November 25, 2010 - Mumbai, India.

Avenues, South Asia's largest integrated ecommerce company is pleased to announce that it has signed a direct debit agreement with State Bank of Mysore, a premier commercial bank in Karnataka. This mutually beneficial agreement will help Avenues to establish a wider customer base for its associated merchants, hoteliers, event organizers, educational institutions, NGOs, travel affiliates etc. while State Bank of Mysore will be able to provide its account holders with online shopping convenience.

The ever-busy lifestyle pattern has made online shopping a convenient and quick alternative for many. State Bank of Mysore, the leading commercial bank with an India wide presence, through its agreement with Avenues aims at making it easier for its account holders to shop online.

Avenues has a wide merchant base that sells all types of products and services from garments and electronics to hotel rooms and concert tickets. It is the parent company of CCAvenue, India's largest neutral online payment gateway; ResAvenue, India's complete reservation engine for the Hospitality Industry; EventAvenue, the leading online registration and payment gateway solution and HotelsAvenue - the world's largest resource for travel professionals. Thousands of merchants, hoteliers, event organizers, administrators, travel agents and others use these solutions to transact online. This wide merchant base means that State Bank of Mysore account holders will be able to purchase and pay for all these products and services easily, directly online through their bank accounts.

Senior official of State Bank of Mysore said, "At State Bank of Mysore, we are committed to providing our account holders with consistently superior and personalized services. The growing prevalence of online shopping makes providing innovative internet banking technology a necessary addition. The agreement with Avenues will help us honor our commitment to provide our account holders with the best of services."

The addition of State Bank of Mysore to Avenues ever growing direct debit payment option list means that Avenues' affiliated merchants, hoteliers, event organizers, educational institutions, NGOs, travel affiliates etc. will be able to reach and sell to a wider Indian audience, thus, increasing their revenue generating opportunities.

Mr. Vishwas Patel, CEO, Avenues, "One of our key objectives is to offer our merchants the wide range of payment options to prevent loss of sales because the customer does not have the right type of card or bank account. We are constantly negotiating with banks and other financial institutions to add more payment options to our solutions. We are happy to announce that we have successfully tied up with State Bank of Mysore."

State Bank of Mysore
State Bank of Mysore (SBM) is an associate bank of State Bank of India, offering a range of financial products and services. Established in 1913 under the patronage of Government of Mysore as Bank of Mysore Ltd, State Bank of Mysore became an associate of SBI in March 1960. Today, State Bank of Mysore is a premier commercial bank in Karnataka, with all India presence, committed to provide consistently superior and personalized customer.

State Bank of Mysore has a widespread network of 690 branches and 21 extension counters spread all over India. This includes 5 specialized SSI branches, 4 Industrial Finance branches, 3 Corporate Accounts Branches, 4 specialized Personal Banking Branches, 10 Agricultural Development Branches, 3 Treasury branches, 1 Asset Recovery Branch and 8 Service Branches, offering wide range of services to the customers.