IndusInd Bank on Wednesday announced the launch of EMI (Equated Monthly Instalments) facility on debit cards that will enable its customers to convert their high value transactions into easy instalments.
A debit card holder of the bank can walk into any participating store, and avail the facility by simply swiping/tapping their card at a merchant PoS terminal. Debit card holders can avail the facility and then choose an EMI option with tenures from 3, 6, 9, 12, 18 and 24 months. Customers can even check their eligibility through SMS.Speaking about the proposition, Charu Mathur, chief digital officer & head-business strategy of IndusInd Bank said, IndusInd Bank has always been at the forefront at driving customer convenience by introducing products that bring unparalled value to their banking experience. We are delighted to launch an EMI facility for our debit card holders that will enable them to purchase products of their choice from a wide array of categories, and also give them the flexibility of making payments in easy instalments over a period of time.
To begin with, IndusInd Bank said it has partnered with over 60,000 offline merchant outlets, including large format retailers, hypermarkets, multi-brand and stand-alone stores to facilitate purchases across categories like consumer durables, electronics, apparels, automobiles, home dor, hospitals and more. The bank will also be partnering with leading e-commerce platforms to enable online purchases as well.
Shares of IndusInd Bank were trading 0.65% higher at Rs 1,202.25 on BSE.
IndusInd Bank caters to both consumer and corporate customers. As of 30 June 2021, the IndusInd Bank's distribution network included 2,015 branches and banking outlets and 2,870 onsite and offsite ATMS across 760 geographic locations, as against 1,911 branches and banking outlets and 2,721 onsite and offsite ATMs across 751 geographic locations as of 30 June 2020.
The bank's standalone net profit jumped 111.7% to Rs 974.95 crore on a 7.8% rise in total income to Rs 9,355.77 crore in Q1 FY22 over Q1 FY21.
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