No fears about meltdown; Indusind Bank announces expansion plans

Kochi, Nov 24 (UNI) Belying apprehensions about the global financial meltdown affecting private sector banks in India, new generation Indusind Bank today announced a massive network expansion in the next few months with the opening of 30 new branches, 50 ATMs and six mobile ATMs in different parts of the country.

Addressing a press conference here, bank Chief Oprating Officer (COO) Paul Abraham said the bank, which had a representative office in Dubai and London, was planning to have one in the US also.

The bank currently has 180 branches in 28 states and union territories.

The bank was ''aggressively striving'' to be among the top three private sector banks in the next three years, he said.

Banking services for NRIs, commercial vehicle financing and commodities finance were among the strong areas of the bank, which had posted a net profit of Rs 33.66 crore in the second quarter of 2008-09, a 51 per cent YoY growth.

Stating that there was no threat of any private sector bank collapsing in India like some high profile banks in the US, Mr Abraham said the control of the RBI in India over banks was very tight.

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