidhi Limited Director
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A N N E X U R E T O D I R E C T O R S ' R E P O R T
YASH MAHAJAN :
Sr. No. Name of Company Nature of Interest
1. Punjab Tractors Limited Vice Chairman & Managing Director
2. Swaraj Mazda Limited Vice Chairman & Managing Director
3. • Swaraj Engines Limited Chairman
4. Swaraj Automotive Limited • Chairman
5. " Pidilite Industries Limited Director
6. Hindustan Aeronautics Limited Director
x. N.-C SINGHAL:
Sr. No. Name of Company/lnstitutionAFrust Nature of Interest
1. • ' Cholamandalam Investment & Finance Company Ltd. Director
2. . Shapoorji Pallonji Finance Limited Director
3. Deepak Fertilizers & Petrochemicals Corporation Ltd. Director
4. Max India Limited Director
5. The Shipping Corporation of India Limited Director
6. . Max New York Life Insurance Company Limited Director
7. Birla Sun Life Asset Management Company Limited Director
8. Amal Products Limited Director
9. folani Shipping Limited Director
10. Samalpatti Power Company Pvt. Limited Chairman
11. Ambit Corporate Finance Pte. Limited Director
12. Sharat Chatterjee & Co. (VSP) Pvt. Limited Director
13. Ashapura Educational Foundation Trustee
14. International Chamber of Commerce - Financial Investigations Services, London Director
15. International Chamber of Commerce - Marine Transport Commission, Paris Member
16. Supervisory Board, Eicher Group Member
17. Advisory Board, Deepak Group . Member
18. Supervisory Board, Ashapura Group Member
19. Board of Governors, Institute of Management Studies Member
20. Board of Governors, Tolani Maritime Institute - ' Member
xi. J. R. VARMA :
Sr. No. Name of Company Nature of Interest
1. Progeon Limited Director
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Xli. AJEET PRASAD :
Sr. No. Name of Company/ Association Nature of Interest
1. Cairo Mutual Funds Management Co. Ltd. Director
2. Triveni Glass Limited Director
, 3._ . ITC Limited Director
4. Jenson & Nicholson (I) Limited Director
5. Rama Newsprint & Papers Limited Director
6. Kalyani Steels Limited Director
7. Unit Trust of India Investment Advisory Services Limited Director
8. Association of Mutual Funds in India Director
9. ICICI Venture Funds Management Co. Limited Member of Vecaus Fund
The business of the Board is also conducted through the following committees:
a) Committee of Directors:
P. J. Nayak- Chairman
M. Raghavendra
Donald Peck
N. C. Singhal
• A. T. Pannir Selvam
b) Audit Committee:
K. Narasimha Murthy - Chairman
M. Raghavendra
N. C. Singhal
Yash Mahajan
c) Risk Management Committee:
P. J. Nayak- Chairman
K. Narasimha Murthy
Daniel Paul Fletcher
Yash Mahajan
J. R. Varma
d) Shareholders/Investors Grievance Committee:
Surendra Singh - Chairman
M. Raghavendra •- . ..
A. T. Pannir Selvam
Ajeet Prasad
e) Remuneration Committee:
Surendra Singh - Chairman
K..Narasimha Murthy
Donald Peck
Ajeet Prasad
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A N N E X U R E TO D I R E C T O R S ' R"TFoT
The functions of the Committees are discussed below:
a) Committee of Directors:
The Committee of Directors is vested with the following functions and powers:
i.) To provide approvals for loans above certain stipulated limits, discuss strategic issues in relation to credit policy, and deliberate on the
quality of the credit portfolio.
iij ' To sanction expenditure above certain stipulated limits.
iii.) To approve expansion of the locations of the Bank's network of offices, branches, extension counters, ATMs and currency chests.
iv.) To review investment strategy and approve investment related proposals above certain limits.
v.) To issue Powers of Attorney to the officers of the Bank.
vi.) To make allotments of shares.
vii.) To approve proposals related to the Bank's operations covering all departments and business segments; and
viii.) - To discuss issues relating to day to day affairs/problems and to take such steps as may be deemed necessary for the smooth functioning
of the Bank.
Meetings and Attendance during the year:
12 meetings of the Committee of Directors were held during the year on 28/04/2003, 28/05/2003, 25/06/2003, 23/07/2003, 20/08/2003,
26/09/2003,22/10/2003, 25/11/2003, 19/12/2003, 21/01/2004, 21/02/2004 and 16/03/2004. ShriP.J. Nayak and Shri M. Raghavendra attended all
the 12 meetings, Shri N. C. Singhal attended 11 out of 12, Shri Donald Peck attended 4 out of 11, and Shri B. S. Pandit attended 4 out of 7 for which
they were respectively eligible. Shri A. T. Pannir Selvam attended all the 10 meetings for which he was eligible. Shri J. M. Trivedi attended 1
meeting, as alternate Director to Shri Donald Peck, for which he was eligible.
b) Audit Committee :
The Audit Committee functions with the following objectives:
i.) To provide direction and to oversee the operations of the audit functions in the Bank,
ii.) To review the internal audit and inspection systems with special emphasis on their quality and effectiveness.
iii.) To review inspection and concurrent audit reports of large branches with a focus on all major areas of housekeeping, particularly
inter-branch adjustment accounts, arrears in the balancing of books and unreconciled entries in inter-bank and NOSTRO accounts,
and frauds.
To follow up issues raised in LFAR and RBI inspection reports.
To review the system of appointment and remuneration of concurrent auditors and external auditors.
As required under Section 292A and Clause 49 of the Listing Agreement, the new 'Terms of Reference' of the Committee were approved by the
Board of Directors at its meeting held on 23/01/2001.
Meetings and Attendance during the year:
Thirteen meetings of the Audit Committee of the Board were held during the year on 10/04/2003, 05/05/2003, 02/06/2003, 08/07/2003,
21/07/2003, 09/08/2003, 20/09/2003, 16/10/2003, 22/11/2003, 24/12/2003, 19/01/2004, 23/02/2004 and 27/03/2004. Shri K. Narasimha Murthy and
ShriM. Raghavendra attended all the thirteen meetings, Shri N. C. Singhal attended nine out of thirteen, Shri B. S. Pandit attended six out of eight
and Shri Yash Mahajan attended one out of two meetings for which they were respectively eligible.
c) Risk Management Committee:
The Risk Management Committee functions with the following objectives:
i.) To perform the role of Risk Management in pursuance of the Risk Management guidelines issued periodically by RBI and the Board.
ii.) To monitor the business of the Bank periodically and also to suggest ways and means to improve the working and profitability of the
Bank from time to time.
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Meetings and Attendance during the year:
Four meetings of the Risk Management Committee were held during the year on 05/05/2003, 22/07/2003, 17/10/2003 and 20/01/2004..
Shri P. J. Nayak and Shri K. Narsimha Murthy attended all the four meetings, Shri Yash Mahajan attended 3 out of 4, and Shri J. R. Varma attended
2 out of 3 meetings for which they were respectively eligible. Shri J. M. Trivedi attended 1 meeting for which he was eligible as an Alternate
Director to Shri Daniel Paul Fletcher. Shri Ajeet Prasad could not attend the one meeting and Shri Daniel Paul Fletcher could not attend any of the
3 meetings for which they were eligible.
d) Shareholders/Investors Grievance Committee:
The objective of the Shareholders/Investors Grievance Committee is to look into redressal of shareholders' and investors' grievances relating to
non-receipt of dividend, refund orders, shares sent for transfer, non-receipt of balance sheet, etc.
Meetings and Attendance during the year:
Five meetings of the Shareholders/Investors Grievance Committee were held during the year on 06/05/2003, 22/07/2003, 17/10/2003,
20/01/2004 and 16/03/2004. Shri Surendra Singh attended all the 5 meetings, Shri M. Raghavendra attended 4 out of 5, Shri Yash Mahajan
attended 2 put of 3 and Shri Ajeet Prasad attended 1 meeting out of 3 for which they were respectively eligible. Shri A. T. Pannir Selvam attended
all the four meetings for which he was eligible.
Details of the status of the references/complaints received for the year are given in the following statement:
Status of the References/Complaints from 01.04.2003 to 31.03.2004
Sr.No. NATURE OF REFERENCES/COMPLAINTS RECEIVED DISPOSED OFF PENDING
1 CHANGE OF ADDRESS 1690 1690 ' Nil
2 BANK MANDATES 288 288 Nil
3 ECS 1250 1250 Nil
4 'NOMINATION 421 421 , Nil
5 NON-RECEIPT OF SHARE CERTIFICATES & REFUND ORDERS 21 21 Nil-
6 CORRECTION OF NAMES 29 29 Nil
7 STOCK EXCHANGE QUERIES 6 6 ' • Nil
8 SEBI 30 30 Nil
9 NON-RECEIPT OF DIVIDEND 640 632 8*
10 TRANSFERS 3487 3418 69"
* Since resolved during 1 st week of April, 2004.
" Received in last week of March, 2004. Hence, transferred during April, 2004.
Shri P. J. Oza, Company Secretary, is the Compliance Officer for SEBI/Stock Exchange related issues.
e) Remuneration Committee :
The Remuneration Committee functions with the objective of deciding the remuneration package for all employees and directors, which includes
salaries, benefits, bonuses, pensions and stock options. The Committee is also consulted on appointments and promotions at very senior levels
of the Bank.
Compiled by : Asian CERC Information Technology Ltd.
A N N EX U R E TO D I R E C T O15r R E> 0 RT
Meetings and Attendance during the year .-
Three meetings of the Remuneration Committee were held during the year on 03/05/2003, 08/07/2003 and 16/03/2004. Shri Surendra
Singh and Shri K. Narasimha Murthy attended all the 3 meetings. Shri Donald Peck attended 1 out of 3 meetings for which he was eligible,
while Shri AJeet Prasad could not attend the only meeting for which he was eligible.
Remuneration Policy :
, Your Bank believes that to attract the right talent, the Remuneration Policy should be structured in line with the other peer group banks,
and is sensitive to compensation packages in this part of the financial market. Compensation is structured in terms of fixed pay, variable
pay and employee stock options, with the last two being strongly contingent on employee performance. The Remuneration Policy for the
Chairman and Managing Director is similarly structured and approved by the Board of Directors, the shareholders and the Regulatory
Authorities from time to time.
Remuneration of Directors:
Shri. P. J. Nayak has been appointed as the Chairman and Managing Director of the Bankw.e.f. 1st January, 2000 for a period of five years
on the terms and conditions and remuneration approved by the Board of Directors, shareholders of the Bank and Reserve Bank of India
from time to time. The Reserve Bank of India had initially given its approval to the appointment of Shri P. J. Nayak for a period of three years
from 1st January, 2000 up to 31st December, 2002 and has now given its approval for a further period of two years from 1st January, 2003.
The Bank has entered into a service agreement with Shri Nayak for a period of five years. The agreement can be terminated by either side
by giving ninety days notice in writing, if, prior to expiration of the agreement, the term of office of the Chairman and Managing Director
is terminated by the Bank, he shall be entitled, subject to the provisions of and limitations contained in Section 318 of the Companies Act,
1956, to receive compensation from the Bank for the loss of office to the extent provided in the agreement.
The details of remuneration paid to Shri P. J. Nayak during 2003-04 are:
i) Salary of Rs. 25,97,400/- p.a.
ii) Personal Entertainment Allowance of Rs. 1,68,000/- p.a.
iii) Variable pay to be paid as decided by the Board of Directors subject to a maximum of 100%,of salary drawn during the year.
iv) Provident Fund @12% of pay with equal contribution by the Bank or as decided by the Board of Trustees from time to time.
v) Gratuity @ one month's salary for each completed year of service or part thereof.
vi) Superannuation @10% of pay.
Perquisites (evaluated as per Income Tax Rules wherever applicable and at actual cost to the Bank) such as the benefit of the Bank's
furnished accommodation, gas, electricity, water and furnishings, club fees, personal accident insurance, loans, use of car .and
telephone at residence, medical reimbursement, leave travel concessions, travelling and halting allowances, newspapers and periodicals,
and others were provided in accordance with the Rules of the Bank.
