Indusind Bank receives RBI's nod for 10 Branches & 100 Off-site ATMs

Indusind Bank Ltd has announced that Bank has received fresh authorisation from RBI for opening 10 more branches and 100 new off-site ATMs.

As of date, the Bank has a network of 147 branches and 84 offsite ATMs spread over 118 geographical locations in 24 states and Union Territories.

The Bank had received permission earlier this year to open 11 branches in under-banked centres. Out of these, 7 branches are operational, and the rest will be opened soon. In the last quarter, the Bank also converted its 8 extension counters into Bank branches for full-fledged banking operations.

The 10 new authorizations for branches relate to semi-urban and rural centres. The Bank plans to open these branches by the end of this financial year.

Commenting on this, Mr Bhaskar Ghose, MD & CEO, of the Bank, said, "This new set of 10 branch licenses and the 100 additional off-site ATM licenses will help us expand our reach substantially. We already have 84 off-site ATMs and an arrangement with the State Bank Group, MITR consortium, Corporation Bank and UTI Bank for the use of their 14500 ATMs for Indus Bank customers. 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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