IndusInd Bank ties up with Sharekhan

Company News

New Delhi, March 9

With online broking fast becoming an alternative to traditional brick and mortar broking services, there is also the need for an online banking channel for the movement of funds. With its state-of-the art technology, IndusInd Bank, a fast-growing new-generation private-sector bank, now offers a payment gateway to brokers to facilitate the online transfer of funds. Towards this end, IndusInd Bank and Sharekhan have come together, combining their banking and broking experiences respectively, to offer on-line trading in shares and the movement of funds.

Speaking on this development, Mr. Bhaskar Ghose, Managing Director, IndusInd Bank said, “With this development, we have achieved two objectives: with our nation-wide network, RTGS capabilities and Cash Management facilities, we can now offer end-to- end collection / payment solutions to members of stock exchanges. The swift movement of funds and accurate MIS will add further value to their business success. Our second objective is to provide the Internet-savvy investor a platform for on-line trading in shares not only in Tier I cities but also in Tier II and Tier III towns. Sharekhan has a large network of branches and we can leverage off each other’s strengths.”

IndusInd Bank has a strong association with exchanges because of its Clearing Bank status with the two largest stock and commodity exchanges in the country. Being a Depository Participant in the securities and commodity segments itself, IndusInd Bank is making rapid strides in establishing itself as a strong player in the Retail Banking space. CASA (Current Account, Savings Account) deposits or low-cost deposits of the Bank have grown by 55% to Rs 1,644 crore in the first half of the current financial year over the level of the corresponding first half of the previous year. In the last six months, more than one lakh customers have been added to the client base of the Bank.

“Sharekhan has always believed in collaborating with like-minded Corporates into forming strategic associations for mutual benefit relationships” says Jaideep Arora, Director - Sharekhan Limited. IndusInd, with its nation wide network coupled with Sharekhan’s strengths in technology, research and a sizeable ground network at over 313 outlets in 137 cities in India, of which 80 are fully-owned branches servicing over 1,90,000 customers would help in offering end-to-end Banking/Broking solutions to the discerning investors”.

For more further details, contact:

Harpreet Singh Marwah

Clea Public Relations