| 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, IndusInd 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 IndusInd 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, IndusInd 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. |
| About IndusInd Bank |
| IndusInd Bank Ltd., a fast-growing new-generation private-sector bank in India, commenced operations in 1994 and had a net worth of Rs.866 crore as at March 31, 2006. Driven by technology, it has taken steps to establish and upgrade its support systems for the introduction of retail banking products and alternative delivery channels, while continuing to expand its network of branches. In its twelve-year existence, the Bank has displayed its commitment to global benchmarks in retail banking by proactively adopting the requirements of ISO 9001:2000 quality certification for its entire network of branches. It was one of the first banks to go live on the RTGS platform and enjoys clearing bank status for both major stock exchanges - BSE and NSE and both major commodity exchanges in the country "� MCX and NCDEX. It also offers DP facilities for stock and commodity segments. |
| Since the merger of Ashok Leyland Finance in June 2004, the Bank has expanded its retail portfolio. It is a large player in the financing of commercial vehicles, utility vehicles, 2/3-wheelers and construction equipment. The Bank has been given the highest P1+ rating for its FDs by CRISIL, who have also assigned the highest safety ratings to the Bank's Pass Through Certificates for securitized assets. It has also been given the highest rating of F1+ for its Certificates of Deposit by Fitch Ratings India Pvt. Ltd. The Bank's Tier-II Bonds have been rated LA+ by ICRA and A+ (ind) by Fitch. Visit us at www.indusind.com |
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