Shri Nayak was granted 22,500,36,600 and 50,000 options under the Employee Stock Option Plan ESOP-2001, ESOP-2002 and ESOP-2003,
respectively. From these three tranches of the options, 44,460 options were vested up to March 2004. Shri Nayak exercised 24,480 options
during the period under review
Other Directors of the Bank, except Shri P. J. Nayak, are paid sitting fees of Rs. 20,000/ - for every Meeting of the Board and also for .every
Meeting of the Committees attended by them with effect from 17th October, 2003 (sitting fees of Rs. 5.000/- were paid before
17th October, 2003). Reimbursement of expenses, if any, for travel to and from the places of their residence to the venue of the meeting,
lodging and board when attending the meetings, being on actual basis, is made directly by the Bank to the service providers. During the.
year, the Bank paid Rs. 18,75,000/-as sitting fees to its Directors.
Compiled by : Asian CERC Information Technology Ltd.
Sitting Fees :
The details of sitting fees paid to the Directors during the period from 1st April, 2003 to 31st March, 2004 were as follows :
Sr. No. Name of Directors Sitting Fees Paid ( Rs.)
1. P.J. Nayak . NIL
2. - K Narasimha Murthy 2,75,000 •
3. M. Raghavendra *4,05,000
4. Surendra Singh 1,50,000
5. Donald Peck "85,000
V
6. Daniel Paul Fletcher *25;000
7. N. C. Singhal 3,05,000
8. ' Yash Mahajan 1,35,000
•9. ' R. N. Bhardwaj *25,000
10. . A. f. PannirSelvam 2,55,000
11. . J. R. Varma 55,000
12. Ajeet Prasad "45,000
13. J. M. Trivedi (alternate Director to Shrj Donald Peck) "10,000
14. . J. M. Trivedi (alternate Director to Shri Daniel Paul Fletcher) • "10,000
15. B. S. Pandit "95,000
TOTAL 18,75,000
* Paid directly to the financial institutions which the Directors represent.
3. General Body Meetings :
The last three Annual General Meetings were held as follows :
Annual General Meeting Date and Day Time Location
7th 30.06.2001 - Saturday 10.00 a.m. Tagore Hall, Nr. Sanskar Kendra,
Paldi, Ahmedabad - 380 007
8th 10.07.2002 -Wednesday 10.00a.m. Bhaikaka Bhavan, Ellisbridge,
Ahmedabad - 380 006
9th 25.06.2003 - Wednesday 10.00 a.m. Bhaikaka Bhavan, Ellisbridge,
Ahmedabad - 380 006
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A N N E X U R E T O D I R E C T O R S ' R E P O R T
The special resolutions passed, during the last three Annual General Meetings, were as under;
Annual General Meeting Date of Annual General Meeting Special Resolutions
7th 30.06.2001 - Saturday Resolution No. 7 - Appointment of Statutory Auditors under
Section 224A of The Companies Act, 1956"
Resolution No. 8 - Alteration of Articles of Association
of the Bank
8th 10.07.2002 -Wednesday Resolution No. 4 - Appointment of Statutory Auditors
under Section 224A of The Companies Act, 1956
9th 25.06.2003 - Wednesday Resolution No. 5 - Appointment of Statutory Auditors
under Section 224A of the Companies Act, 1956
No Resolution in the notice of the proposed Tenth Annual General Meeting is proposed to be passed through postal ballot.
4. Disclosures:
• There were no transactions of a material nature undertaken by the Bank with its promoters, directors or the management, their subsidiaries
or relatives that may have a potential conflict with the interests of the Bank.
• There are no instances of non-compliance by the Bank, penalties, strictures imposed by Stock Exchanges and SEBI on any matter related
to capital markets, during the last three years.
5. Means of Communication:
• Quarterly/Half-yearly results are communicated through newspaper advertisements, press releases and by posting information on the
• Bank's web site.
• The results are generally published in the Economic Times and Gujarat Samachar or Sandesh.
• Address of our official website is www.utibank.com, where the information is displayed.
• Generally after the quarterly results are taken on record by the Board, presentations are made to analysts by the senior management.
• The Management's Discussion and Analysis Report for the year 2003-04 is part of the Annual Report.
6. General Shareholder information:
• AGM: Date, time and venue - 18th June, 2004- 10.00a.m.
at Bhaikaka Bhavan (British Library Building),
Near Law Garden, Ellisbridge, Ahmedabad - 380 006.
• Financial Calendar - 1 st April, 2003 to 31 st March, 2004
• Date of Book Closure - 1st June, 2004 to 18th June, 2004
(both days inclusive)
• Dividend Payment Date - on or after 19th June, 2004
• Your Bank's shares are listed on the following Stock Exchanges:
a) The Ahmedabad Stock Exchange, Kamdhenu Complex, Opp. Sahajanand College, Panjrapole, Ahmedabad - 380 015.
b) The Stock Exchange Mumbai, Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai - 400 001.
c) National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot No. 5/1, 'G' Block, Bandra-Kurla Complex, Bandra (E),
Mumbai - 400051.
Compiled by : Asian CERC Information Technology Ltd.
Stock Code -
LISTING DETAILS OF EQUITY SHARES OF UTI BANK LIMITED
Sr.No. Name of Stock Exchange Distinctive Nos. of Shares Listing/Trading date Code
1. Ahmedabad Stock Exchange
Up to Public Issue - 1998 1 to 13,19,03,170 11.11.1998 & 01.12.1998 63134
4,63,50,000 equity shares 13,19,03,171 to 17,82,53,170 05.02.2002 & 14.02.2002
(CDCFS/SARF)
1,35,59,700 equity shares 17,82,53,171 to 19,18,12,870 21.05.2002 & 05.06.2002
(LIC/GIC/New India Assurance)
3,83,62,834 equity shares 19.18,14,171 to 23,01,77,004 25.07.2003 & 28.07.2003
(LIC/ChrysCapital/Citicorp/
Karur Vysya Bank)
14,04,866 equity shares (ESOPs) 19,18,12,871 to 19,18,14,170 ON VARIOUS DATES
23,01,77,005 to 23,15,80,570
Mumbai Stock Exchange
Up to Public Issue - 1998 1 to 13,19,03,170 19.11.1998 & 27.11.1998 532215
4,63,50/000 equity shares 13,19,03,171 to 17,82,53,170 09.02.2002 & 20.02.2002
1,35,59,700 equity shares 17,82,53,171 to 19,18,12,870 31.05.2002 & 13.06.2002
3,83,62,834 equity shares 19.18,14,171 to 23,01,77,004 27.08.2003 & 28.08.2003
14,04,866 equity shares (ESOPs)' 19,18,12,871 to 19,18,14,170 ON VARIOUS DATES
23,01,77,005 to 23,15,80,570
National Stock Exchange
Up to Public Issue - 1998 1 to 13,19,03,170 16.11.1998 & 03.12.1998 UTIBANKEQ
4,63,50,000 equity shares 3,19,03,171 to 17,82,53,170 12.02.2002 & 20.02.2002
1,35,59,700 equity shares 117,82,53,171 to 19,18,12,870 27.05.2002 & 12.06.2002
3,83,62,834 equity shares 19,18,14,171 to 23,01,77,004 01.09.2003 & 03.09.2003
14,04,866 equity shares (ESOPs) 19,18,12,871 to 19,18,14,170 ON VARIOUS DATES
23,01,77,005 to 23,15,80,570
Compiled by : Asian CERC Information Technology Ltd.
A N N E X URE T G D I R Ef o R f ^ Q-|f^
Market Price Data: The price of the Bank's share - High, Low during each month in the last financial year on NSE was as under:
MONTH LOW (Rs.) HIGHfRs.) .
April, 2003 39.50 50.00
May, 2003 44.00 S4.75
June, 2003 48.00 55.75
July, 2003 48.00 83.80 •
Augusl, 2003 70.65 83.25
September, 2003 63.25 87.40'
October, 2003 70.75 89.00 \
November, 2003 71.25 85.90
December, 2003 84.00 153.20
January, 2004 136.90 179.30
February, 2004 134.00 .164.00
March, 2004 122.15 153.20
The Share price of your Bank's equity share performed well on the stock exchange with a low of Rs. 39.50 during April, "2003 on the National
Stock Exchange. It touched a high of Rs. 179.30 during January, 2004. It showed a 353.92% appreciation between the low of April, 2003 and
the high of January, 2004
Registrar and Share Transfer Agent:
M/s Karvy Computershare Pvt. Ltd. (Formerly Karvy Consultants Limited)
Unit: UTI Bank Limited
Karvy House, No. 46, Avenue 4, Street No. 1
Banjara Hills, Hyderabad - 500 034
Phone Nos.: 040-23320251/751/752/753
Fax No..- 040-23311968
Contact Persons: Shri V. K. Jayaraman, AGM (RIS)/Ms. Varalaxmi, Dy. Manager (RIS)
Karvy Consultants Ltd., the Bank's Registrar and Transfer Agent, had decided to transfer their Registry business to a separate entity and, for
that purpose, they had signed a joint venture agreement with Computershare Ltd., a global Registrar, headquartered in Australia with a
presence in eleven other countries. The new venture, which has started looking after the activities relating to the Registrar and Share transfer
business of the Bank w.e.f 1st February, 2004, is named 'Karvy Computershare Private Ltd.' in which 50% stake has been acquired by
Computershare Ltd. and 50% by Karvy Consultants Ltd. Karvy believes that this new relationship would be able to bring about further
enhancements in services and product offerings and also help implement global best practices for the benefit of the Bank as also for the
benefit of investors in India.
Share Transfer System
A Share Committee consisting of a few officers of the Bank has been formed to look after the matters relating to the transfer of,shares, issue
of duplicate share certificates in lieu of mutilated share certificates, and other related matters. The resolutions passed by the share committee
are confirmed at subsequent Board meetings. The work relating to transfers is looked after by the Bank's Registrar and Share Transfer Agent,
M/s Karvy Computershare Pvt. Limited, Hyderabad.
The Bank ensures that all transfers are effected within a period of one month from the date of their lodgement. As at 31st March, 2004,
69 share transfers received a few days earlier, were pending for transfers.
According to a notification of the Securities and Exchange Board of India (SEBI), the equity shares of the Bank shall be traded compulsorily in
demat form by all investors w.e.f. 21st March, 2000. The Bank has already entered into agreements with the National Securities Depository
Limited (NSDL) and the Central Depository Services India Limited (CDSL) so as to provide the members an opportunity to hold and trade
shares of the Bank in electronic form.
Compiled by : Asian CERC Information Technology Ltd.
• Distribution of shareholding as on 31 st March,2004:
Total nominal value : Rs. 231, 58,05,7007-
Nominal value of each equity share : RS. 107-
Total number of equity shares : 23,15,80,570
Distinctive numbers from : 1 to 23,15, 80,570
Shareholding of Shareholders Share Amount
Nominal Value Nominal Value
Rs. Rs. Numbers % to total In Rs. % to Capital
Shareholders
Upto 5000 71992 91.78 . 11,84,35,450 5.11 H
5001 10000 4558 5.81 3,42,44,270 1.48
10001 20000 1060 1.35 1,58,48,920 0.68
20001 30000 267 0.34 68,58,130 0.30
30001 40000 151 0.19 54,09,120 0.23
40001 _ 50000 111 0.14 52,75,380 0.23
50001 100000 146 0.19 1,09,89,380 0.48
100001 • Above 157 0.20 211,87,45,050 91.49
TOTAL 78442 100.00 231,58,05,700 100.00
As on 31st March, 2004, out of a total of 23,15,80,570 equity shares of the Bank, 22,50,06,809 shares representing 97.16% of total shares have
been-dematerialised. The shares of the Bank are listed and traded on NSE, BSE and the Ahmedabad Stock Exchange.
• The Bank has not issued any GDRs, ADRs/warrants or any convertible instruments, the conversion of which will have an impact on
equity shares.
• Branch Locations - Given elsewhere
• Address for Correspondence :
The Company Secretary
UTI Bank Limited
Registered Office
Thrishul', 3rd floor,
Opp. Samartheshwar Temple,
Law Garden,
Ellisbridge, Ahmedabad - 380 006.
