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Catholic Syrian Bank ties up with CCAvenue.com for direct debit facility
February 3, 2012

Avenues, South-Asia's largest eCommerce company, the parent company of CCAvenue.com, India's largest neutral online payment gateway has tied up with Catholic Syrian Bank and added its net banking facility to its direct debit engine which is India's largest direct debit engine. Now, Catholic Syrian Bank account holders can shop online at thousands of websites powered by CCAvenue.com and pay online through a direct debit to their Catholic Syrian Bank accounts. CCAvenue.com has always strived to bring its merchants, the best and the maximum number of payment options.

Senior Officials of Catholic Syrian Bank with Mr. Nandkumar Menon, Head - Alliances, AvenuesThe Catholic Syrian Bank commenced business on January 1st, 1921 with an authorised capital of Rs. 5 lakhs and a paid up capital of Rs. 45270/-. In August 1969, the Bank was included in the Second Schedule to the Reserve Bank of India Act 1934. In 1975, the Bank attained the status of "A" Class Scheduled Bank when its total Deposits crossed Rs. 25 crores. At a very early stage, the Bank recognised mechanisation as an effective tool of management and streamlined its accounting procedures by introduction of Data processing system. From November 1975, reconciliation of inter-branch accounts was mechanised by using IBM Data processing machines. Investments in money market and capital market instruments are being expanded and steps are being taken to have an in house equity research wing so as to face the challenges of the future. The Bank has also geared up its machinery to increase its market share of corporate finance in the days to come.

CCAvenue.com merchants also benefit from the signing of this direct debit agreement. The agreement with The Catholic Syrian Bank will expand CCAvenue.com merchants' reach to include all the Catholic Syrian Bank account holders. Now, CCAvenue.com merchants can sell and collect payments for their products and services instantly and directly online, easily. Through this direct banking agreement, CCAvenue.com reinforces its place as India's largest direct debit engine with 40 (and counting) prominent Indian banks.

Mr. Vishwas Patel, CEO of Avenues says, "Since CCAvenue.com' launch in 2001, we have always endeavored to provide our CCAvenue.com merchants with the widest payment network. Year after year, we have consistently added to our payment network going from a single bank to more than 40 banks. Today we are pleased to announce that we have added yet another bank 'The Catholic Syrian Bank' to India's largest direct debit engine."

About Catholic Syrian Bank
The genesis of Indian Banking is associated to a large extent with Swadeshi Movement, which inspired many Indians to promote Swadeshi Banks in the beginning of the 20th Century. The enterprising founders of Catholic Syrian Bank Ltd also found this period to be a moment of opportunity to promote the establishment of a bank. Thus was born The Catholic Syrian Bank Ltd, nine decades ago, on 26th November 1920 to be exact at Thrissur, which in later years acquired the unique distinction of being a centre with the highest concentration of banks in the South. The bank commenced business on January 1st, 1921 with an authorised capital of Rs.5 lakhs and a paid up capital of Rs. 45270/-.

The decade of the seventies saw the evolution of a new culture in Indian Banking. Nationalisation of banks imposed "Social Control" and imparted new ethos to commercial banking . What followed was a massive expansion of bank branches with a distinct thrust on remote rural belts. Special schemes were formulated to cater to the diverse credit needs of small scale industries, road transport operators, agriculturists, and other self employed entrepreneurs. The Bank has a very dynamic team on its Board of Directors who are guiding the destiny of the Bank leading to growth and prosperity. At present, the bank has a network of 364 branches which includes NRI/SSI/Industrial Finance and Service branches. The Bank also plans to open more number of branches in a phased manner.

About Avenues
Incorporated in the year 2001, Avenues is the parent company of CCAvenue.com and 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 and Singapore. 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.

About CCAvenue.com
CCAvenue.com® is South Asia's largest payment gateway solution powering thousands of eMerchants with real time, multi-currency, multiple payment options and online payment processing services. The solution is powered by proprietary technology that integrates transaction-processing, advance shopping cart, auction payment collection facility, fraud control, financial reporting and order tracking. CCAvenue.com is the only complete PG solution in the region that has the unique ability to offer the full spectrum of Internet payment options, including:
  • All types of Credit Card processing through Multiple Banks and Card Associations
  • Debit Card processing
  • ATM cum Debit Card processing
  • Direct Debit to bank accounts of 40+ Indian Banks (India's largest direct debit engine), 20+ Chinese Banks and 3 Singapore Banks
  • Mobile Payment Solutions via PayMate®, SBI Freedom and UMobile
  • Cash Card Processing of ITZ Cash®, Done Card, OxiCash and NoQ24x7

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