Indusind Calcutta Branch In December

This was disclosed to Business Standard by Rajiv Butalia, vice-president (Planning & Resources) of the Mumbai-based bank. IndusInd, which already has 11 branches in the country, proposes to open two more branches at Chandigarh and Nehru Place, New Delhi by November-end.

That apart, the bank plans to open branches at Jaipur and four other semi-urban centres by the end of the year. With this, IndusInd intends to take up its tally of branches country-wide to 19 by the end of the year.

For the half-year ended 30th September, 1996, the bank's deposits crossed the Rs 2,000-crore mark, while total advances were Rs 1,450 crore. The bank also plans to establish its presence overseas with branches at New York, London, Dubai and Hongkong. "Our foreign branches will be set up in the financial year 1997-98," said Butalia. IndusInd, with a paid up capital of Rs 120 crore, had deposits worth Rs 1,412 crore for the year ended 31st March, 1996, a 103.23-per cent rise over the previous year, while total advances stood at Rs 1,121 crore, up 124-per cent over the previous year.

 

Net profit for the year ended March 31, 1996 stood at Rs 45.62 crore, up by 109.02-per cent.