Phone No.: 079-2640 9322
Fax No.: 079-2640 9321
Email: poza@utibank.co.in
The Registered Office of the Bank is being shifted to the above address during May 2004 consequent upon the relocation of the Bank's
Ahmedabad Main branch to the same address to new and exclusive premises.
Compiled by : Asian CERC Information Technology Ltd.
weather-vane: direction, accessibility, reach
275 Branches and Extension Counters, and 1280 ATMs across the country
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LIST OF B R A N C H E S AND EXTENSION COUNTERS (AS ON 30th A P R I L , 2 0 0 4 )
AGRA AMRITSAR Indira Nagar BHAVNAGAR
\rtra Amritsar No. 276, HAL II Stage Bhavnagar
Ground Floor, Block No. 41/4 A 50, Court Road 100 Feet Road, Indira Nagar, Plot No. 6 B, Opp. Dakshinamoorthy
Friends Tower, Sanjay Place Amritsar 143 001, Punjab Bangalore 560 038, Karnataka School, Waghawadi Road •
Agra 282 002, Uttar Pradesh Bhavnagar 364 002, Gujarat
ASANSOL Jayanagar
AHMEDABAD Asansol 55/5, 30th Cross BHILAI
Ahmedabad Purbasha Banquet Hall 13th Main Jayanagar Bhilai
Sakar-1, Ground Floor Apurba Complex, APCAR Garden 4th Block, Bangalore 560 011 Block A, Plot No. 5
Off Ashram Road Sen Raleigh Road Karnataka Uttar Gangotri, Off. G E Road
Opp. Gandhigram Rly. Stn. Asansol 713 304, West Bengal Supela Chowk, Bhilai 490 020
Chamarajapet
Ahmedabad 380 009, Gujarat Chhatisgarh
AURANGABAD - EXTENSION COUNTER
New Civil Hospital Aurangabad Chamarajapet Sri Rama Mandira BHOPAL
- EXTENSION COUNTER Sakar Building, Adalat Road Association, No. 114, 5th Main Road Bhopal
New Civil Hospital Near Kranti Chowk 6th Cross, Bangalore 560 018 Star Arcade, Plot No.165 A & 166
Ahmedabad 380 016 Aurangabad 433 001 Zone I, M.P.Nagar
Koramangaia
Maharashtra Bhopal 462 011, Madhya Pradesh
Life Insurance Corporation No.119, 80 Feet Road, 7th Block
(LIC) of India BAHARAMPUR Industrial Layout, Koramangala Koh e Fiza
- EXTENSION COUNTER Baharampur Bangalore 560 095 - EXTENSION COUNTER
Jeevan Prabha Building 3/20, K K Banerjee Road Karnataka Reliable House, A-6, Koh e Fiza
Relief Road Lai Dighi, Baharampur 742 101 Bhopal 462 001
Yelahanka
Ahmedabad 380 001 West Bengal
#688, 3rd A Cross BHUBANESHWAR
Maninagar BALLABHGARH Opp. Seshadripuram College Bhubaneshwar
Kesar Kunj, Ballabhgarh New Town, Yelahanka C/o. Archbishop's House
Krishna Baug, Char Rasta Plot No.40, SCO, Sector 7 Bangalore 560 064, Karnataka Satyanagar
Maninagar, Ahmedabad 380 008 Ballabhgarh, Faridabad 121 006 Bhubaneshwar 751 007, Orissa "
Green Country Public
Gujarat Haryana . •' • '
School Hotel Pushpak
vastrapur Gupta Nursing Home and - EXTENSION COUNTER - EXTENSION COUNTER
Shilalekh, Nehru Park Circle Maternity Centre No.414-106/7 . • Kalpana Square
Vastrapur, Ahmedabad 380 015 - EXTENSION COUNTER Kodigehally Cross Bus Stop Bhubaneshwar 751 014
Gujarat Gupta Nursing Home and (Opposite Sahakar Nagar)
Stewart School
Maternity Centre Bellary Road, Bangalore 560 092
Gandhinagar - - EXTENSION COUNTER
New Colony Road
- EXTENSION COUNTER Service Branch CRP Square, Unit 8
Near Agra Chowk
Gandhinagar Milk Consumers' Ground Floor, BWSSB Bhubaneshwar 751 012
Palwal 121 102, Haryana
Co-op. Union Ltd. K.G. Road, Cauvery Bhavan
BILASPUR
Plot No. 436 BANGALORE Bangalore 560 009, Karnataka
Bilaspur
Near Shalimar Theatre, Sector-16 Bangalore
BARAMATI Rama Trade Centre
Gandhinagar 382 016, Gujarat No. 9, M. G. Road, Block A
Baramati Opp. Rajiv Plaza, New Bus Stand,
Bangalore 560 001
Kalol Plot No.485,'Guddi' Building Bilaspur 495 001, Chattisgarh
Karnataka
EXTENSION COUNTER Bhigwan Road, Baramati 413 102
BOKARO
Kalol Taluka Kelavani Mandal Banashankari II Stage Maharashtra
Bokaro
VakhariaPJ High School 369,13th Cross, 30 Main Road
BAREILLY Hotel Blue Diamond
Kalol, District Gandhinagar Ct Bed Extension
Bareilly 15 D/1 Western Avenue
Gujarat Banashankari II Stage
148, Civil Lines, Bareilly 243 001 Bokaro Steel City, Bokaro 827 001
Bangalore 560 070
Vejalpur . Uttar Pradesh Jharkhand -. • •
Karnataka
Shreyas Commercial Complex
BELGAUM BURDWAN
A-001/004, Basaveshwaranagar Ralrlnnm
Shrinand Nagar, Vejalpur Ground Floor, Keer Plaza 2000
CTS No. 5854, Congress Road 37, G. T. Road
Ahmedabad 380 051 Gujarat - 472, 80 Feet Road
Tilakwadi, Belgaum 590 006 Burdwan 713101,
Basaveshwaranagar 560 079
AHMEDNAGAR Karnataka West Bengal
Karnataka
Ahmednagar
BERHAMPUR CALICUT
Hotel Sanket Complex Vidya Vardhaka Sangha
Berhampur (Ganjam) Calicut (Kozhikode)
189/6, Tilak Road - EXTENSION COUNTER
Time World, Plot No. 1195 Karupalli Arcade
Ahmednagar 414 001 Saptharshidhama
Ward No. 20, Tata Benz Square YMCA Cross Road
Maharashtra 1st Block, Rajajinagar
Berhampur 760 005 Calicut 673 001, Kerala.
Bangalore 560 010
District Ganjam, Orissa
For individual branch email IDs, please visit www.utibank.com
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I .rttroirftmr11!
CHANDIGARH Purasawalkam DHANBAD Panjim (Panaji)
Chandigarh 57, Purasawalkam High Road Dhanbad Atmaram Commercial Complex
SCO 20-21-22 Purasawalkam Shri Ram Plaza, First Floor Dr. Atmaram Borkar Road
Sector 34-A Chennai 600 007, Tamil Nadu Bank More Opp. Nova Goa
Chandigarh 160 022 Dhanbad 826 001 Panjim 403 001, Goa
Ramapuram
Jharkhand
CHEISINAI No.149,1C/1D, Mount Poonamallee Vasco Da Gama
Chennai Road, Ramapuram DURGAPUR (Marmagao)
82, Dr.Radhakrishnan Salai Chennai 600 089, Tamil Nadu Durgapur Heritage, Ground Floor
Mylapore, Chennai 600 004 No. 101/N Swata'ntra Path
I. Nagar
Tamil Nadu Sahid Khudiram Sarani Opp. Sapna Terraces,
79, G. N. Chetty Road
City Centre Vasco Da Gama 403 802, Goa
UTI House T.Nagar, Chennai 600 017
Durgapur 713 216
- EXTENSION COUNTER Tamil Nadu GUNTUR
District Burdwan
UTI House, 29, Rajaji Salai Guntur
Kesari Higher Secondary West Bengal
1st Floor, P. R. Raju Plaza
Chennai 600 001
School ERODE 11-M, Naaz Centre, Guntur 522 001
Shastri Bhavan- - EXTENSION COUNTER
Veerappan Chatiram Andhra Pradesh
- EXTENSION COUNTER 8, Thyagaraya Road
(Erode)
26, Haddows Road T. Nagar GURGAON
R.S. No. 418/2
Nungambakkam Chennai 600 017 Gurgaon
Adjoining Sudha Nursing Home
Chennai 600 006 SCO 13, Sector 14
virudambakkam Perundurai Road
(Nr.HUDA Office)
Adyar 69, Arcot Road Veerappan Chathiram Panchayat
Gurgaon 122 001
No.18, Mahatma Gandhi Road Virugambakkam Erode 638 Oil, Tamil Nadu
Haryana
Shastri Nagar Chennai 600 092
GANDHIDHAM
Near Adyar Bus Depot Tamil Nadu DLF City, Gurgaon
Gandhidham
Chennai 600 041 SG-21 & 22
Service Branch Plot No. 349, Sector 12 B
Tamil Nadu Galleria Shopping Mall
1st Floor Gandhidham 370 201
Phase IV
R.M. Hospital No; 82, Dr. Radhakrishnan Salai Kachch District, Gujarat
DLF Qutab Enclave Complex
- EXTENSION COUNTER Chennai 600 004
GANGANAGAR DLF City 122 002
A-1, Srinivasapuram, Thiruvanmiyur Tamil Nadu
Ganganagar Tehsil / Dlst: Gurgaon
Chennai 600 041
COIMBATORE 4-B-22, Jawahar Nagar Haryana
Annanagar Coimbatore Adj. to Gupta Nursing Home
RITES Ltd. Office Complex
Ground Floor, J-14' Vigneswar Cresta Ganganagar 335 001
- EXTENSION COUNTER
III Avenue, Annanagar No.1095 Avinashi Road Sriganganagar District
RITES Bhawan
Chennai 600 102 Pappanaickenpalayyam Rajasthan
Plot No. 1, Sector 29
Tamil Nadu Coimbatore 641 037
GANGTOK Gurgaon 122 001
Tamil Nadu
Integral Coach Factory Gangtok Haryana
(ICE), Perambur Rasi Hospital New Market, M.G. Road
GUWAHATI
- EXTENSION COUNTER - EXTENSION COUNTER Opp. Hotel Tashe Delek
Guwahati
Integral Coach Factory (ICF) 558, D.B. Road, R.S. Puram Gangtok 737 101, Sikkim
Ground Floor
Shell Division, Perambur 600 038 Coimbatore 641 002
GHAZIABAD Chibber House
Anna Salaf CUTTACK r,h?7iabad G.S. Road, Dispur
225, Anna Salai Cuttack Plot No. Ill, Guwahati-781 005, Assam
Opp. Spencers Plaza Jayashree Plaza N/30, Ambedkar Road
GWALIOR
Chennai 600 002 34, Dolamondai Nehru Nagar, Ghaziabad 201 001
Gwalior
Tamil Nadu Badambadi Uttar Pradesh
Ground Floor
Cuttack 753 009, Orissa
Madipakkam GOA Kanwal Complex
No.2, Medavakkam High Road JPM Rotary Eye Hospital Mapusa Shrimant Madhavrao Scindia Marg
Madipakkam, Chennai 600 091 and Research Institute Edcon Centre Gwalior 474 002
• Tamil Nadu - EXTENSION COUNTER Near Aldona Bus Stand Madhya Pradesh
CDA, Sector VI Angod, Mapusa 403 507, Goa
Valluwar Gurukulam Girls' HASSAN
Bidanasi, Cuttack 753 014
Higher Secondary School Margao Hassan
- EXTENSION COUNTER DEHRADUN Shop No. 1, 2,3 Ground Floor
#220, G S T Road Dehradun Garden View, Padre Miranda Road Lalitha Krupa
Tambaram (West) 56, Raipur Road Margao 403 601 B M Road
Chennai 600 045- Dehradun 248 001 , Uttaranchal Salcete, Goa Hassan 573 201, Karnataka
For individual branch email IDs, please visit www.utibank.com
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HUBLI Vivekananda School of JABALPUR JODHPUR
Hub!* PG Studies Jabalpur Jodhpur
Kalburgi Plaza - EXTENSION COUNTER 124, Napier Town Showroom No.4
163/20 A, Main Road D.No.8-3-960/7, Srinagar Colony Commercial Automobiles Building Panchratan Apartments
Deshpandenagar Main Road, Hyderabad - 500 073 Shastri Bridge Chowk 818, Chopasni Road
llubli 580029, Karnataka Jabalpur 482 001 Jodhpur 342 001
Madhya Pradesh Rajasthan
HYDERABAD H.No.MIG-9, Dharmareddy Colony,
Hyderabad Opp.Police Station JAIPUR KAKINADA
6-3-879/B, G. Pulla Reddy Bldg. KPHB Colony, Kukatpally Hyderabad Jaipur Kakihada
First Floor, Begumpet Road 500 072 Moondhra Bhavan, G R R Buildings
Hyderabad 500016 Andhra Pradesh 3, Ajmer Road 13-1-15, Subhash Road
Andhra Pradesh Jaipur 302 001, Rajasthan Suryaraopeta, Kakinada
Andhra Pradesh
Jagdamba Nursing Home 1st Floor, No.3-3-4 Life Insurance Corporation
EXTENSION COUNTER Rashtrapathi Road of India KANNUR
Udlt Chambers 1-10-191/2 Secunderabad 500 003 - EXTENSION COUNTER Kannur
Ashok Nagar Andhra Pradesh Bhawani Singh Road Peekay Commercial Complex
Hyderabad 500 020 Pratap Nagar Nr. Pothery Nursing Home
Tarnaka
Tonk Road, Sanganer Muneeswarankoil Road
Vanenburg IT Park Campus Ground Floor
Jaipur 302 005 Kannur 670 001
- EXTENSION COUNTER Welcome Court Complex
Kerala
Plot No.17 Opp. Railway Degree College inaK rvagar
Software Units Layout Tarnaka A-31, Kanchan Apartments KANPUR
Madhapur Secunderabad 500 017 Opp. LBS College Kanpur
Serilingampalli MunicipaHty Andhra Pradesh Tilak Nagar 18/179, The Mall, Opp Phool Bagh
Hyderabad 500 016 Jaipur 302 004, Rajasthan Kanpur 208 001
Sai Sudhir Degree College
Uttar Pradesh
Commercial Taxes Office - EXTENSION COUNTER JALANDHAR
EXTENSION COUNTER Plot No.B-3, A S Rao Nagar. Jalandhar KAPURTHALA
Ground Floor Dr. A.S. Rao Main Road 50, Badri Dass Colony Kapurthala .
