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Press Release

Date: 14th Oct. 2009
Subject: STATE BANK OF INDORE'S NET PROFIT SOARS BY 48.33 % ON Y-o-Y BASIS

The net profit of State Bank Of Indore surged by 48.33% to Rs.155.98 crore as at the end of September 2009 aided by significant increase in income from treasury operations and reduction of Cost of Deposits. The Bank’s non-interest income also increased by 32.21% on year on year basis. As on 30.09.2009, the Bank reported an Operating Profit of Rs. 292.48 crore vis-à-vis Rs.275 crore in the corresponding period a year ago. This was stated in a press release by the Bank, after the working results for the quarter ending September 2009 were approved by the Bank’s Board of Directors today at Indore.

(11.19%) from Rs. 25500 crore as on 30th September 2008 to Rs. 28354 crore as on 30th September 2009. During current fiscal, the share of Savings Bank Deposits in total deposits increased from 21.29% in March 2009 to 23.21% in September 2009. This has been the outcome of concerted efforts made in mobilisation of SB deposits, which resulted in increse of Rs. 545 crore during this year. Percentage of CASA deposits against total deposits has also improved from 30.21% in March 2009 to 30.34% in September 2009. The composition of the deposit portfolio has also seen a change with share of non-bulk deposits in total deposits increased to 74.33% from 64.45% in March 2009. Resultantly, the Cost of Deposits On year on year basis, the Bank’s total deposits increased by Rs.2854 crore has come down to 6.50% in September 2009 from 6.90% in March 2009.

As on 30.09.2009, the Bank’s advances stood at Rs. 21234 crore. During H-1, agriculture advances registered impressive growth of Rs.486 crore as compared to Rs.246 crore in the same period last year. The flow of credit to Small Scale Industries as well as Small Business Finance also witnessed significant increase of Rs.395 crore over March 2009 level. To boost up the advances under various segments suitable modifications/relaxations have been incorporated in various schemes. New products viz, ‘Indore Bank loan for Micro Enterprises’ - offering a bundled product for Micro enterprises to widen our clientele base and to promote the CGTMSE cover, ‘Indore Bank – Optima additional home loan scheme’ - with a view to maintain long term relationship with home loan borrowers by extending loans for major repairs/renovations/additions and for purchase of furniture/consumer durables, ‘Indore bank Easy Home loan scheme’ and ‘Indore Bank Advantage home loan scheme’- to address the customer's need for home loan at affordable interest rates and a fair amount of certainty about loan repayment obligations and ‘Indore Bank Easy Car Loan scheme’ for offering Car Loan to public on special interest rates along with waiver in processing fees.

The Bank continued to surpass the various benchmarks under social lending. At the end of Q2, its priority sector lending, advances to weaker section and women beneficiaries constitute 41.59%, 10.11% & 5.86% of ANBC against the respective benchmarks of 40%, 10% & 5%.

At the end of September 2009, the Bank's Gross NPA ratio and Net NPA ratio stood at 1.68% & 1.24% respectively. The Capital Adequacy Ratio also improved from 13.46% in March 2009 to reach the level of 14.17% against the regulatory benchmark of 9%.

During Q-2, the Bank has installed 17 new ATMs, thereby enlarging its ATM network to 378. With the opening of a branch at Ranchi (Jharhand), we have marked our 1st presence in the state of Jharkhand and have spread our network to 15 states and 1 union territory. As at the end of September 2009 the bank has its network of 473 branches comprising 120 branches in Rural, 141 branches in Semi-Urban, 86 branches in Urban and 126 branches at Metro centres

Date: 24th Apr. 2009
Subject: NET PROFIT SOARS BY 19.19 % ON Y-o-Y BASIS

State Bank of Indore has posted a net profit of Rs. 278.92 crore for the year ended March 2009 which is 19.19 % higher than the net profit of Rs. 234.01 crore earned in the previous year. This increase is attributed to impressive growth in income from forex transactions, net interest income, treasury income, commission income and the control of operating expenses . As at the end of March 2009, the Bank’s Capital Adequacy Ratio as per Basel-I & Basel-II stood at 11.81% & 13.46% respectively, which was well above the prescribed norm. This was stated in a press release by the Bank, after the working results for the year 2008-09 were approved by the Bank’s Board of Directors today at Mumbai.

