The Hindu Business Line : IndusInd Bank sees 45 pc growth in credit offtake

(From right) Mr Bhaskar Ghose, Managing Director & CEO, IndusInd Bank; Mr V. Thambi, Senior Vice President & Head Retail Banking; and Mr J. Rudhraapathy, Director, Financial Software & Systems, at a press conference in Mumbai on Wednesday. - - Paul Noronha

Mumbai , April 13

INDUSIND Bank is expected to maintain a 45 per cent growth in credit offtake during the current fiscal, a top official of the bank said.

Loans for the year 2004-05 have grown at 45 per cent and have outstripped the deposit growth, Mr Bhaskar Ghose, Managing Director, IndusInd Bank, said. For the year 2004-05, the deposit base is likely to be approximately Rs 13,000 crore. This is likely to grow between 25 and 30 per cent in 2005-06, he added.

About the bank's overseas operations, Mr Ghose said that IndusInd Bank might not take the route of expansion through branches, as they are costly and unlikely to show profits. "A representative office or operating through agents is more profitable," he said.

Mr Ghose was speaking at the sidelines of a press conference to inaugurate IndusInd Bank's new retail products such as Indus BillPay, in a tie-up with India Ideas.com and Mobile Top-up, for which the bank has tied up with Financial Software and Systems.

Through Indus BillPay, customers can pay utility bills at a charge of Rs 5 per bill.

IndusInd Bank also launched a new current account, Indus Zero-C Account, which has a unique tag of zero charges. Customers can deposit to the current account and get demand drafts or pay orders on any of its branches free of charge.

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