Office of Commissioner Kapra Mahavir Marg 1st Floor, Nanha Complex
Commercial Taxes Hyderabad 500 062 Near BMC Chowk Mall Road, -
Nampally, Hyderabad 500 001 Jalandhar 144 001, Punjab Kapurthala 144 601
S^rvire Rranrh
Punjab .
National Institute of D No. 1-11-221/1, Gurumurthy Lane JALGAON
Fashion Technology (NIFT) Begumpet, Street No. 4 Jalgaon KAKUR
- EXTENSION COUNTER Hyderabad 500 016 Patel Plaza, C S No. 2683 Karur
Ground Floor Andhra Pradesh A1/17, M G Road No. 5, Dindigul Road
Opposite Hi-Tech City Jalgaon 425 001 Karur 639 001
INDORE
Madhapur, Hyderabad 500 081 Maharashtra Tamil Nadu
Indore
Charminar Kamal Palace, 1, Yeshwant Colony JAMMU KHARAGPUR
D No.22-6-63/1 Yeshwant Niwas Road Jammu Kharagpur
First Floor, Gulzar Houz Indore 452 003, Madhya Pradesh Ground Floor, 180/1, Malancha Road
Balala Estate, Charminar Highland Tower, Rail Head Complex Kharagpur 721 304
Priyadarshini
Hyderabad 500 002 Jammu 180 004 District Paschim Medinipore
Andhra Pradesh
Mahavidyalaya
J & K State West Bengal
- EXTENSION COUNTER
Jubilee Hills 85, Mishra Nagar JAMNAGAR KOCHI
Commercial Complex Near Annapurna Temple Jamnagar Kochi
Ground Floor, Plot No.11 Indore 452 009 ' Matru Ashish 41/419, Ground Floor
Municipal No.293/82/F/11 Opp. St. Anne's School Chicago Plaza, Rajaji Road
Sayaji Hotels Ltd.
Road No.1, Film Nagar Pandit Nehru Marg Ernakulam
- EXTENSION COUNTER
Jubilee Hills Jamnagar 361 008 Kochi 682 035, Kerala
H/1, Scheme No. 54
Hyderabad 500 034 Gujarat
Andhra Pradesh
Vijay Nagar, Indore 452 010 Casino Hotels
JAMSHEDPUR Wellingdon Island
A.P.Khadi & Village Lie of India, Dewas Jamshedpur - EXTENSION COUNTER
- EXTENSION COUNTER
Industries Board Voltas House XXIV/1352
Branch Office No. 1
- EXTENSION! rni IMTFR Near Ram Mandir Casino Hotels Annex
Moti Bungalow
Grama Parishramala Bhavanam Bistupur Bristow Road
A. B. Road, Dewas 455 001
Humayun Nagar - Jamshedpur 831 001 Wellingdon Island
Madhya Pradesh
Hyderabad 500 028 Bihar Kochi 682 003, Kerala
For individual branch email IDs, please visit www.utibank.com
Compiled by : Asian CERC Information Technology Ltd.
LIST OF BRANCHES AND EXTENSION COUNTERS (AS ON 30th APRTt;20M)
KOLHAPUR Kankurgachi Salt Lake City Threeke
Kolhapur P-313, CIT Road Scheme VI (M) BD 20, Sector I Opp. Godawari Motors
Ground Floor Kankurgachi Salt Lake City Ferozpur Road
Hotel 'Panchshil' Building Kolkata 700 054 Kolkata 700 064 Threeke 142 021
517, Shivaji Park West Bengal West Bengal Dist. Ludhiana, Punjab
Station Road
Konnagar Shyambazar MADHAPAR
Kolhapur 416 001
43, G. T. Road 126 A, Bidhan Sarani Madhapar
Maharashtra
Konnagar 5 Point Crossing, Shyambazar Navo Vas, Near Panchayat Office
KOLKATA DistHooghly Kolkata 700 004 Madhapar 370 020
Kolkata West Bengal 712 235 West Bengal Kachch District, Gujarat
Ground & First Floors -
Holy Home School Tollygunge MADURAI
7, Shakespeare Sarani
- EXTENSION COUNTER 200, N.S.C. Bose Road Madura!
Kolkata 700 071
24, 27 A & 28 B Kolkata 700 047 Chellam Bappusamy Hall
West Bengal
T. C. Goswami Street West Bengal 80 Feet Road, K.K. Nagar
Baguiati Serampore, Dist: Hooghly Madurai 625 020, Tamil Nadu
Service Branch
Mangalik', H/H-19/1 West Bengal 712 201
No.5, Shakespeare Sarani MALOUT
V I P Road, Baguiati
Stepping Stone School Ground Floor Malout
Kolkata 700 059
. cvrcM«;in\ COUNTER Kolkata 700 071 G T Road,
West Bengal
362/363, Bangur Park West Bengal Muktasar District
Hotel Airport Ashok Rishra, Hooghly 712 248 Malout 152 107, Punjab
KOTTAYAM
Dum Dum West Bengal
Kottayam MANGALORE
- EXTENSION COUNTER
United Nursing Home No.lX-311, A / 2 Mangalore
Hotel Airport Ashok
Co-op. Society Ltd. Century Towers Essel Towers -
Netaji Subhash Chandra Bose
- EXTENSION COUNTER Near YWCA Bunts Hostel Circle
Airport,
Ground Floor, Barabazar M.C. Road Mangalore 575 003
Dum Dum, Kolkata
Chandernagore Kottayam 686 001 Karnataka
Behala District Hooghly 712 136 Kerala
Mangalore Chemicals &
76/69, Diamond Harbour Road West Bengal
LUCKNOW Fertilisers Ltd.
Behala Chowrasta
Lake Town Lucknow - EXTENSfON COUNTER
Kolkata 700 008
P-249, Mansha Bari Halwasiya House Panambur
West Bengal
Block B, South Dum Dum 11, M. G. Road Mangalore 575 010
Mahestala Municipality • Lake Town, Kolkata 700 089 Hazratganj
MEERUT
- EXTENSION COUNTER West Bengal Lucknow 226 001
Meerut
Budge Budge Trunk Road Uttar Pradesh
Nabapally Hotel Crystal Plaza
Mahestala, 24 Parganas (South)
Sangam Market, Colony More LUDHIANA & LUDHIANA G-2/47, Civil Lines, Boundary Road,
West Bengal 743 352
Nabapally 743 203, West Bengal DISTRICT Meerut 250 001 Uttar Pradesh -
C I T Road Madhyamgram
Ludhiana MEHSANA
2/1/4, Deb Lane Shop No.3, LGF
- EXTENSION COUNTER Mehsana
C I T Road Surya Towers, 108, The Mall
Najrul Satabarshiki Sadan Shop No. 1 To 5 (Ground Floor)
Kolkata 700 014 Ludhiana 141 001
Madhyamgram Municipal Building Sakar Centre Point
West Bengal Punjab
Chowmatha, Madhyamgram 743 275 Near Nagalpur College
Dalhousie Square West Bengal Adda Dakha Highway Road
Ground Floor Opposite IOC Petrol Pump Mehsana 384 002, Gujarat
Disha Eye Hospital &
Mukti Chambers Near Jyoti Restaurant & BSNL Office,
Research Centre MOHALI
4, Clive Row, Dalhousie Square Ferozpur Road
- EXTENSION COUNTER Mohali
Kolkata 700 001 Adda Dakha 141 102
99/1, S. N. Banerjee Road SCO 36, Phase 7
West Bengal Tehsil & District Ludhiana
Barrackpore Mohali 160 062, Ropar District
Punjab
Golpark 24 Parganas (North) 743 101 Punjab
20, Gariahat Road West Bengal Phullanwala
MUMBAI
Kolkata 700 019 Khasra No. 8/26, Khata No. 166/180
Panihati Municipality Fort, Mumbai
West Bengal Village Phullanwala
- EXTENSION COUNTER Universal Insurance Bldg.
Pakhowal Road
Howrah Panihati Municipality Ground Floor, Sir. P. M. Road,
Phullanwala 141 002
No. 75, G.T. Road (South) B. T. Road, Panihati Fort, Mumbai 400 001
Tehsil and Dist. Ludhiana
Howrah-711 101 District 24 Parganas North 743 176 Maharashtra
Punjab
West Bengal West Bengal
For individual branch email IDs, please visit www.utibank.com
Compiled by : Asian CERC Information Technology Ltd.
G. D. Somani Memorial Dadar Hiranandani Foundation NEW DELHI
School Plot No. S 1 & 2, Kohinoor Building School New Delhi
- EXTENSION COUNTER Kohinoor Road, Dadar Central - EXTENSION COUNTER Statesman House, 148, Barakhamba
625, G. D. Somani Marg Dadar (East), Mumbai 400 014 Hiranandani Estate Road, New Delhi 110001 •
Cuffe Parade Maharashtra Nr. Municipal Commissioner's
Ministry of Defence
Colaba, Mumbai 400 005 Bungalow, Patlipada
H ' *: - EXTENSION COUNTER
Ghodbunder Road,
UTI Merchant Chambers Patkar Building, Station Road Office of JS Trainings
Thane 400 607
EXTENSION COUNTER Opp. Bus Stand, Chief Administration Officer
41, Sir Vithaldas Thackersey Marg Dombivli (E) 421 201 Vile Parle (W) Government of India
New Marine Lines Dist. Thane, Maharashtra Meghna Plot No.11,10th Road, Ministry of Defence
Mumbai 400 02Q JVPD Scheme, Vile Parle (W) E Block, DHQ P.O.
