SolutionNet Int'l Announces Agreement With HDFC Bank, Ltd.
PR Newswire
Jan 12 2000 7:16AM ET
To Integrate Its E-Net Internet Banking Solution
HDFC a Leader in India's Flourishing Private Sector Banking Industry
MARINA DEL REY, Calif., Jan. 12 /PRNewswire/ -- Mr. V Suresh, President of SolutionNet International, Inc. (OTC Bulletin Board: SLNN.F), a subsidiary of Web Capital Group (OTC Bulletin Board: WBCG), confirmed that the Company has signed an agreement with the Housing Development Finance Corporation (HDFC) Bank, Ltd. of India to implement and install the Company's E-Net Internet banking solution. The agreement was confirmed by HDFC after an exhaustive evaluation of competing Internet banking applications for its elite corporate Internet Banking division.
HDFC Bank was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to establish itself as a private sector banking institution, as part of the RBI's liberalization of the overall Indian banking industry. Today, HDFC Bank is one of India's biggest private sector banks, with a capital base of some $46 million serving a quality corporate and retail customer base through some 60 branches located across the country. HDFC is a strategic partner of Chase Manhattan Bank (NYSE: CMB), which holds a 15% equity interest in the firm.
Mr. Suresh commented: "We are excited about the prospect of integrating our world class E-Net Internet banking solution product into the operations of one of India's premier banking institutions. With this valuable partnership with HDFC, we hope to take Indian and international Internet-based financial services to higher levels in the next millennium."
Mr. Suresh added: "E-Net Internet banking solution will create exciting opportunities for the banks' global and national operations, as well as greatly benefit their customers. We are proud to play an instrumental role in harnessing the potential of Internet by offering our high quality, cost efficient E-Net solution to our elite clientele."
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