As at the end of March 2009, the Bank’s total deposits increased from Rs. 24698.81 crore to Rs. 28331.98 crore, registering a growth of 14.71 % over March 08 level. The continuous emphasis on mobilising low-cost deposits resulted in accretion of CASA (Current Accounts & Savings Accounts) deposits to the tune of Rs. 720.88 crore during the year under report. Savings Bank deposits which stood at Rs.6036.91 crore as at the end of March 2009, registered a Y-o-Y growth of 18.64 % over March 2008 level. The percentage share of low-cost deposits in total deposits stood at 30.21 % as on 31.03.2009.

Despite the general slowdown in credit off-take in the economy, the gross advances recorded a growth of Rs.3390.36 crore (18.47 %), rising from Rs. 18356.22 crore in March 2008 to Rs. 21746.58 crore in March 2009. The change in focus towards high-yielding advances coupled with the Bank's constant efforts to improve the pricing of the credit portfolio had a salutary effect on the yield on advances, which improved from 10.40 in March 2008 to 10.82 in March 2009. Suitable modifications were incorporated in the 'Home Loan For Businessmen', 'Scholar Loan' and 'Finance to Small Road Transport Operators under SBF Segment' schemes to make them more customer-friendly. During the year, a new scheme "Car loan to SME Units" at highly competitive rates had been launched to provide additional value added services to the SME clients. A new product 'SME Care' has been introduced to ease the liquidity position of SME units by granting 20% additional working capital. Further, in order to meet the capital expenditure for purchase of machines/tools/generator sets and other fixed assets for immediate use, a new scheme 'MSME Special Term Loan' has been devised for MSME units at a cheaper pricing. The Bank had also rolled out a new product' Indore Bank Special Home Loan Scheme' to boost small ticket home loans and 'Indore Bank Hostel Finance' to rope in the ever-increasing hostel business in Indore and Bhopal. In order to give necessary thrust to retail loans, the Bank organized ' LOAN UTSAVS' at Indore and Bhopal.

The importance accorded to SME financing can be gauged from the fact that advances to Small and Medium Enterprises increased to Rs.5922.43 crore as on 31.03.2009, thereby recording an impressive Y-o-Y growth of 65.03 %, which is well above the 20% mandate of Government of India. The Govt. directive relating to doubling the SME advances within five years ending March 2010 has already been accomplished by the Bank in 2008.

During the year under report, the Bank successfully implemented the 'Agriculture Debt Waiver and Debt Relief Scheme-2008', extending the benefit of Rs.160.27 crore to 39278 Small and Marginal Farmers under Debt Waiver. Other farmers numbering 65051 became eligible for availing relief aggregating to Rs.166.94 crore under the Debt Relief Scheme. The Bank has also been an active participant in the scheme of the Govt. of M.P. for ensuring cent-per-cent coverage to all eligible farmers under the Kisan Credit Card scheme. During the year under review, 33261 new KCCs were sanctioned, thereby taking the total no. of KCC sanctions to a new high of 150862.

The Bank has been implementing the PM's new 15-point programme for minority communities in right earnest. As at the end of March 2009, the Bank's advances to members of minority communities constituted 13.49% of the Bank's priority sector lending, which is well above the target of 13%. As in the past, the Bank continued to surpass the relevant benchmarks under social lending. At the end of FY 08-09, its priority sector lending, agricultural advances, weaker section advances and advances to women beneficiaries constituted 54.76%, 18.21%, 11.79% & 6.75% of its Adjusted Net Bank Credit against the respective benchmarks of 40%, 18%, 10% & 5%.

The improved performance of the Bank can be gauged by the marked rise in two indices viz. Net Profit Per Employee and Average Business Per Employee. During 08-09, the Net Profit Per Employee surged by 19.03% from Rs.3.73 lac to Rs.4.44 lac and the Average Business Per Employee recorded a substantial increase of 17.55 % from Rs.6.04 crore to Rs. 7.10 crore.

During 2008-09, the Bank installed 50 new ATMs, thereby enlarging its ATM network to 350 at the end of March 2009. With direct ATM sharing arrangements with 13 banks coupled with ATM sharing facility with another 20 banks under NFS(National Financial Switch) as member of the State Bank Group, the ATM cardholders of the Bank have access to more than 32000 ATMs across the country.