Ghatkopar
Mumbai 400 049, Maharashtra New Delhi 110011
AnHhpri Yashodham,
Royal Accord IV, Main Road Junction of R B Mehta Marg & Vile Parle (E) Ashok Vihar
Lokhandwala Complex Vallabh Baug Lane Matharu Arcade, Ground Floor C-3, AshokVihar, Phase I
Andheri (W), Mumbai 400 053 Ghatkopar (East) Plot No.32, Subhash Road New Delhi 110052
Maharashtra Mumbai 400 077, Maharashtra Vile Parle (E), Mumbai 400 057
Greater Kailash
Maharashtra
Dr. Balabhai Nanavati Kandivaii (West) E-64, Greater Kailash - 1
Hospital Shop No.8-12 Worli New Delhi 110048
- EXTENSION COUNTER Raj Arcade CHS Ltd. Vaswani Chambers, Dr. A B Road,
Raisina Bengali School
S. V. Road, Vile Parle (West) Mahavir Nagar Worli, Mumbai 400 018 Maharashtra
- EXTENSION COUNTER
Mumbai 400 056 Kandivaii (West)
Service Branch Chittaranjan Park
Mumbai 400 067, Maharashtra
UTI Securities Exchange Ltd. Janmabhoomi Bhavan New Delhi 110019
EXTENSION COUNTER KM, Janmabhoomi Marg
Green Park'
Ground Floor, Premier House Matru Smriti, Plot No.326 Fort, Mumbai 400 001
K-12, Green Park Market
MIDC, Andheri (East) Main Linking Road Maharashtra
New Delhi -110 016
Mumbai Khar (W), Mumbai 400 052 , ''
MYSORE
Maharashtra ItAi/cnro
Janakpuri
C3/21, Janakpuri
Mangal Mahal, Turner Road, Malad Haripriya Complex
New Delhi 119 058
Bandra (W), Mumbai 400 050 Sonimur Apartments Temple Road, V V Mohalla
Maharashtra Malad Timber Estate Mysore 570 002, Karnataka Khan Market
S.V.Road, Malad 2 A & 2 B, Khan Market
Bandra-Kurla Complex NABHA
Mumbai 400 064, Maharashtra New Delhi 110 003
EXTENSION COUNTER Nabha
UTI Towers, Bandra-Kurla Complex Shop No. 12 k>ichna Nagar
Bandra (E), Mumbai 400 051 Konark Darshan, Plot No. 53 Ground Floor & First Floor F-2/25, Krishna Nagar
New Survey No. 1000 (Part) Dr.Ambedkar Market New Delhi 110 051
Borivali
CTSNo. 1195, Zaver Road Near Nabha Improvement Trust
Nand Nandan Bhavan
Next To Jain Temple Nabha 147 201, Punjab
Sodawala Lane Basement and Ground Floor
Mulund (West),
Borivali (W) NAGPUR B-6, Lajpat Nagar II
Mumbai 400 080,
Mumbai 400 092, Maharashtra Nagpur New Delhi 110024
Maharashtra
1st Floor, Sanskrutik Sankul
Thakur Polytechnic Malviva Nagar
Napean sea Road jhansi Rani Square, Sitabuldi
- EXTENSION COUNTER D81, Malviya Nagar
Monolith Building Nagpur 440 012, Maharashtra
Thakur Enclave Scheme New Delhi 110017
7, Napean Sea Road
Western Express Highway NASHIK
Mumbai 400 036
Kandivli (E), Mumbai 400 101 Nashik
Maharashtra B-2/11, Paschim Vihar
Malpani Pride,
St. Francis D'assisi High New Delhi 110 063
Nariman Point Behind Raymond Retail Shop
School Campus
Atlanta, Ground Floor, New Pandit Colony
- EXTENSION COUNTER
Nariman Point, Mumbai 400 021 Sharanpur Road Plot No. 6, Local Shopping Centre
St. Francis D'assisi High School
Maharashtra Nashik 422.005, Maharashtra DP Block, Pitampura
Mt.Poinsur, Laxman Mhatre Road
New Delhi 110034
Borivali (West), Mumbai 400 103 Than NELLORE
Mohan Three Wheelers Ltd. Mpllnrp Gitarattan Jindal
Dheeraj Baug, LBS Marg Door N0.22/1223/A-1 Public School
Plot No.229, 10th Road
Naupada Thane (W) 400 602 G T Road, Near RTC Depot "TrxisiON COUNTER
Sandu Garden Corner
Maharashtra Nellore 524 003 D-14-15, Pocket, Main Road
Chembur, Mumbai 400 071
Andhra Pradesh Sector 7, Rohini, New Delhi 110 085
Maharashtra
For individual branch email IDs, please visit www.utibank.com
Compiled by : Asian CERC Information Technology Ltd.
LIST OF B R A N C H E S AND EXTENSION COUNTERS (AS ON 30th A P R I L , 2 0 0 4 )
Palam PANVEL Wanawadi (Kondwa) RUDRAPUR
WZ-24-A, Palam Village Panvel Plot No. 75/2/2-B Rudrapur
New Delhi 110045 Rajje Complex, Plot No. 198 A Building No. Y Plot No. 20, Awas Vikas Colony
Shiivaji Chowk, Panvel 410 206 Sacred Heart Town Nainital Road, Rudrapur 263 153
Rajouri Garden
Maharashtra Wanawadi (Kondwa) Uddam Singh Dist, Uttaranchal
A-11,Vishal Enclave
Pune 411 040, Maharashtra
Rajouri Garden PATHANAMTHITTA SALEM
New Delhi 110 027 Pathanamthitta RAIPUR Salem
Kunnithottathil Plaza Raipur Door No.115-1a,
Saket
General Hospital Road Opp. New Bus Stand Sharptronics Shopping Complex
E-146, Saket
Pathanamthitta 689 645, Kerala Jeevan Bima Marg Omalur Main Road
New Delhi 110017
Pandri, Raipur 492 004 Salem 636 009, Tamil Nadu
PATIALA
Shakti Nagar Chattisgarh
Pafiala SANGLI
Plot No. 1, Amar Bhavan
4464/5, Rajwara Road RAJAHMUNDRY & WEST Sangli
11433, G.T. Karnal Road
Opposite Head Post Office GODAVARI DISTRICT City Survey No. 32/A
Shakti Nagar
The Mall Road, Patiala 147 001 Ambrai Road, Azad Chowk
New Delhi 110007 - Rajahmundry
Punjab Opp. Collector's Bungalow
D. No. 7-27-8, Vygram Road
Swasthya Vihar Sangli 416 416, Maharashtra .
PATNA T. Nagar
A-13, Swasthya Vihar
Patna Rajahmundry 533 101 SATARA
Vikas Marg
Saket Towers Andhra Pradesh Satara
New Delhi 110 092
S.P. Verma Road Abanjani, S No.257, Plot No. 2
Chinna Amiram
Vikaspuri Patna 800 001, Bihar Bhosale Mala, G D Tapase Marg
7-1 32, J. P. Road
J-3, Vikaspuri, New Delhi 110 018 Satara 415 001, Maharashtra
PHAGWARA Venkatrajunagar
Vasant Kunj Phagwara Chinnamiram 534 204 SAffMA
Plot No. 2, Ground Floor Municipal No. XXXI/73, G. T. Road West Godavari District Satna
Centre For Social Research Building Phagwara 144 401, Punjab Andhra Pradesh Upper Ground Floor
Nelson Mandela Road Tiwari Towers
PONDICHERRY Poolapalle
Vasant Kunj, New Delhi 110 070 Rewa Road, Satna 485 001
Pondicherry 1-103, Palakqle-Bhimavaram Road
Madhya Pradesh
Service Branch No. 164, Bussy Street Near Palakole, Poolapalle 534 261
Flat No. 1201 A & B, 12th Floor Pondicherry 605 001 West Godavari District SHIMLA
Ashoka Estate Andhra Pradesh Shimla
PORT BLAIR
Barakhamba Road GF/FF, Durga Cottage
Port Blair RAJKOT
New Delhi 110001 Commercial Complex
" 5, Middle Point, Port Blair 744 101 Rajkot
Kasumpti, Shimla 171 009
NOIDA Andaman & Nicobar Islands Aradhana, Near Bank of Baroda
Himachal Pradesh
Noida PUNE
Kalawad Road
B2-B3, Sector 16 Rajkot 360 001, Gujarat SILIGURI
Pune
Noida 201 301 Siliguri
Sterling Plaza, Plot No.1262/B
Uttar Pradesh Gurudwara Sahib Complex
Jangli Maharaj Road Ranch!
First Floor, Sevoke Road
OOTY Near Deccan Gymkhana No. 4 , 5 A, 5b, Ward No. 15
Siliguri 734 401, Darjeeling District
Ooty (Ootacamund) Pune 411 004, Maharashtra Ground Floor
West Bengal
Lingadevi Complex Rimrl C.xn\i •_
Below Bata Showroom
421, Ettines Road Main Road, Don Bosco School, Siliguri
Ashoka Galaxy
Ooty (Ootacamund) 643 001 Albert Ekka Chowk - EXTENSION COUNTER
Plot No.1, No. 353/A-2
Tamil Nadu Ranchi 834 001,-Jharkhand Sevoke Road, Siliguri 734 401
Dhole Patil Road
Darjeeling District
PANCHKULA Pune 411 002, Maharashtra RISHIKESH
West Bengal
Panchkula Rishikesh
Kothrut
SCO 11, Sector 10 Bharat Bazaar A C College of
Infotech House, Plot No. 57
Opp. Bus Stand 16, Adarsh Gram Commerce Jalpaigurf
Mayur Complex, Kothrud
Panchkula 134 109, Haryana Dehradun Road - EXTENSION COUNTER
Pune 411 029, Maharashtra
Rishikesh 249 201 BDC Road , Jalpaiguri 735 101
Ambala
Chinchwad Uttaranchal West Bengal
- EXTENSION COUNTER
Balwant, Chapekar Chowk
Jeevan Jyoti Building ROHTAK SIVAKASI
Station Road, Near Post Office
LIC Office, JLN Mara Rohtak Sivakasi
Chinchwad Gaon
Jagadri Road Shop No. 1, Munjal Complex - 64, N R K R Rajarathnam Street
Pimpri-Chinchwad, Pune 411 033
Ambala Cantt. 133 001 Delhi Road Sivakasi 626 123
Maharashtra
Haryana Rohtak 124 001, Haryana Tamil Nadu
For individual branch email IDs, please visit www.utibank.com
Compiled by : Asian CERC Information Technology Ltd.
SURAT LIDAIPUR VALLABH VIDYANAGAR VASHI
Surat Udaipur Vallabh Vidyanagar Vashi
Digvijay Towers 151-152, Ground Floor Shiv Shalin Complex No.1,1A,101 & 101A
Opp. St. Xavier's School Parihar Bhawan, Opp. Chemistry Department Vardhaman Chambers CSL
Ghod Dod Road Chetak Marg Near H. M. Patel House Plot 84, Sector 17, Vashi 400 705
Surat 395 001, Gujarat Udaipur 313 001, Vallabh Vidyanagar 388 120 Maharashtra
Rajasthan Dist: Anand, Gujarat
Sanskar Bharti School VIRAR
- EXTENSION COUNTER UDUPI Naaiaa Virar
18-19-20, Shridhar Complex Udupi - EXTENSION COUNTER Gokul Bldg, 1st Floor, Agashi Road
Randcr Road, Palanpur Patia Simaz Commercial Complex Sheth Mahagujarat Hospital Virar (W) 401 303
Surat 395 009 Near Diana Circle College Road Dist: Thane, Maharashtra
Udupi 576 101, Karnataka Nadiad 387 001
1.
VADODARA Nafas<
i-v-rs-
Plot No. 68, Bhimer Bazar Vadodar
Main Road, Purba Midnapore Vardhaman Complex ShopNos. 1 . 2 & 4 LIC Housing Finance Ltd.
