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with State Bank of India for Net Banking and Debit Card Processing

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India’s largest bank is now a part of India’s largest direct debit engine: Avenues ties up with State Bank of India for Net Banking and Debit Card Processing
21 March 2008 – Mumbai, India

Avenues’ South-Asia largest integrated ecommerce company is happy to announce that India’s largest bank, State Bank of India is now a part of India’s largest direct debit engine.

State Bank of India more commonly referred to as SBI, is a Fortune 500 company with a strong Indian and International standing. With a customer base of over 100 million, SBI is the largest bank in India. Moreover, SBI also has strong international presence with 84 offices in 32 countries, which caters to the needs of the bank's foreign and Indian customers.

Senior officials of State Bank of India with     Avenues CEO - Vishwas Patel(Center),     CLO - Smita Shetkar (right) and     Manager-Alliances-Nandkumar Menon (behind)On Friday 14th March 2008, Avenues and State Bank on India cemented their association with a small ceremony. Present at this ceremony were Senior Management of SBI and Avenues.

Mr. Vishwas Patel, CEO of Avenues says, "At Avenues, our goal has always been to provide our merchants, hoteliers and event organizers with the latest and best of payment options available. When we started 6 years ago, we only had a single net banking option and today, with 19 banks live and 9 more going live shortly, we can proudly claim to have India’s largest direct debit engine. The addition of SBI to our direct debit engine emphasizes Avenues commitment to provide our merchants, hoteliers and event organizers with cutting edge payment solutions. We are happy to welcome the State Bank of India into the family and we will continue to strive to add to our constantly growing engine.”

About State Bank of India
State Bank of IndiaState Bank of India (SBI) is owned by the Government of India and is the largest bank in the Indian subcontinent. If one measures by the number of branch offices (10,000 + as on March, 2008), SBI is the second largest bank in the world. SBI, the oldest commercial bank in the Indian subcontinent, is also present in 32 countries, where it has 84 offices serving the international needs of the bank's foreign and Indian customers. In recent years, the bank has sought to expand its overseas operations by buying foreign banks. It is the only Indian bank to feature in the top 100 world banks in the Fortune Global 500 rating and various other rankings. According to the Forbes 2000 listing it tops all Indian companies. With an asset base of $126 billion and its reach, it is a regional banking behemoth. It has:-
  • The largest number of ATMs 8079 and largest card base of 33.35 million ATM/Debit/Credit Cards and growing (December 2007 figures).

  • 10,000 State Bank of India branches and a further 4000+ associate bank branches all across the country and growing (March 2008 figures).

  • More than 98% of business of SBI is on Core Banking (March 2008).

  • Bank’s Deposits at Indian Rs. 510132 crores and growing (December 2007 figures).
About CCAvenue
Incorporated in the year 2001, Avenues is a zero-debt company which has been profitable from its inception. Avenues is head quartered in Mumbai, India and has subsidiary companies and offices in USA, Singapore and China. Avenues has developed several innovative, cutting-edge ASP hosted solutions that are used by thousands of eMerchants globally. Beginning as a single product company that catered to the local market, Avenues has become a multi-product company that operates on a global scale. The Avenues support and development center is based in Mumbai, India. The total strength of the Avenues team is currently 125 persons spanning across all offices. Avenues has three Business Units namely– Avenues Commercial Services, Avenues Travel Industry Services and Avenues Community Related Services. For more information, visit: www.CCAvenue.com

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