Indusind Bank opens its 9th branch at Durgapur in West Bengal

Indusind Bank Ltd has announced that the Bank on September 09, 2006, has inaugurated its new branch at Durgapur, taking the total number of its outlets to 9 in West Bengal. Mr Biprendu Chakraborty, Hon. Member of Legislative Assembly, Durgapur graced the occasion as the Chief Guest and Mr Mihir Bandopadhyay, Chief Commissioner of Income Tax as the Guest of Honour.

Speaking on the occasion, Mr Bhaskar Ghose, MD & CEO, of the Bank, said, "Durgapur is a well planned industrial city an offers excellent business opportunities for modern banks. Its industrial complex ensures that the city will remain, a key business destination in West Bengal. The Bank has been extending finance to beneficiaries in Durgapur since 1993 through the erstwhile Ashok Leyland Finance which merged with our Bank in June 2004. We will offer our entire range of products, along with the newly introduced Indus Tax Saver Scheme as a part of our endeavour to ensure customer delight".

As on date, the Bank has 147 branches and 83 offsite ATMs spread over 117 geographical locations in 24 states and Union Territories. Total deposits as on June 30, 2006 were Rs 15,400.06 crore as compared to Rs 13,080.88 crore in the corresponding quarter of the previous year, recording a growth of 17.13%. Recently, the Bank announced a revision in its term deposit rate to 8% p.a. for a term of 270 days to below 1 year. The Bank has also introduced, its Indus Tax Saver Scheme. This term deposit scheme has been designed keeping in view the contents of Government of India notification - ´Bank Term Deposit Scheme, 2006´ and aims at providing tax benefits to depositors. The rate of interest on term deposits under this scheme is 8.50% p.a. at present. Senior Citizens are offered an additional interest rate of 0.50%, at 9.00% p.a.

During the last quarter, the Bank announced its strategic alliance with Doha Bank in Qatar. This alliance encompasses 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 this partnership, the Bank and Doha Bank treat each other as preferred partners, with reciprocity of business flows and promotion of each other’s banking services.

As on date, the Bank 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. These arrangements have also made a significant contribution to the Bank’s income.

The newly-formed Investment Banking Division of the Bank also achieved a milestone in the first quarter of the financial year 2006-07 by acting as financial advisor to the divestment of Hinduja TMT Ltd’s 5.11% equity stake of Hutchison Essar to Hutchison Telecommunication. The deal was worth US $ 450,000,000. The Bank has more deals in the pipeline.

The Capital and Commodity Markets arm of the Bank established tie-ups with seven mutual funds in the first quarter of the financial year 2006-07 for on-line redemption and collection arrangements. At present, the Bank has a tie-up with 28 mutual funds and is in discussion with several more.

The Wholesale Banking division of the Bank ventured into lending to the Aviation Sector in the first quarter of the financial year 2006-07. The Bank has established business relations with leading airlines during this period, and plans to associate with Oil PSUs soon.

Source : Equity Bulls

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