Besides enlarging its ATM card base, the Bank continued to lay adequate emphasis on popularization of Internet Banking facility, both among retail & corporate users. For greater customer convenience, the Bank considerably enlarged its array of Internet Banking Services viz. E-trade for online share trading, hassle-free E-payment of direct taxes by both individuals & corporate customers, payment of insurance premium, telephone bills, electricity bills, railway ticket reservation etc. The Bank has inked a MOU with Indore Municipal Corporation for e-collection of municipal taxes at Indore. As a result of various initiatives taken to popularize Internet Banking, the no of internet banking users has increased by 58% to cross the 40000 mark.

During the year 2008-09, 11 new branches were opened, thereby taking the number of branches from 459 in March 2008 to 470 in March 2009. As on 31.03.2009, the Bank’s branch network comprises of 120 branches in Rural, 139 branches in Semi-Urban, 85 branches in Urban and 126 branches in Metro centres spread over 14 states and 1 union territory. With the opening of a branch at Waidhan in Singrauli district, the Bank now has its presence in all the districts of Madhya Pradesh. During FY 2008-09, in conformity with the directives of the Sachar Committee, the Bank has opened 2 branches in Minority Concentrated Districts (MCDs). Furthermore, 8 new Central Processing Centres (CPCs) have also been operationalised during the year, thus increasing the number of such centers to 22 as at the year-end. Aimed at providing optimum services with instant accessibility, these CPCs have been rolled out in order to reduce the turnaround time and improve the quality of retail loans.

For giving more focussed attention on speedier sanctions, marketing and recovery of farm loans, five Agricultural Central Processing Centres (ACPCs) have been set up at Guna, Gwalior, Ratlam, Ujjain and Bhopal. These loan CPCs have been set up with the twin objectives of freeing the branch staff from routine back-office activities and for giving more focussed attention on business development. Primarily aimed at customer convenience, a Liability Centralized Processing Centre (LCPC) has been successfully operationalised at Indore for facilitating reduction of time normally spent in opening of accounts, issuance of cheque books and other related activities. This has been a pioneering endeavour by the Bank, as it is the 1st such initiative by any commercial bank in M. P. Another successful BPR initiative, the Centralized Pension Processing Centre at Indore, which aims to take care of back office operations involved in calculating and crediting pensions at monthly intervals has enlarged its coverage to 265 branches and 65114 pension accounts in 24 districts of M.P. During the year, two Currency Administration Cells have also been operationalized at New Delhi and Indore for efficient cash management of the linked branches. A Centralized Clearing Processing Centre (CCPC) has also been rolled out at Indore for better customer services culminating in speedy and extended hours for acceptance of instruments, enhanced & accurate processing capabilities and reduction in the workload of branches. For the benefit of the customers, the Bank's first self-service 'Cheque Deposit Kiosk' has also been installed at Y.N.Road Branch, Indore.

Customer Service and redressal of complaints/grievances continued to receive the highest priority during the year. A robust and prompt grievance redressal mechanism 'SMS SBN Service' has been launched at Head office for expeditious resolution of customer complaints. With the gearing up of the complaint redressal machinery, the number of pending complaints has declined from 155 in March 2008 to 80 in March 2009.
As at the end of March 09, Gross NPAs stood at Rs.301.28 crore. The Gross NPA ratio has declined from 1.44 % in March 2008 to 1.39 % in March 2009.

ommitted to the cause of furthering inclusive growth in its home state, the Bank has taken upon itself the responsibility of implementing IT-enabled financial inclusion in one blocks of Vidisha district on a pilot basis. This envisages the adoption of technological innovation in the area of branchless banking through the mechanism of ‘ SB Indore Tiny’ bio-metric cards. As at the end of March 2009, 26901 such accounts have already been opened and 15126 bio-metric cards have since been activated. Apart from this , NREGS beneficiaries of two districts namely, Dhar and Khargone are also being covered under the pilot project of IT-enabled financial inclusion. As a result of the sustained drive made during the year, the opening of 'No Frills' accounts received a significant boost, rising from 154905 in March 2008 to 770964 in March 2009. During the FY 2008-09, the Bank has attained the target of opening of 250 new accounts at each rural and semi-urban branch, thus complying with the recommendations of the Rangarajan Committee.

