Indusind Bank inaugurates its 2nd branch at Ambikapur, Chattisgarh

Indusind Bank Ltd has announced that the Bank on September 22, 2006, has inaugurated its new branch at Ambikapur and the 2nd branch in the state of Chattisgarh. Mr Vijay Ingole, Chairman, Sai Baba College graced the occasion as the Chief Guest.

Speaking at the inauguration, Mr Varghese Thambi, Sr. Vice President & Head - Retail Banking, of the Bank, said, "Ambikapur and surrounding areas are well known for its natural resources like Coal and Bauxite. Indusind Bank is introducing Technology Banking to the people of Ambikapur, by offering various alternate channels of Banking including Internet Banking, Mobile Banking, ATMs and Anywhere Banking facility. Our superior products and services with impeccable customer service would he an excellent experience to the people of this locality".

As on date, the Bank has 147 branches and 83 offsite ATMs spread over 117 geographical locations in 24 states and Union Territories. During the last quarter, the Bank upgraded its 8 extension counters into Bank branches providing a full range of products and services. 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 17.73%. 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 will be 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 some 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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