IndusInd Bank partners with Department of Panchayati Raj-Government of Uttarakhand to offer its Banking services in 600+ Nyaya Panchayats

Dehradun, 16th November, 2022: IndusInd Bank today announced that it has partnered with the Department of Panchayati Raj, Government of Uttarakhand to offer its banking services in more than 600 Nyaya Panchayats. Under this partnership, IndusInd Bank through the vast network of 'Bharat Money Stores' of Bharat Financial Inclusion Limited which is a wholly owned subsidiary of the Bank, will provide fully digital and paperless banking services to its rural customers from neighbouring villages.  

The initiative aims at providing banking and financial services such as account opening, fixed deposits, money transfer, and bill payments among others. Currently, the program has been initiated as a pilot project with an aim to be expanded across the gram panchayats.  

Speaking about the partnership, MD & CEO Mr. Sumant Kathpalia, IndusInd Bank, said “We are delighted to partner with the Government of Uttarakhand to provide banking and financial services in a fully digital manner through widest rural distribution network of Bharat Money stores. At IndusInd Bank, we are committed to the cause of fostering financial inclusion in large swathes of unbanked and underbanked India. We also believe that this partnership will bring in great convenience to our rural customers as they will now be able to simply walk to their nearest customer service points and enjoy various banking services in a seamless manner.” 
  
Bharat Money Stores are small merchant and kirana shops providing access of banking services to rural residents by acting as banking correspondents of IndusInd Bank. 

 About IndusInd Bank

IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporations. As on September 30, 2022, IndusInd Bank has a customer base of approx 33 million, with 2320 Branches/Banking Outlets and 2807 ATMs spread across geographical locations of the country and covering 1,33,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is an also an empanelled banker for MCX. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013

RATINGS

Domestic Ratings:

• CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds  
• CRISIL AA for Additional Tier 1 Bonds program  
• CRISIL A1+ for certificate of deposit program / short term FD program   
• IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research  
• IND AA for Additional Tier 1 Bonds program by India Ratings and Research  
• IND A1+ for Short Term Debt Instruments by India Ratings and Research 

International Ratings:

• Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service
  

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