Indusind Plans To Offer E-Trade Services

IndusInd Bank is planning to offer e-trading services in association with brokers and utility bill payments over the Internet. This was announced at its annual general meeting in Pune here yesterday.

According to a statement, the bank is embarking on a new technology initiative which includes upgradation of its net bank product to offer payment and settlement capabilities and utility bill payments.

The bank is planning to tie up with brokers to offer e-trading facilities, integrating depository participant services and bringing it online. IndusInd has also lined up a foray into m-commerce where it plans to offer a various services on a wireless application protocol (WAP) platform.

 

According to the statement, it is also planning to integrate its service and product offerings over the cable TV network. The bank is also to expand its automated teller machine (ATM) base with both onsite and offsite ATMs. The bank had earlier entered into a partnership with SBC for the launch of a co-branded credit card. In its annual results announced earlier, the bank had registered an increase of 52.42 per cent to Rs 56.09 crore over last year.

Operating profit rose by 61.74 per cent to Rs 212.587 crore as against Rs 131.43 crore in the corresponding period last year.

Deposits rose by Rs 1,527.55 crore to Rs 6545.97 crore as on March 31, 2000, compared with Rs 5,018.42 crore last year. Advances rose to Rs 3,677.05 crore from Rs 2,662.27 crore last year.