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UTI i-Connect Net Banking payment option now available on ResAvenue Payment Gateway

July 2, 2002

There is good news for UTI iConnect Net Banking Account Holders. You can buy goods and services of hundreds of ResAvenue's appointed hotelier sites and pay directly through your UTI I-Connect net banking account. This is now possible because UTI's latest tie-up with, India's first neutral online payment gateway.

ResAvenue Payment Gateway currently offers integrated payment gateway services of leading financial institutions like HDFC Bank, Amex, and accepts credit payment through the most respected international brands such as Amex, Mastercard, Diners and Visa cards. What makes ResAvenue unique is that it is India's first online payment gateway that conducts the entire transaction in Rupees.

Mr. Vishwas Patel, CEO of Avenues mentioned, "We had been in talks with UTI for quite some time. To us, this tie-up is a very exciting event, as this will give our merchant members businesses to reach a whole new set of resident Indian customers; and the numerous NREs and NRIs who hold UTI is high esteem." Avenues have started providing UTI I-Connect net banking payment option from 1st July, 2002 onwards; following integration and careful testing.

ResAvenue's hoteliers have further access to thousands of UTI's account holders. This itself is a fair reflection of the huge need gap that this online payment gateway service is filling. With the markets showing a gradual upswing, ResAvenue seems to be charting the right path, as it quietly builds its network for the better times to come.

About UTI Bank
UTI Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by Unit Trust of India, the largest mutual fund in India, Life Insurance Corporation of India (LIC) and General Insurance Corporation Ltd. and its four subsidiaries viz. National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United Insurance Company Ltd. Presently the Bank has a very wide network of 145 branch offices, 27 Extension Counters and 22 service counters. The Bank has a network of over 516 ATMs providing 24hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.

About Avenues
Avenues is a profitable, debt-free company and currently services thousands of eMerchants worldwide through its solutions,,,,, It is the largest integrated eCommerce solutions provider in South Asia. Avenues has shown revenue growth and profit growth consistently, year on year. Avenues is incorporated in India, and has offices in Singapore, Hong Kong, and USA. The Avenues support and development center is based in Mumbai, India. The total strength of the Avenues team is currently 120 personnel, spanning across all disciplines. For more information, log onto:

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