Indusind Bank receives authorisation for opening 19 new branches

Indusind Bank Ltd has announced that the Bank has received fresh authorisation from RBI for opening 19 more branches. This is in addition to the 21 licenses which the Bank had received from RBI during this calendar year, out of which the Bank has already opened 7 branches while the remaining 14 branches would be opened before March 2007.

As of date, the Bank has a network of 147 branches and 87 offsite ATMs spread over 118 geographical locations in 24 states and Union Territories. With this new set of licenses, the network will now increase to 180 branches by March-April 2007.

Commenting on this, Mr Bhaskar Ghose, MD & CEO, of the Bank, said, "This new set of 19 branch licences over and above the existing ones will help country wide expansion, especially in the North East region. We already have 87 off-site ATMs and licences for 100 more have been received very recently. An arrangement with the State Bank Group and MITR consortium for the use of their 15000 ATMs for Indusind Bank customers is in place. We are now also a part of NFS network of IDBRT (RBI) which enables our customers to have access to ATMs of 23 member banks. Our innovative products and services combined with our expanded reach will provide a big boost to our Retail Banking operations, which remains a focus area for our Bank."

Internationally, the Bank has a representative office each in Dubai and London. The Bank also enjoys strategic alliances with Union National Bank, Abu Dhabi in the UAE and Doha Bank in Qatar. These strategic alliances encompass a wide range of banking services, including deposit accounts, remittance business, loans, wealth management advisory, distribution of third party products, trade finance, global banking, and investment banking including corporate finance. Through such partnership, the Bank and its allies treat each other as preferred partners, with reciprocity of business flows and promotion of each other’s banking services.

The Bank also has arrangements with seventeen exchange houses from the UAE, Kuwait, Bahrain, Qatar and Oman to provide convenient, cost-effective, and quick funds-transfer facilities to NRIs.

Source : Equity Bulls

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