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State Bank of Indore and Avenues sign Net Banking agreement
16 June 2009 - Mumbai, India

Avenues, South-Asia's largest ecommerce company, the parent company of CCAvenue, India's largest neutral online payment gateway is pleased to announce that it has signed a net banking agreement with State Bank of Indore, a nationalized bank in Madhya Pradesh. Now, State Bank of Indore customers can shop online at thousands of websites powered by Avenues solutions and pay online through a direct debit to their State Bank of Indore bank accounts.

State Bank of Indore and Avenues sign Net Banking agreementState Bank of Indore is a premier bank in Madhya Pradesh with over 40,000 customers. It has earned a reputation of progressive corporate excellence by providing its customers with innovative and impeccable services. It uses state of the art technology to offer its customers a variety of products and services such as NRI services, cross selling SBI products, loans in various segments and services for small industry and business segment. By signing, the net banking agreement with Avenues, State Bank of Indore customers can now enjoy hassle free online services. They will be able to purchase and pay all types of goods and services, directly through their bank accounts at any of CCAvenue's thousands of merchant websites.

CCAvenue also benefits from the signing of the net banking agreement with State Bank of Indore. It gains yet another net banking payment option to offer its partnered merchants. This will expand its merchant reach in the Indian sub-continent especially in Madhya Pradesh. The addition of 'State Bank of Indore' also consolidates CCAvenue's position as India's largest direct debit engine.

Mr. Vishwas Patel, CEO, Avenues, "Avenues believes in providing its merchants with innovative and comprehensive payment solutions. CCAvenue, India's largest neutral online payment gateway was our first product offering and, since then, we have added more solutions for different industry verticals. However, our effort to create customized solutions for other industry verticals hasn’t stopped our work on CCAvenue. We are aware of the ever-changing needs of the industry and are constantly adapting CCAvenue to meet the current demands. One of our key efforts is expanding our list of payment options to ensure that our merchants stop losing customers because the customer does not have the right card or bank account. We are constantly in talks with banks and other financial institutions to add new payment options to our already extensive list. We are pleased that State Bank of Indore is now a part of our direct debit engine."

State Bank of IndoreAbout State Bank of Indore
State Bank of Indore originally the Bank of Indore Ltd. was incorporated under a special charter of His Highness Maharaja Tukojirao Holker-III the then ruler of the Malwa Region. On 1st January 1960, the Bank of Indore Ltd. became a subsidiary of State Bank of India and was renamed as State Bank of Indore.

State Bank of Indore, a premier nationalized bank in Madhya Pradesh with a customer base of over 40,000 customers. It uses state of the art technology to offer its customers the following services -Deposit Schemes, NRI Services, ATM Services, Cross Selling, Personal Segment, Small Industry Segment, Business Segment, International Banking, C & I Segment and Internet Banking.

Avenues About Avenues
Incorporated in the year 2001, Avenues is a zero-debt company that has been profitable from its inception. Avenues is headquartered 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, log onto: www.Avenues.info.

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