IndusInd Bank joins hands with TPCODL to launch fully digital payment network in Odisha

IndusInd Bank announced that it has partnered with TP Central Odisha Distribution Limited (TPCODL), a joint venture between Tata Power and the Government of Odisha to launch a fully digital network for facilitating electricity bill payment across the state.   

Through its vast network of ‘Bharat Money Stores’, a proposition by Bharat Financial Inclusion Limited, which is a 100 per cent subsidiary, the bank will enable nearly 30 lakh customers of TPCODL, who are residing in semi-urban and rural areas of the state to pay their bills seamlessly, the company stated in its press release to the exchanges.   

Meanwhile, earlier this week, the lender announced key business data for the quarter ending June 2021 (Q1FY22). The bank has recorded net advances of Rs 2,11,159 crore in Q1FY22, rising by 7 per cent YoY but down by 1 per cent QoQ. The bank posted deposits worth Rs 2,67,629 crore in the quarter under review increasing by 26 per cent YoY and 4 per cent QoQ. The CASA ratio stood at 42.1 per cent in Q1FY22 versus 41.8 per cent in Q4FY21 and 40.1 per cent in Q1FY21.  

On Thursday, the stock of IndusInd Bank Limited closed at Rs 1,045.20, up by 0.06 per cent or 0.60 per share as against a 0.92 per cent decline in the benchmark index.  The 52-week high and the 52-week low of the scrip were recorded at Rs 1,119.20 and Rs 483.45, respectively on BSE