Ind-Bank to open 10 new branches

Ind-Bank Merchant Banking Services, a subsidiary of Indian Bank engaged in banking, stock broking, depository participations and allied activities, is planning to open 10 new branches in the year 2007"�08.

Speaking to the media on the sidelines of the inauguration of the institution's eighth branch at Madurai, M S Sundararajan, executive director, Indian Bank, said the new branches would be set up in Hyderabad, Pondicherry, Baroda, Kolkata, Vijayawada, Rajkot, Pune, Jaipur, Indore and Kochi.

Indian Bank has already launched online share broking facility, which enables the customers to trade stocks and shares from anywhere.

Benefits of the scheme has been extended to all the customers holding accounts in CBS branches (Core Banking System) of the bank.

The new branch at Madurai has already opened 120 accounts. The company is targeting to open 500 accounts at the branch before the end of this month.

As of December 2006, the company garnered a total income of Rs 1,036.31 lakh. The reserve and surplus amounted to Rs 6,662.29 lakh, he said.