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 Indusind
Bank Ltd has announced its intentions to aggressively
expand its branch network of 147 branches to 180. The
new branches will strengthen the bank's pan-India presence,
as it already has a presence in 24 states.
The
bank has received a fresh authorisation from RBI for opening
19 more branches, in addition to the 21 licenses that
it had received during this calendar year.
While
it has opened seven branches, the remaining 14 are scheduled
for launch before March 2007. With this new set of licenses,
the network will now increase to 180 branches by March-April
2007.
According
to Bhaskar Ghose, managing director and chief executive
officer, "This new set of 19 branch licences over
and above the existing ones will help country wide expansion,
especially in the North East region. We already have 87
off-site ATMs and licences for 100 more have been received
very recently."
Ghose
also said that it had arranged with the State Bank of
India and its affiliate banks and the MITR consortium
for shared access to their 15,000 ATMs for Indusind Bank
customers.
"We
are now also a part of NFS network of IDBRT (RBI) which
enables our customers to have access to ATMs of 23 member
banks. Our expanded reach will provide a big boost to
our Retail Banking operations, which remains a focus area
for our Bank," Ghose added.
He
also said, in addition to its own representative office
in Dubai and London the bank has a preferred partnership
with reciprocity of business flows and promotion of each
other's banking services with Union National Bank in Abu
Dhabi in the UAE and Doha Bank in Qatar.
The
reciprocal business covers 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.
In
addition, 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.
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