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CCAvenue:: Overview of Payment Processing Service for India - 20 million new customers for CCAvenue merchants! Avenues and Syndicate Bank sign a net banking agreement
State Bank of Hyderabad ties up with Avenues for online direct debit facility

July 25, 2011

Avenues, South-Asia's largest eCommerce company, the parent company of ResAvenue, is pleased to announce that it has signed a net banking agreement with State Bank of Hyderabad, a scheduled bank and State Bank of India's largest associate bank. Now, State Bank of Hyderabad account holders can shop online at thousands of websites powered by ResAvenue Payment Gateway and pay online through a direct debit to their State Bank of Hyderabad bank accounts.

Senior Officials of State Bank of Hyderabad with Mr. Nandkumar Menon, Manager - Alliances, AvenuesState Bank of Hyderabad as a bank is committed to deliver excellence in customer satisfaction through technological upgrades. This commitment was the key driving force behind the agreement with Avenues, the parent company of ResAvenue. State Bank of India account holders will have online shopping convenience. They will be able to purchase and pay for all types of products and services on ResAvenue Payment Gateway affiliated websites directly through their State Bank of Hyderabad bank accounts.

ResAvenue hoteliers also benefit from the signing of this direct debit agreement. State Bank of Hyderabad is the largest associate of State Bank of India. When the Bank started its operations, it had the distinction of being the central bank of the princely state of Hyderabad, covering parts of the present-day regions of Andhra Pradesh, Karnataka and Maharashtra. Today, in addition to a strong presence in Andhra Pradesh, it also has a pan India presence. The agreement with State Bank of Hyderabad will expand ResAvenue hoteliers' reach to include all State Bank of Hyderabad account holders. Now, ResAvenue hoteliers can sell and collect payments for their products and services instantly and directly online, easily.

Mr. Vishwas Patel, CEO of Avenues says, "Since Avenues' launch in 2001, we have always endeavored to provide our Avenues merchants with the widest payment network. Year after year, we have consistently added to our payment network going from a single bank to around 40 banks. We are pleased to announce that we have added yet another bank 'State Bank of Hyderabad' to India's largest direct debit engine."

About State Bank of Hyderabad
State Bank of Hyderabad was constituted as Hyderabad State Bank on 08.08.1941 under Hyderabad State Bank Act, 1941. The Bank started with the unique distinction of being the central bank of the erstwhile State of Hyderabad, covering parts of present-day Andhra Pradesh, Hyderabad‚ Karnataka of Karnataka state and Marathwada of Maharashtra state, to manage its Currency‚ Osmania Sikka and public debt apart from the functions of commercial banking. The first branch of the bank was opened at Gunfoundry, Hyderabad on 5th April, 1942.

In 1956, the RBI took over the Hyderabad State Bank and the State Bank of Hyderabad (SBH) was established as an associate bank of State Bank of India (SBI). In 1959, it became a subsidiary of the State Bank of India and is now the largest associate bank of State Bank of India.

Today, the State Bank of Hyderabad has pan India presence with over 1031 branches. It provides its customers with depository, international banking, Internet banking, safe deposit lockers, ATMs and NRI services.

About Avenues
Incorporated in the year 2001, Avenues is a zero-debt company that has been profitable from its inception. Avenues is headquartered in Mumbai, India and has subsidiary companies and offices in USA and Singapore. Avenues has developed several innovative, cutting-edge ASP hosted solutions that are used by thousands of eMerchants globally.

Beginning as a single product company that catered to the local market, Avenues has become a multi-product company that operates on a global scale. The Avenues support and development center is based in Mumbai, India. The total strength of the Avenues team is currently 125 persons spanning across all offices.

Avenues has three Business Units namely - Avenues Commercial Services, Avenues Travel Industry Services and Avenues Community Related Services. For more information, log onto:

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