The Hindu Business Line : ALFIN outlets to be branches of IndusInd Bank

HAVING completed the process of integrating Ashok Leyland Finance Ltd (ALFIN) with itself, IndusInd Bank has decided to convert 132 outlets of the erstwhile ALFIN into bank branches across the country over the next 12-18 months.

Announcing this at a press conference here, the IndusInd Bank Senior Vice-President, Mr Varghese Thambi, said of the total 182 outlets of ALFIN, the bank has identified 132 centres as having potential for banking activities. Approval from the Reserve Bank of India was awaited.

According to Mr Thambi, the bank is currently having on hand licences for opening 15 branches.

He said the bank has earmarked around Rs 50 crore towards technology initiatives and has spent nearly Rs 35 crore during the last fiscal and the balance Rs 15 crore would be invested this fiscal. Its core banking system is capable of handling business volumes for the next 10 years.

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