Date: 17th Jan. 2009
Subject: BUSINESS LEVEL CROSSES Rs.47000 CRORE

As at the end of December 08, the Bank’s Operating Profit has surged to a level of Rs. 438 crore, which marks an impressive growth of 44.24 % on Y-o-Y basis. This growth in Operating Profit is mainly attributable to the increase of 38.26% in net interest income on Y-o-Y basis. As at the end of December 08, the Bank has posted a Net Profit of Rs. 176 crore, despite higher depreciation on investments, provisions for present value loss of debt waiver under ' Agricultural Debt Waiver and Debt Relief (ADWDR) Scheme 2008' and wage revision. This was stated in a press release by the Bank, after the working results for the quarter ending December 08 were approved by the Bank’s Board of Directors today at Indore.

During the quarter under review, the Bank's business has crossed the level of Rs.47000 crore to attain a level of Rs. 47891 crore. This admirable growth in business is reflected in the fact that within a period of twelve months, the Bank's business turnover has grown from Rs.40000 crore in December 07 to over Rs. 47000 crore in December 08.

The improved performance of the Bank can be gauged by the rise in two indices viz., Net Interest Margin (NIM) and average business per employee. On Y-o-Y basis, both NIM (at 2.77%) and average business per employee (at Rs.6.94 crore) have recorded an increase of 18.37 % and 18.84% respectively.

Buoyed by increased earnings from exchange profit on forex turnover and other commission, the Bank's non-interest income excluding treasury income has surged ahead by 15.74 % on Y-o-Y basis. The significant upturn in share of profit from core activities in operating profit from 81.21 % in December 07 to 95.20% in December 08 bears ample testimony to the Bank's growth on solid foundations. This is also borne out by the decline in transaction cost from 1.08% in December 07 to 0.93% in December 08 and the containment of increase in overheads to 0.86 % only.

The Bank’s total deposits have increased from Rs. 22539 crore as on 31st December 07 to Rs. 26448 crore as on 31st December 08, thereby registering an increase of 17.35 % on Y-o-Y basis. On Y-o-Y basis, Savings Bank Deposits have registered a growth of Rs.572 crore (11.87%) whereas Retail deposits have registered a growth of Rs.2205 crore (23%). In order to boost the Current Deposits, a new product 'Indore Bank Power Jyoti Current Account' has been introduced for schools, colleges, universities and charitable organizations. This product provides convenient facility for collection of any type of fees, regular donations and similar receivables from different centres by leveraging the core banking platform. Vigorous efforts are also being made to enlarge the current account clientele base by popularising 'Indore Bank Power Gain' & 'Power Pack' Current Accounts with their in-built concessions in service charges by leveraging the benefits of technology-led delivery channels viz. RTGS, NEFT. New deposit schemes viz. 'Dhanvarsha' and 'Dhanlaxmi' launched in Sept 08 and Oct 08 respectively have evoked good response. Term deposits to the tune of Rs.674.19 crore spread over 63946 accounts have been mobilized under 'Dhanlaxmi' scheme, which concluded on 31.12.08.

As at the end of December 08, the Bank’s advances had attained a level of Rs. 21443 crore, thereby recording a growth of 22.61 % on Y-o-Y basis. The growth up to the end of December 08 works out to Rs. 3086.80 crore, thereby achieving 79% of the annual budget. In order to provide the necessary stimulus for growth in the housing sector, the Bank has rolled out a new product 'Indore Bank Special Home Loan Scheme' to boost small ticket home loans. Several measures have been initiated to boost the advance portfolio in SBF segment viz. 'Indore Bank Hostel Finance' to rope in the ever-increasing hostel business in Indore and Bhopal, 'Car loan to SME units' at highly competitive rates and 'SME Care' to ease the liquidity position of SME units. The 'Financing to Small Road Transport Operators Under SBF Segment' scheme has also been suitably modified/relaxed in respect of interest rates and collateral security to make the scheme more competitive and attractive.

At the end of December 08, the Bank's Gross NPA ratio and Net NPA ratio stood at 1.14% & 0.62% respectively, which marks a considerable improvement over 1.91 % & 1.02% relating to the similar period of the previous year.

As at the end of Q-3, the Bank's Capital Adequacy Ratio had attained a level of 10.53% (as per BASEL I norms) and 11.95% (as per BASEL II norms) against the regulatory benchmark of 9%.

