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Avenues ties up with IndusInd Bank
November 20, 2005

In this technology driven age, IndusInd Bank is determined to provide its customers with excellent and convenient services. In order to continue this trend, it has announced its tie-up with Avenues, South Asia’s largest integrated ecommerce company for its solutions CCAvenue and ResAvenue. They are India's largest neutral online payment gateway and India's complete reservation engine with an in-built payment gateway for the Hospitality Industry respectively. IndusInd Accounts Holders can now buy and pay directly for goods, services through their Net Banking accounts.

IndusInd Bank Ltd. is a relatively new bank, begun its operations in 1994. A decade later, it is one of the fastest growing private sector banks in the country with a net worth of Rs. 829 crores (as of March 31, 2005). It has achieved global benchmarks in the field of retail banking and has also introduced novel products such as Indus International Mahila Card and Indus Young Saver Scheme. IndusInd remains true to its commitment to its customers by providing them with cutting edge services through its ever expanding network of branches.

Mr. Varghese Thambi, Sr. Vice President and Head of Retail Banking IndusInd Bank says, "The tie-up with Avenues will ensure that IndusInd Bank services are at the cutting edge of technology. This will be beneficial for our customers as they can now use their IndusInd Bank Accounts to pay for the goods and services of over 4000 of Avenues' web merchants retailing millions of different types of products and services. They will also be able to make and pay for hotel reservations online."

About IndusInd Bank

IndusInd Bank Ltd., one of the fastest growing private sector banks in the country, started its operations in 1994. The Bank has a net worth of Rs 829 crore as at March 31, 2005. It has established and upgraded its support systems for the introduction of retail banking products and alternative delivery channels, while continuing to expand its network of branches. The Bank posted a growth of 115% in its Branch expansion wherein 70 additional branches were opened within a span of fifteen months. As on date, the Bank has 246 outlets, including 131 branches, 9 extension counters, 26 Vehicle Finance Division and 80 offsite ATMs apart from representative offices in Dubai and London.

IndusInd Bank has received P1+ and F1+ ratings for Fixed Deposits and Certificates of Deposit by CRISIL and Certificate of Deposits from Fitch Ratings India Private Limited respectively. It has also recently become a clearing banker for NCDEX.
For more information about IndusInd Bank, please visit www.indusind.com

About Avenues

Avenues is a profitable, debt-free company and currently services thousands of eMerchants worldwide through its solutions www.CCAvenue.com, www.ResAvenue.com, www.EventAvenue.com, www.MembersAvenue.com, www.TrustAvenue.com, www.BpoAvenue.com. It is the largest integrated eCommerce solutions provider in South Asia. Avenues has shown revenue growth and profit growth consistently, year on year. Avenues is incorporated in India, and has offices in Singapore, Hong Kong, and USA. The Avenues support and development center is based in Mumbai, India. The total strength of the Avenues team is currently 120 personnel, spanning across all disciplines. For more information, log onto: www.Avenues.info


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