IndusInd

New Delhi, Mar 8: IndusInd Bank, a fast-growing new-generation private-sector bank, and Sharekhan have come together combining their banking and broking experiences respectively, and announced to offer an on-line broking payment gateway today to facilitate transfer of funds.

Speaking on this development, Mr Bhaskar Ghose, Managing Director, IndusInd Bank said, ''With this development, we have achieved two objectives with our nation-wide network, RTGS capabilities and cash management facilities, we can now offer end-to-end collection and payment solutions to members of stock exchanges. The swift movement of funds and accurate MIS will add further value to their business success. Our second objective is to provide the Internet-savvy investor a platform for on-line trading in shares not only in Tier I cities but also in Tier II and Tier III towns. Sharekhan has a large network of branches and we can leverage off each other's strengths.'' A release from IndusInd Bank said, the bank has a strong association with exchanges because of its clearing bank status with the two largest stock and commodity exchanges in the country.

''Being a depository participant in the securities and commodity segments itself, IndusInd Bank is making rapid strides in establishing itself as a strong player in the retail banking space.

CASA (Current Account, Savings Account) deposits or low-cost deposits of the bank have grown by 55 per cent to Rs 1,644 crore in the first half of the current financial year over the level of the corresponding first half of the previous year,'' it added.

Sharekhan is one of the leading retail broking brands in the country. It is the retail broking arm of the Mumbai-based SSKI Group. With a legacy of more than 80 years in the stock markets, the SSKI group ventured into institutional broking and corporate finance over a decade ago.

UNI