IndusInd to expand its branch network to 700 by March 2014
June 28, 2011‐ New Delhi, India
IndusInd Bank Managing Director Romesh Sobti said that the bank is on an expansion spree and is targeting at having a branch network of 425 branches by March 2012 and 700 by 2014. The bank current has 310 branches.
IndusInd Bank and the Indian Army signed a Memorandum of Understanding (MoU) that allows IndusInd to offer special salary accounts to personnel of the Indian Army at all ranks. The special tailor made product gives Anywhere banking facility for free, concessions on fees and interest to army personnel. Advances will also be provided at a concessional rate. A free life-time credit card is also on offer while a Platinum Debit Card will be offered to Senior Army Officers. PBORs (Personnel below Officer Ranks) will get a Gold Debit Card which will have a purchasing limit of Rs. 1 Lakh per day and daily cash withdrawal limit of Rs 50,000 per day. Inward remittances will be allowed free of cost.
Lt. General Mukesh Sabharwal PVSM, AVSM, VSM, Adjutant General, the Indian Army and Mr. Romesh Sobti, Managing Director & CEO IndusInd Bank attended the ceremony.
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