Tamluk712636 Opp. G E B, Near Pizza Hut Halar Road, Valsad 396 001 1st Floor, Shripal Plaza
West Bengal Race Course Circle (North) Gujarat Nalasopara (W), Thane District
Vadodara 390 007 Maharashtra
Gujarat
2/2421, Condor Plaza Quarter No. AO/5
M.G. Road, Pattom Opp. State Bank of India 1st Floor, E V Plaza
Thiruvananthapuram 695 004 Amit Complex Atul 396 020, Rajagopalachari Street
Kerala Shop No. 13 Dist. Valsad, Gujarat Vijayawada 520 002
VIP Road, Karelibaug Andhra Prades'h • •
Vadodara 390 018
City Centre Hotel Fortune Galaxy Complex
XXV/1130, Round West Commercial Plot No. C7/67 D.No.11-25-16, 1st Floor
Thrissur 680001, Kerala Dawat-Bhavan's Road P.N.H. No. 8,' K T Road, Kothapet
Manjalpur Near Koparli Road Opp. SKPVV School
P.O. Pratapnagar G.I.D.C, Vapi396 195 One Town, Vijayawada 520 001
Vadodara 390 004 District: Valsad, Gujarat Andhra Pradesh
No.75 E/l, Salai Road
Near Thillai Nagar Arch ,M •
Thillai Nagar tkhapatnam
Tiruchirapalli 620 018 Lucky Palace Arjun Arcade, NH-5, Old Gajuwaka
Tamil Nadu Old National Highway No. 8 Near Navghar Bus Depot Vishakhapatnam 530026
Bharuch 392 001 Vasai Road, Vasal (W) Andhra Pradesh
Gujarat Dist:Thane 401 202
Maharashtra
3 Court Street, Tirupur 641 601
Coimbatore District riUNTER
Tamil Nadu D. No. 10-54-7, WaltairMain Road
Plot No. 618 Ram Nagar, Vishakapatnam 530 002
Gujarat Indl. Development Corpn. A/101, Rajshrce Shopping Centre
Ambedkar College of
GIDC, Ankleshwar 393 002 Near Post Office, Station Road
V.V.D. Mahaal Technology & Science
District Bharuch, Gujarat Mira Road (East), District Thane
181, Palayamkottai Road . tYTEMQinivi rni INTFP
Tuticorin 628 003, Tamil Nadu Plot No. 4, Sector 10, MVP Coloay
Visakhapatnam 530 017
"sit www.utibank.com
Compiled by : Asian CERC Information Technology Ltd.
Tenth Annual Report 2003-04
UTI BANK LIMITED
NOTICE
NOTICE is hereby given that the Tenth Annual General Meeting of the Members of UTI Bank Limited will be held on Friday, the 18th June, 2004 at 10.00 a.m. at
'Bhaikaka Bhavan (British Library Building), Near Law Garden, Ellisbridge, Ahmedabad - 380006 to transact the following business :
ORDINARY BUSINESS:
1. To receive, consider and adopt the Balance Sheet as at 31st March, 2004, Profit and Loss Account for the year ended 31st March, 2004 and the reports of
Directors and Auditors thereon.
2. To appoint a Director in place of Shri M. Raghavendra, who retires by rotation and, being eligible, offers himself for re-appointment as a Director.
3. To appoint a Director in place of Shri Donald Peck, who retires by rotation and, being eligible, offers himself for re-appointment as a Director.
4. To appoint a Director in place of Shri Daniel Paul Fletcher, who retires by rotation and, being eligible, offers himself for re-appointment as a Director.
5. To appoint a Director in place of Shri Yash Mahajan, who retires by rotation and, being eligible, offers himself for re-appointment as a Director.
6. To declare a dividend on the Equity Shares of the Bank.
7. To consider and pass with or without modifications, the following resolution as a Special Resolution:
"RESOLVED THAT pursuant to the provisions of Section 224A and other applicable provisions, if any, of the Companies Act, 1956 and the Banking Regulation
Act, 1949, M/s. Bharat S. Raut & Company, Chartered Accountants, Mumbai be and are hereby appointed as the Statutory Auditors of the Bank to hold office.
from the conclusion of the Tenth Annual General Meeting until the conclusion of the Eleventh Annual General Meeting, on such remuneration as may be
approved by the Audit Committee of the Board."
SPECIAL BUSINESS:-
8. To consider and pass the following resolution, with or without modifications, as an Ordinary Resolution:
"RESOLVED THAT Shri A T Pannir Selvam, who was appointed as an Additional Director at the meeting of the Board of Directors held on 25lh June 2003 and
who holds, office as such upto the date of this Annual General Meeting and in respect of whom notice under section 257 of the Companies Act, 1956 has
been received from a member signifying his intention to propose Shri A T Pannir Selvam as a candidate for the office of Director of the Bank be and is hereby
appointed as a Director of the Bank, not liable to retire by rotation."
9. To consider and pass the following resolution, with or without modifications, as an Ordinary Resolution:
"RESOLVED THAT Shri J R Varma, who was appointed as an Additional Director at the meeting of the Board of Directors held on 25 th June, 2003 and who holds
office as such upto the date of this Annual General Meeting and in respect of whom notice under section 257 of the Companies Act, 1956 has been received
from a member signifying his intention to propose Shri J R Varma as a candidate for the office of Director of the Bank be and is hereby appointed as a Director
of the Bank, liable to retire by rotation."
10. To consider and pass the following resolution, with or without modifications, as an Ordinary Resolution:
"RESOLVED THAT Shri Ajeet Prasad,' who was appointed as an Additional Director at the meeting of the Board of Directors held on 20th January, 2004 and who
holds office as such upto the date of this Annual General Meeting and 'in respect of whom notice under section 257 of the Companies Act, 1956 has been
received from a member signifying his intention to propose Shri Ajeet Prasad as a candidate for the office of Director of the Bank be and is hereby appointed
as a Director of the Bank, not liable to retire by rotation."
11. To consider and pass, the following resolution as an Ordinary Resolution:
"RESOLVED THAT subject to approval by the Reserve Bank of India, approval of the members of the Bank be and is hereby given for revising the
remuneration by way of salary and perquisites payable to Shri P. J. Nayak, Chairman and Managing Director of the Bank w.e.f. 1st April, 2004, as under:
a. The salary be fixed at Rs. 51,94,800/- p.a.
b. Leave Fare Concession facility be fixed at Rs. 3,71,0007- p.a.
c. Personal Entertainment Allowance be fixed at Rs. 2,10,0007- p.a.
d. Allowance for proper upkeep of residential accommodation provided by the Bank be fixed at Rs. 1,93,5007- p.a.
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Tenth Annual Report 2003-04
e. Variable pay as may be approved by the Board of Directors, subject to a maximum of 25% of his salary, subject to RBI approval.
f. Loan facilities be provided as per the following limits, at the rate of interest applicable to other employees:
Particijlars Amount of Loan Rs.
Housing Loan Upto Rs.30.00 lacs
Staff Vehicle Loan Rs.10.00 lacs
Staff Consumer Loan Rs.5.00 lacs
Staff Education Loan Rs.5.00 lacs
Staff Personal Loan Rs.10.00 lacs
Loan against NSC/Units of UTI and Other Mutual Funds Rs.1.00 lac
Total Loan Eligibility Rs.61.00 lacs
g. Payment of HRA at the rate of Rs. 1.00 lac per month which would be payable only If he resides in his own accommodation.
h. Other terms and conditions to remain unchanged."
12. To consider and if thought fit, to pass, with or without modifications, the following resolutions as a Special Resolution:
"RESOLVED THAT pursuant to section 81 and all other applicable provisions, if any, of the Companies Act, 1956, (including any statutory modification(s) or re-
enactment thereof for the time being in force and as may be enacted from time to time), and in accordance with the provisions of the Memorandum and
Articles of- Association of the Bank, the relevant laws and regulations prescribed by the Securities and Exchange Board of India (hereinafter referred to as "SEBI")
as also other authorities as applicable from time to time and subject to such other approvals, consents, permissions and sanctions,,as may be required from
appropriate authorities or bodies, and subject to such conditions as may be prescribed by any of them while granting such approvals, consents, permissions
and sanctions, which may be agreed to by the Board of Directors of the Bank (hereinafter referred to as "the Board" which term shall be deemed to include -
the Remuneration Committee, for the time being authorised by the Board of Directors to exercise the powers conferred on the Board of Directors by this
resolution), the Board be and is hereby authorised to issue, offer and allot equity stock options convertible into Equity Shares of the aggregate nominal face
value not exceeding Rs. 23,00,00,000 (Rupees Twenty Three Crores Only) (which includes the approval granted by shareholders for equity shares of the
aggregate nominal face value not exceeding Rs. 13,00,00,000 (Rupees Thirteen Crores Only) at an Extra Ordinary General Meeting held on 24/02/2001 to the
present and future employees and directors of the Bank under an employee stock option plan (hereinafter referred to as "the plan"), which under the -SEBI
guidelines is termed as Employee Stock Option Scheme (ESOS), on the terms and conditions as set out in the Explanatory Statement to this item and on such
other terms and conditions and in such tranche/s as may be decided by the Board in its absolute discretion."
"RESOLVED FURTHER THAT without prejudice to the generality of the above, but subject to the terms, as approved by the members, the Board /
Remuneration Committee, be and is hereby authorised to implement the plan (with or without modifications and variations) in one or more tranches in
such manner as the Board/Remuneration Committee may determine."
"RESOLVED FURTHER THAT for the purpose of giving effect to the above resolution, the Board/ Remuneration Committee be and is hereby authorised to
do all such acts, deeds, matters and things and execute all such deeds, documents, Instruments, writings as it may in its absolute discretion deem necessary,
proper or desirable and pay fees and commission and incur expenses in relation thereto." ,
"RESOLVED FURTHER THAT the Board/ Remuneration Committee be and is hereby authorised to settle any question, difficulty or doubt that may arise in
relation to the implementation of the plan including the offer/issue, allotment and utilisation of the proceeds and in relation to the shares (including to.
amend or modify any of the terms thereof) issued herein without being required to seek any further consent or approval of the members or otherwise to
the end and intent that the members shall be deemed to have given their approvals thereto expressly by authority of this resolution."
"RESOLVED FURTHER THAT the Board be and is hereby authorised to delegate all or any of the powers herein conferred to the Remuneration Committee
constituted for this purpose or the Chairman and Managing Director of the Bank."
"RESOLVED FURTHER THAT the Equity Shares to be issued as stated aforesaid shall rank pari-passu with all existing Equity Shares of the Bank, including for
the purpose of payment of dividend."
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Tenth Annual Report 2003-04
Notes:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY
NEED NOT BE A MEMBER. PROXIES IN ORDER TO BE VALID AND EFFECTIVE MUST BE DELIVERED AT THE REGISTERED OFFICE OF THE BANK NOT LATER THAN
• FORTY-EIGHT HOURS BEFORE THE COMMENCEMENT OF THE MEETING.
2. The relevant explanatory statement pursuant to the provisions of section 173 (2) of the Companies Act, 1956 and the Listing Agreement with the stock
exchanges in respect of Item Nos. 7 to 12 is annexed hereto.
3. The Register of Members and the Share Transfer Books of the Bank will remain closed from 1st June, 2004 to 18th June, 2004 (both days inclusive).
4. The Dividend would be made payable on or after 19lh June, 2004 to the shareholders whose names stand on the Register of Members on 1 st June, 2004.
5. a) The Bank is arranging to print the details of your Bank Account on the dividend warrants thereby ensuring that the proceeds of the dividend warrants
are credited to your account. We therefore, request you to send to our Registrar and Share Transfer Agents, M/s. Karvy Computershare Private Limited,
Hyderabad or to the Registered Office of the Bank, the following particulars so as to reach them on or before 1s1 June, 2004.
• Name of the Bank, Branch and Place with PIN code No., where the account is maintained
• Bank Account No.
b) The Bank has also decided to offer the facility of ECS for shareholders residing in cities specified by RBI. The ECS Mandate Form is annexed. This facility could
also be used by the shareholders Instead of the Bank Mandate System, for receiving the credit of dividends.
6. Shareholders may now avail of the Nomination Facility under section 109A of the Companies Act, 1956. The relevant Nomination Form is annexed.
