Addressing a press conference here on Monday, he said the bank was already licensed to pay Cirrus Cards under the Mastercard system through its ATMs. It was also registered with National Securities Depository Ltd (NSDL) as a depository participant. Besides being an active player, it also extended credit facility against dematerialised shares and Unit 64. The bank is now licensed to act as a debenture trustee. It plans to increase its portfolio of various UTI schemes among retail investors -- there are two crores investors in Unit 64 and five crores in other schemes.

He said the UTI Bank's immediate other priority was to open branches in other centres where UTI has a large presence. Whileits first branch was opened at its registered office at Ashram Road in Ahmedabad in April 1994, its 30th branch is set to open at Vastrapur here next month. Six other branches are proposed to be opened in the current fiscal at new areas in the metros, and in new cities like Pune, Jodhpur and Surat.

Dutta was in the city in connection with roadshows for the bank's maiden public issue and sale of its shares on September 21. It is coming out with 1.50 crore fresh shares and divestment of its 2.00 crore shares at Rs 21 each (including a premium of Rs 11), aggregating Rs 73.50 crore.

Dutta was confident of oversubscription much before the September 28 closing date as the bank is backed by its ``UTI'' brand. Besides other factors, he said, the bank's deposits recorded a compounded annualised growth rate of 100.47 per cent and advances of 63.37 per cent -- in the very first three years of operations.