In sync with the national priority of promoting the use of alternative cost-efficient and eco-friendly fuels, the Bank has entered into a bipartite agreement with M/S. Ruchi Bio-fuels Pvt. Ltd for Jatropha Plantation in its area of operations. Concerted efforts are being made to extend fresh finance to all the beneficiaries of the 'ADWDR Scheme 2008'and also to the farmers whose accounts have been written off, in the ongoing Rabi season. Suitable measures have also been initiated for financing the allied agricultural activities along with other investment credit. In order to have a broader canvas in rural financing, the existing ACPCs at Khargone, Guna, Gwalior, Ratlam, Ujjain and Bhopal are being converted into Rural Central Processing Centres for covering all potential products in various segments in their areas of operation.

Committed to the cause of furthering inclusive growth in its main area of operation, the Bank has taken upon itself the responsibility of implementing IT-enabled financial inclusion in two blocks of Vidisha district on a pilot basis. This envisages the adoption of technological innovation in the area of branchless banking through the mechanism of ‘ SB Indore Tiny’ bio-metric cards. 20219 such accounts have already been opened and 7122 bio-metric cards have since been activated. The Bank has also been allotted two districts of Madhya Pradesh viz. Dhar & Khargone for opening ‘No Frill’ accounts of all the NREGS beneficiaries.

As in the past, the Bank continued to surpass the various benchmarks under social lending. At the end of Q-3, its priority sector lending, direct agricultural advances, advances to weaker sections and women beneficiaries constitute 46.14%, 18.40%, 10.88% & 5.44% of ANBC against the respective benchmarks of 40%, 18%, 10% & 5%.

The ATM network has increased to 313 as at the end of December 08. All branches of the Bank are networked to over 10000 ATMs of the State Bank Group spread throughout the country. Besides enlarging its ATM Card base, the Bank continued to lay adequate emphasis on popularization of Internet Banking facility, both among retail and corporate users.
As at the end of Q-3, the Bank has opened 5 branches (2-rural, 1-urban, 2-metropolitan) and 7 Central Processing Centres. Two of these branches have been opened in Minority Concentration Districts. As on 31.12.2008, the number of branches and offices stood at 464 and 526 respectively. Primarily aimed at customer convenience, a Liability Centralized Processing Centre (LCPC) has been successfully operationalised at Indore for facilitating reduction of time normally spent in opening of accounts, issuance of cheque books and other related activities. This has been a pioneering endeavour by the Bank, as it is the 1st such initiative by any commercial bank in M. P. Another successful BPR initiative, The Centralized Pension Processing Centre at Indore, which aims to take care of back office operations involved in calculating and crediting pensions at monthly intervals has enlarged its coverage to 197 branches and 51418 pension accounts in 15 districts of M.P.

Date: 15th Oct. 2008
Subject: BUSINESS LEVEL CROSSES Rs.45000 CRORE MILESTONE- OPERATING PROFIT SOARS BY 41.87 % ON Y-o-Y BASIS

As at the end of September 08, the Bank’s Operating Profit has surged to a level of Rs. 275 crore, which marks an impressive growth of 41.87 % on Y-o-Y basis. This growth in Operating Profit is mainly attributable to the increase of 38.08% in net interest income on Y-o-Y basis. As at the end of September 08, the Bank had posted a Net Profit of Rs. 105.16 crore, despite higher depreciation on investments, consequent to the rise in interest rates and the slide in the equity markets and one time provision for present value loss of debt waiver under 'ADWDR Scheme 2008'. This was stated in a press release by the Bank, after the working results for the quarter ending September 08 were approved by the Bank’s Board of Directors today at Maheshwar.

During the quarter under review, the Bank's business level has crossed the coveted milestone of Rs.45000 crore and attained a level of Rs. 46011 crore. This admirable growth in business is reflected in the fact that within a short span of nine months, the Bank's business turnover has grown from Rs.40000 crore in December 07 to over Rs. 46000 crore in September 08.

The improved performance of the Bank can be gauged by the rise in two indices viz., Net Interest Margin (NIM) and average business per employee. On Y-o-Y basis, both NIM (at 2.77%) and average business per employee (at Rs.6.78 crore) have recorded an increase of 18.38% and 19.58% respectively.