7. Shareholders seeking any information with regard to accounts are requested to write to the Bank at an early date to enable the Management to keep the
information ready.
8. The Registered Office of the Bank is being shifted by the end of May, 2004 to the following address in Ahmedabad.
UTI Bank Limited
Thrishul', ya floor,
Opp. Samartheshwar Temple,
Law Garden, Ellisbridge,
Ahmedabad - 380 006
Shareholders are requested to write to the Company Secretary regarding transfer of shares and for resolving grievances at the above address.
The shareholders can also directly approach the Bank's Registrar and Share transfer agents, Karvy Computershare Private Ltd. (formerly Karvy Consultants Ltd.)
at the following address:
Karvy Computershare Private Limited
Unit: UTI Bank Limited
Karvy House, No. 46,
Avenue 4, Street No. 1
Banjara Hills, Hyderabad - 500 034
Phone No. : 040-23320251/751/752/753
Fax No. : 040-23311968
Contact Persons: Shri V. K. Jayaraman, ACM (RIS)/Ms. Varalaxml, Dy. Manager (R1S)
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Tenth Annual Report 2003-04
9. Information regarding Directors retiring by rotation;
i) Shrl M. Raghavendra
Shri M.' Raghavendra is a Commerce and a Law graduate and a member of the Institute of Insurance. He is presently the General Manager of General
Insurance Corporation of India, Mumbai. He has worked with GlC/Oriental Insurance Company in various capacities. He has been nominated by General
Insurance Corporation as a Director. He is also a member of the Committee of Directors of the Board, Audit Committee of the Board and the Shareholders/
Investors Grievance Committee.
ii) Shrl Donald Peck
Shri Donald Peck is a nominee of South Asia Regional Fund. He is presently MD, South Asia, of Actls (formerly CDC Capital Partners), and MD of its Indian
affiliate CDC Advisors Private Ltd. He has been advising on investments in India since 1992. He is also responsible for advising and overseeing the investment
activity of South Asia Regional Fund, which is a fund with a number of Regional Investors, managed by CDC affiliate. •
Shri Donald Peck holds a Ph.D in Economic History from Oxford University. He worked for thirteen years in Merchant Banking at Lloyds Bank, Morgan Grenfell
and then in Equity Investment / Fund Management at IFC (Washington) before joining the CDC Group at its London headquarters in 1991. Shri Donald Peck
is a member of the Committee of Directors and the Remuneration Committee of the Board.
Hi) Shr! Daniel Paul Fletcher
Shrl Daniel Paul Fletcher is a Nominee of CDC Financial Services (Mauritius) Ltd. He is the Chief Executive of Actis (formerly CDC Capital Partners). He Joined
CDC Capital Partners in May, 2001 from Citi Bank in London, where he was responsible for global emerging markets strategy and planning.
After graduating from Oxford, Shri Fletcher worked for Cargill, Bankers Trust and Swiss Bank Corporation International, before joining Cltl Bank and working
in Japan, the USA and Kenya. Shri Paul Fletcher is a member of the Risk Management Committee of the Board.
Iv) Shri Yash Mahajan
Shri Yash Mahajan is presently the group Chief Executive of Swaraj Group of Companies. He is Vice Chairman and Managing Director of Punjab Tractors Ltd.
and Swaraj Mazda Ltd. He is also Chairman of Swaraj Engines Ltd. and Swaraj Automatives Ltd., Chadigarh.
Shri Mahajan is a Commerce Graduate, professionally trained and qualified as a Chartered Accountant in London. He Is a fellow member of the Institute of
Chartered Accountants in England and Wales.
Shri Mahajan's achievements were nationally recognised in 2000 when he was selected as one of the outstanding entrepreneurs and included in the list
of thirty finalists for the Ernst and Young entrepreneur of the year award. . " .
As per the provisions of the Companies Act, 1956 only three Directors are retiring by rotation but we have proposed four Directors to retire by rotation. In
view of the possible transfer of the present shareholding of CDC Capital Financial Services (Mauritius) Ltd. (CDCFS) and South Asia Regional Fund (SARF) to
HSBC Asia Pacific Holdings (UK) Ltd., which is presently pending RBI approval, there are possibilities of the Nominee Directors of CDCFS and SARF ceasing
to be Directors of the Bank before the ensuing Annual General Meeting. In such event the resolutions for reappointment of Shri Donald Peck and Shri Paul
Fletcher will be dropped in the AGM and Shri Yash Mahajan will retire by rotation and the resolution for his re-appointment will be considered in the AGM.
Place : Mumbai By order of the Board
Date : 29/04/2004 P. J. Oza
Company Secretary
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Tenth Annual Report 2003-04
ANNEXURE TO NOTICE
EXPLANATORY STATEMENT PURSUANT TO SECTION 173 (2) OF THE COMPANIES ACT, 1956
Item No. 7:
Section 224A of the Companies Act, 1956 provides that in the case of companies in which not less than 25 percent of the subscribed share capital Is held, whether
singly or In combination, by public financial institutions, banks, insurance companies, Government companies. Central Government or State Government(s), the
appointment of an Auditor of the Company shall be made by a Special Resolution. The erstwhile Unit Trust of India (now the Administrator of the Specified
Undertaking of the Unit Trust of India), Life Insurance Corporation of India, General Insurance Corporation and its erstwhile subsidiaries, constitute public financial
institutions In terms of Section 4-A of the Companies Act, 1956, and hold more than 25 percent of the subscribed equity share capital of the Company. Hence, a
Special Resolution is proposed for the appointment of M/s. Bharat S. Raut & Co., Chartered Accountants, as the Company's Statutory Auditors to hold office from
the conclusion of this Meeting upto the conclusion of the next Annual General Meeting.
As required M/s, Bharat S. Raut & Co. have forwarded a certificate to the Company stating that the appointment, If made, will be within the limit specified in Sub-
Section (1-B) of Section 224 of the Companies Act, 1956.
The Directors recommend the appointment of M/s. Bharat S. Raut & Co., Chartered Accountants, as the Statutory Auditors of the Company.
None of the Directors Is In any way concerned or interested In the Resolution at Item No. 7 of the Notice.
Item No. 8:
Shrl A T Pannlr Selvam was appointed as an Additional Director of the Bank w.e.f. 25th June, 2003. Under Section 260 of the Companies Act, 1956, read with Article
9!(1) of the Articles of Association of the Bank, Shri A T Pannir Selvam continues to hold office as a Director until the conclusion of the ensuing Annual General
Meeting. However, as required under Section 257, the Bank has received a notice from a member signifying his intention to propose Shrl A T Pannlr Selvam as
a candidate for the office of Director of the Bank and the requisite deposit of Rs. 500/- has also been received by the Bank along with such notice. It is proposed '
that Shri A. T. Pannir Selvam will not be liable to retire by rotation.
Shrl A. T. Pannlr Selvam was formerly the Chairman and Managing Director of Union Bank of India and has been a professional banker for over 33 years. He is a
post graduate in Economics. He worked in several senior managerial positions in India and overseas in Indian Overseas Bank and also worked as the Executive
Director of Bank of India. In his banking career spanning over three decades, he held multifarious portfolios, among others, International Banking, HRD and
Personnel Administration, Credit Management and Corporate Management. Shri Pannir Selvam is a member of the Committee of Directors of the Board and also
a member of the Shareholders / Investors Grievance Committee of the Board.
The Directors recommend approval of the resolution.
Except for Shri A. T. Pannlr Selvam, no other Director of the Bank is in any way concerned or Interested in the resolution at item no. 8 of the notice.
Item No. 9:
Shri J R Varma was appointed as an Additional Director of the Bank w.e.f. 25lh June, 2003. Under Section 260 of the Companies Act, 1956 read with Article 91(1) of
the Articles of Association of the Bank, Shri Varma continues to hold office as.a Director until the conclusion of the ensuing Annual General Meeting. However,
as required under Section 257, the Bank has received a notice from a member signifying his Intention to propose Shri Varma as a candidate for the office of Director
of the Bank and the requisite deposit of Rs. 500/- has also been received by the Bank along with such notice.
Shri J R Varma is presently a professor In the Finance and Accounting area at the Indian Institute of Management, Ahmedabad where he teaches courses in Capital
Markets, International Financial Management and Corporate Finance. Shri Varma has done his post graduation in Management from the IIM, Ahmedabad (IIMA)
and Doctorate In Management from IIMA. He is also a qualified Cost Accountant. Shri Varma was earlier a full time member of SEBI for a year and also before that,
a part time member of SEBI for three years. Shri Varma has carried out extensive research in the field of Indian Financial Markets and Finance Theory and published
extensively In Indian and International Journals. Shri Varma Is a member of the Risk Management Committee of the Board.
The Directors recommend approval of the resolution.
Except Shrl J R Varma no other Director of the Bank is in any way concerned or interested in the resolution at item no. 9 of the notice.
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Tenth Annual Report 2003-04
Item No. 10:
Shri Ajeet Prasad was appointed as an Additional Director of the Bank w.e.f. 20th January, 2004. Under Section 260 of the Companies Act, 1956 read with Article 91(1)
of the Articles of Association of the Bank, Shri Prasad continues to hold office as a Director until the conclusion of the ensuing Annual General Meeting. However,
as required under Section 257, the Bank has received a notice from a member signifying his intention to propose Shri Prasad as a candidate for the office of Director
of the Bank and the requisite deposit of Rs. 500/- has also been received by the Bank along with such notice. It Is proposed that Shri Ajeet Prasad will not be liable
to retire by rotation.
Shri Ajeet Prasad Is presently an Executive Director with UTI Asset Management Company Private Ltd. (UTI Mutual Fund - UTI II). He is a management graduate.
He has held several posts in the erstwhile Unit Trust of India. He is a member of the Remuneration Committee and Shareholders/ Investors Grievance Committee
of the Board.
The Directors recommend approval of the resolution.
Except Shri Ajeet Prasad no other Director of the Bank is in any way concerned or interested in the resolution at item no. 10 of the notice.
Item No.11:
The shareholders of the Bank had at its 6th AGM held on 30th May, 2000 approved the appointment of Shri P. J. Nayak as Chairman and Managing Director of the
Bank for a period of 5 years commencing 1 st January, 2000 and had also approved the remuneration payable to him. The remuneration was last revised w.e.f. 1st
April, 2003, and approved by the shareholders of the Bank and other regulatory authorities.
During the year ended 31st March, 2004, the Bank has shown excellent all-round progress in terms of business growth, profitability, branch expansion, ATM network
expansion and an improved brand equity under the leadership of Shri Nayak. The Remuneration Committee of the Board, which met on 24lh April, 2004 and
examined the remuneration of the Chairman and Managing Director, had observed that the present remuneration paid to Shri P. J. Nayak was less than that paid
at a comparable level in the other peer group banks in the banking sector.
The Reserve Bank of India has issued revised guidelines dated 19lh August, 2003 on remuneration to Chairman/Managing Director/Whole-Time Directors of the"
new Private Sector Banks. Under these guidelines of RBI the payment of variable pay to the CEO has to be restricted to 25% of salary in future, while the Boards
are free to review and fix at their discretion the actual monthly remuneration paid to their CEOs, keeping the above bonus guidelines in view. As in recent years,
the Remuneration Committee and the Board have recommended a variable pay to Shri Nayak of 100% of salary, and as this now needs to be capped at 25% in
view of the revised RBI guidelines applicable to private sector banks, the Remuneration Committee has accordingly recommended a revision upwards in the
emoluments paid to Shri Nayak.
The Board of Directors of the Bank at its meeting held on 29 th April, 2004 has approved revision in the remuneration by way of salary and perquisites payable to
Shri Nayak w.e.f. 1SI April, 2004 for the contributions made by him in the all-round development of the Bank.
The Directors recommend approval of the resolution.
Except Shri P. J. Nayak, no other director of the Bank is in any way concerned with or interested in the resolution at item no. 11 of the Notice.
This resolution and explanatory statement shall also be treated as an abstract of variation In terms and conditions of the appointment of the Chairman and
Managing Director of the Bank and Memorandum of Interest under Section 302 (7) of the Companies Act, 1956.
