Indusind Bank opens its first Offsite ATM in Allahabad

Indusind Bank Ltd has announced that Shri. Shishir Kumar, Honourable Justice Allahabad High Court on May 31, 2007 inaugurated the Bank's first off-site ATM in the city of Allahabad.

Speaking at the inauguration, Mr. Prafulla Ranjan, Regional Head, Uttar Pradesh of the Bank said, "Indus Bank today is one a the most preferred banks in the country with its fast growing and expanding network of branches. Considering the growing significance of electronic distribution channels of which ATMs form an integral part for all retail transactions, we are making available "Multi Delivery Channels" for better reach and convenience, The opening of the first off-site ATM in this region takes us a step further towards our objective of reaching out to all corners of the city. We already have our full-fledged branch operating in the city, offering quality products and best services to its residents."

The Bank’s net worth crossed Rs 1000 crores after a successful GDR placement of Rs 146 crore in the month of March 2007. The Bank has posted a strong growth of 85.28% in its net profit over the previous year at Rs 68.22 crore for the FY ended 2006-07. Total Business (in terms of deposits and advances) has touched a figure of Rs 28,700 crore- a growth of 18.14% over the previous year. Advances and deposits grew by 21% and 17.58% respectively. The Capital Adequacy Ratio as on March 31, 2007 has moved to 12.54% as against RBI's minimum norm of 9%.

The Vehicle Finance Division of the Bank recorded a y-o-y growth of 73.65%. At the end of March 31, 2007, the Vehicle Finance Division of the Bank accounted for 54.77% of the total advance portfolio. Equipment financing recorded the highest growth of 107.55% followed by 2/3 wheeler financing which recorded a 105.97% growth y-o-y in the last year. Going further, the Bank expects continued growth in this division.

In pursuit of offering distinguished services, last year the Bank launched a series of new products and services for its domestic as well as international customers. Two new cards - Indus GOLD Debit card and Indus Gift Card, were launched. The Bank also launched a new scheme Indus Tax Saver Scheme, which would provide depositors an exemption under Section 80C, to the extent of Rs 1 lac. The Bank has also tied-up with Religare Securities to extend Portfolio Management services to its Bank's customers. Providing its customers better convenience, the Bank has introduced Sunday Banking and 8-8 banking at select branches. As of date, 84 branches axe providing Sunday Banking facility and 25 branches 8- 8 Banking.

The Bank launched E-Remillance facility in partnership with Doha Bank for seamless transfer of funds to render service better to the NRI community. The Bank also announced a tie-up with Aviva Life Insurance for Bancassurance.

The Bank opened 33 new branches and 16 new off-site ATMs in the financial year 2006-07.

Source : Equity Bulls

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