Buoyed by increased earnings from exchange profit on forex turnover and other commission, the Bank's non-interest income excluding treasury income has surged ahead by 11.38 % on Y-o-Y basis. The significant upturn in share of profit from core activities in operating profit from 82.57 % in September 07 to 98.21% in September 08 bears ample testimony to the Bank's growth on solid foundations. This is also borne out by the decline in transaction cost from 1.12% in September 07 to 0.94% in September 08 and the containment of increase in overheads to 1.77 % only.

The Bank’s total deposits have increased from Rs. 21530 crore as on 30th September 07 to Rs. 25500 crore as on 30th September 08, thereby registering an increase of 18.44 % on Y-o-Y basis. On Y-o-Y basis, Savings Bank Deposits have registered a growth of Rs.675 crore (14.46%). Retail deposits have registered a growth of Rs.1013 crore (12%) over March 08 level. Vigorous efforts are being made to enlarge the current account clientele base by popularising 'Indore Bank Power Gain' & 'Power Pack' Current Accounts with their in-built concessions in service charges by leveraging the benefits of technology-led delivery channels viz. RTGS, NEFT.

As at the end of September 08, the Bank’s advances had attained a level of Rs. 20512 crore, thereby recording a growth of 25.38 % on Y-o-Y basis. The cumulative growth up to the end of September 08 works out to Rs. 2156 crore against the budgetary growth of Rs.1469 crore for the half-year. Suitable modifications have already been incorporated in the ' Home Loan For Businessmen' and 'Scholar Loan' schemes to make them more customer-friendly. During this quarter, a new scheme "Car loan to SME Units" has been launched to provide additional value added services to the SME clients. In order to give the necessary thrust to retail loans, the Bank has recently organized 'LOAN UTSAVS' at Bhopal and Indore and concessions on interest rates and processing fees for Car and Housing loans are being offered during the 'Special Festival Campaign' being organized from 01.10.08 to 31.12.08.

In sync with the national priority of promoting the use of alternative cost-efficient and eco-friendly fuels, the Bank has entered into a bipartite agreement with M/S. Ruchi Bio-fuels Pvt. Ltd for Jatropha Plantation in its area of operations. Earnest efforts are also being made for extending finance in the ensuing Rabi season to all those farmers who had benefited under 'Agricultural Debt Waiver and Debt Relief Scheme 2008'. In order to accelerate the pace of growth and for minimising the turnaround time (TAT), effective marketing and prompt sanctioning of agricultural loans, five new Agricultural Central Processing Centres have been set up recently at Guna, Gwalior, Ratlam, Ujjain and Bhopal.

Committed to the cause of furthering inclusive growth in its home state, the Bank has taken upon itself the responsibility of implementing IT-enabled financial inclusion in two blocks of Vidisha district on a pilot basis. This envisages the adoption of technological innovation in the area of branchless banking through the mechanism of ‘ SB Indore Tiny’ bio-metric cards. 8242 such accounts have already been opened and 864 bio-metric cards have since been activated.The Bank has also been allotted two districts of Madhya Pradesh viz. Dhar & Khargone for opening ‘No Frill’ accounts of all the NREGS beneficiaries.

As in the past, the Bank continued to surpass the various benchmarks under social lending. At the end of H-1, its priority sector lending, advances to weaker sections and women beneficiaries constitute 41.14%, 10.62% & 5.37% of ANBC against the respective benchmarks of 40%, 10% & 5%.

At the end of September 08, the Bank's Gross NPA ratio and Net NPA ratio stood at 1.39% & 0.75% respectively, which marks an improvement over 2.01 % & 1.08% relating to the similar period of the previous year.

As at the end of H-1, the Bank's Capital Adequacy Ratio had attained a level of 10.70% against the regulatory benchmark of 9%.

The ATM network has increased to 301 as at the end of September 08. All branches of the Bank are networked to over 8788 ATMs of the State Bank Group spread throughout the country. Besides enlarging its ATM Card base, the Bank continued to lay adequate emphasis on popularization of Internet Banking facility, both among retail and corporate users. The 'Cash Back Campaign' organised during the quarter in order to popularize the debit cards had also evoked good response.

As at the end of H-1, the Bank's branch network stood at 459 and its offices had increased to 521. Primarily aimed at customer convenience, a Liability Centralized Processing Centre (LCPC) has been successfully operationalised at Indore for facilitating reduction of time normally spent in opening of accounts, issuance of cheque books and other related activities. This has been a pioneering endeavour by the Bank, as it is the 1st such initiative by any commercial bank in M. P.