Item no. 12:
The shareholders of the Bank had given their approval at an Extra Ordinary General meeting held on 24/02/2001 for implementation of an Employee Stock Option
Plan which was designed to foster a sense of ownership and belonging among employees/Directors. The total number of shares/options to be issued, allocated
or allotted under this plan to the Bank's present and future employees were not to exceed 1,30,00,000 equity shares/options. The Bank had subsequently issued
in four tranches between 2001 to 2004 95,08,655 options. The present rapid growth of the Bank and of the number of employees suggests that the balance
number of options may not be sufficient for issue to the Bank's employees during the year 2005.The Remuneration Committee had therefore approved and
recommended to the Board on 24/04/2004 and also the Board had given its approval on 29/04/2004 for issue, allocation or allotment of shares/options representing
not more than 2,30,00,000 equity shares which also includes the approval given by the shareholders for 1,30,00,000 equity shares on 24/02/2001. The terms and
conditions for which shareholders' approval is being requested are broadly similar to the existing employee stock option scheme approved by the shareholders
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Tenth Annual Report 2003-04
on 24/2/2001. The proposed resolution Is designed to achieve the objective of incentivising employees towards attaining the periodic objectives set for them, and
thereby improving the profitability of the Bank.
The Board of Directors at its meeting held on 29/04/2004 had given its approval to the ESOP scheme and had proposed that the approval of the shareholders be
requested for issue of stock options, according to which employees/Directors who comply with certain eligibility criteria would-be given the option to subscribe
to a specified number of equity shares of the Bank offered to them at a price to be determined as mentioned herein below. The employees/Directors can exercise
the options after a stipulated time and after complying with the conditions subject to which the options are granted, by paying the appropriate consideration,
consequent to which the shares would be allotted to them.
The following would be the broad terms and conditions of the ESOP:
Total number of options/shares to be issued under the ESOP:
It is proposed to grant options for a total of two crore thirty lakh Equity Shares of the face value of Rs. 10/- each (including one crore thirty lakhs Equity Shares of
the face value of Rs. 10/- each under ESOP approved by shareholders on 24/02/2001)
Identification of classes of employees entitled to participate In the ESOP:
All permanent and confirmed employees of the Bank, present as well as future, including the Chairman and Managing Director, and other Directors of the Bank
subject to RBI approval will be entitled to participate in the ESOP, subject to the applicable regulatory requirements and guidelines issued by the Securities and
Exchange Board of India (SEBI).
Date of Grant:
The date of grant would be such date as would be decided by the Board/ Remuneration Committee for the purpose of grant of options.
Requirements of Vesting and period of vesting:
In the event of the stock options being offered to an employee, the employee should continue to remain in the employment of the Bank from the date of grant
till the vesting of the stock options. In the case of an employee, who retires upon attainment of superannuation and who has been granted options, the entire
options so granted would vest on the earliest date of vesting. In the case of the CMD the date of cessation of his contract will be deemed to be the date of
retirement.
The vesting period shall commence on the expiry of one year from the date of grant of the options to the employees/Directors and could extend up to four years
from the date of grant of options. The options could be granted in tranches and could vest in tranches. The number of stock options made available to employees
could vary at the discretion of the Remuneration Committee.
Maximum period within which the options shall be vested:
From the date of the options, the options shall vest in the employees/Directors within such period as may be prescribed by the Remuneration Committee, which
period shall, as mentioned above, be not, less than one year and not more than four years from the date of grant of the options.
Exercise Price /Pricing Formula: ' • •
The Equity shares would be issued to eligible employees and Directors at a price (Exercise Price) being the average daily high-low price of the shares during the
52 weeks preceding the date of grant on that Stock Exchange which has had the maximum trading volume of the Bank's shares during that period.
Exercise Period and the process of exercise:
From the date of vesting of the options, the employees /Directors shall be entitled to exercise the options within a period of three years from the date of the
respective vesting of the options. The options would be exercisable by the said employees /Directors by the payment of the consideration amount in cash and
submitting the requisite application form after which the shares would be allotted.
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Tenth Annual Report 2003-04
Appraisal process for determining the eligibility of employees to the ESOP:
While deciding upon the number of options to be granted to the employees under the ESOP, the Remuneration Committee would take into consideration the
grade, performance and direct or indirect contribution towards profit by the employee, and such other factors as may be deemed appropriate by the
Remuneration Committee-
Maximum Number of Options to be Issued per employee and in the aggregate:
The number of options that would be issued to an employee /Director under the Plan would be determined by the Remuneration Committee. However, no
single employee/ Director shall be granted options under the Plan entitling such employee /Director to Equity Shares in the Bank which would represent more
than 10% of the total number of options granted under the Scheme i.e. more than 23,00,000 Equity Shares.
Accounting Policies:
The Bank shall comply with the disclosure and accounting policies prescribed by SEBI and any other appropriate authority.
1. Method of Valuation : The Bank proposes to use the intrinsic value method for calculating the employee compensation cost.
2. The Statement : As the Bank has proposed to calculate the employee compensation cost using the intrinsic value of'the stock options, the difference
between the employee compensation cost so computed and the employee compensation cost that shall have been recognised If it had used the fair value
of the options, shall be disclosed in the Directors' Report and also the impact of this difference on profits and on EPS of the Bank shall also be disclosed
in the Directors' Report.
The Board of Directors recommends the resolution for approval of the members.
Approval of the members is sought in terms of Section 81 and all other applicable provisions, if any, of the Companies Act, 1956 for the Issue of Equity shares of
the Bank to the persons mentioned above under ESOP. The Board/ Remuneration Committee shall have the absolute authority to vary or modify the terms
hereinabove in accordance with and subject to all applicable guidelines which may be stipulated by SEBI or otherwise.
Section 81 of the Companies Act, 1956, provides, inter alia, that when It Is proposed to increase the issued capital of a company by allotment of further shares, such
further shares shall be offered to the existing shareholders of the company in the manner laid down in the Section 81 unless the shareholders in the General
Meeting decide otherwise.
The listing agreements with the Stock Exchanges provide, inter alia, that the company In the first instance should offer all the shares to be issued for subscription
pro-rata to the equity shareholders unless the shareholders in the General Meeting decide otherwise.
All the Directors of the Bank who would be eligible/qualified to avail benefits of ESOP may be deemed concerned or interested in the resolution at item no. 12
of the Notice, to the extent of offer of options which may be made to them. The members' approval In accordance with this resolution Is inter-alla also being
sought for authorising the Board of Directors and the Remuneration Committee of Directors to do acts stated in the resolution hereinabove where they would
be the beneficiaries.
Place : Mumbai By order of the Board
Date : 29/04/2004 P. J. Oza
Company Secretary
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Tenth Annual Report 2003-04
UTI BANK LIMITED
rd
Regd. Office : Trishul', 3 Floor, Opp. Samartheshwar Tern pie, Law Garden, Ellisbridge, Ahmedabad - 380 006
PROXY FORM
I/We. .of
being a Member/Members of above named
Company hereby appoint Shri of
.in the district of. .or failing him Shri
of _ in the district of
as my/our proxy to attend and vote for me/us/our behalf at the 10th Annual General
Meeting of the Company to be held on Friday the 18th June, 2004, at 10.00 a.m. at Bhaikaka Bhavan, (British Library Building),
Law Garden, Ellisbridge, Ahmedabad - 380 006 and at any adjournment thereof.
Signed this day of 2004
Signature
Address
Folio No.
CL ID/DP ID :
No of shares held .
N.B.: 1. The Proxy need not be a member.
2. The Proxy Form duly signed and stamped should reach the Company's Regd. Office at least 48 hours before the
time of Meeting.
ATTENDANCE SLIP
PLEASE BRING THIS ATTENDANCE SLIP TO THE MEETING HALL AND HAND IT OVER AT THE ENTRANCE.
I/We hereby record my/our presence at the 10th Annual General Meeting of the Bank at Bhaikaka Bhavan (British Library
Building), Law Garden, Ellisbridge, Ahmedabad - 380 006 on Friday the 18th June, 2004 at 10.00 a.m.
Name of the Shareholder
Name of the proxy/Representative, if any
Ledger Folio No.
CL ID/DP ID No.
Signature of the Shareholder/s/Proxy
Signature of the Representative
UTI BANK LIMITED
rd
Regd. Office : Trishul', 3 Floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380 006
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Tenth Annual Report 2003-04
ECS MANDATE FORM
To, FOR SHARES HELD IN PHYSICAL MODE
M/s. Kafvy Computershare Private Limited Please complete this form and send it to
Unit: UTI Bank Limited M/s. Karvy Computershare Pvt. Limited, Hyderabad
Karvy House
46, Avenue 4, Street No. 1 SHAREHOLDERS HOLDING SHARES IN DEMAT MODE
Banjara Hills should inform their DPs directly
Hyderabad - 500 034
I hereby consent to have the amount of dividend on my equity shares credited through the Electronic Clearing Service (Credit
Clearing) - (ECS). The particulars are :
1. Folio No/Client ID No/Cert. No.
2. Name of 1st Registered holder
3. Bank Details
• Name of Bank
• Full address of the Branch
• Account Number
• Bank Ledger No.
Account Type : (please tick the relevant box for Savings Bank Account, Current Account or Cash Credit A/c)
10 - Savings 11 - Current 12 - Cash Credit
• 9 Digit Code number of the Bank and branch appearing on the MICR cheque issued by the bank (Please attach a
photocopy of a cheque for verifying the accuracy of the code number):
I hereby declare that the particulars given above are correct and complete. If the transaction is delayed because of incomplete
or incorrect information, I will not hold the Company responsible.
(Signature of the 1st Registered holder as per
the specimen signature with the Company)
Name: •
Address.-.
Date:
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Tenth Annual Report 2003-04
FORM 2B
(See rules 4CCC and 5D)
NOMINATION FORM
(To be filled in by individual(s) applying singly or jointly)
I/We : and
and
the holders of shares bearing numbers of DTI Bank
Limited wish to make a nomination and do hereby nominate the following person(s) in whom all rights of transfer and/or
amount payable in respect of shares shall vest in the event of my or our death.
Name(s) and Address(s) of Nominee(s)
Name : Folio No:.
Address :
Date of Birth* :
"(To be furnished in case of the nominee is a minor)
"The Nominee is minor whose guardian is
Name :
Address :
(**To be deleted if not applicable)
Signature : 1. 2. 3.
Name : 1. 2. 3.
Address :
Date : / /2004
Address, Name and Signature of witnesses :
(Name and Address) Signature with Date
1. ' 1.
2. 2.
Instructions:
1. The Nomination can be made by individuals only applying/holding shares on their own behalf singly or jointly. Non-individual including society,
trust, body corporate, partnership firm, Karta of HUF, holder of power of attorney cannot nominate. If the shares are held jointly, all joint holders
will sign the nomination form. Space is provided as a specimen, if there are more joint holders more sheets can be added for signatures of holders
of shares and witness.
2. A minor can be nominated by a holder of shares and in that event the name and address of the Guardian shall be given by the holder.
3. The nominee shall not be a trust, society, body corporate, partnership firm, Karta of HUF, or a power of attorney holder. A non-resident Indian can
be a nominee on re-patriable basis.
4. Nomination stand rescinded upon transfer of shares.
5. Transfer of shares In favour of a nominee shall be a valid discharge by a company against the legal heir.
6. The intimation regarding Nomination/Nomination form shall be filed in duplicate with Company/ Registrar and Share Transfer Agents of the
Company who will return one copy thereof to the shareholder.
Compiled by : Asian CERC Information Technology Ltd.
I
UTI BANK
ered Office: Thrishul', 3rd floor, Opp. Samartheshwar Temple, Law Garden, Fllisbridge, Ahmedabad 380 006
Tel. No.: 079-2640 9322 Fax No.: 079-2640 9321
Email: poza@utibank.co.in Website.- www. utibank.com
Central Office: Maker Towers T', 13th Floor, Cuffe Parade, Colaba, Mumbai 400 005
Tel. Nos.: 022-2218 9106/7/8/9 Fax Nos.: 022-2218 6944/2218 1429