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BANK OF BARODA LAUNCHES ONLINE BILL MANAGEMENT SERVICES
(June 2, 2001 - www.bankofbaroda.com)

Bank of Baroda today announced the launch of an online bill management service in Mumbai that is powered by "BillDesk", a service of IndiaIdeas.com. The service was launched in Mumbai today by Shri P.S. Shenoy, Chairman and Managing Director of Bank of Baroda. BillDesk.com allows households to receive and pay their utility and other similar bills electronically, from a single, secure web site and offers the highest level of security and confidentiality. Addressing a press conference today after the launch ceremony, Shri Shenoy stated that this service of IndiaIdeas, being offered to the bank's customers, is another step taken by the management in the customer driven market.

BillDesk is a service bureau that offers universal electronic bill presentment and payment services that will allow customers to receive, review, pay and organise bills online. Customers can access this service from anywhere, using the Internet and can pay their bills using any of their bank accounts. The promoters of IndiaIdeas said that the relationship with the Bank of Baroda was an important strategic step for the company as they can immediately make this service available through over 100 branches in Mumbai.

Shri Shenoy stated that the launch of the Bill Payment Services was a significant IT initiative for the bank and added that the Bank of Baroda is confident of taking further IT initiatives to meet customer expectations. According to Mr Shenoy, the bank plans to set up Internet kiosks on a select basis in Mumbai to facilitate the use of the BillDesk service.

IndiaIdeas is a young technology company that aims to be a provider of electronic payment and commerce services. Promoted by a team of professionals, the Company has a strong management team that has been drawn from organisations like HSBC, Arthur Andersen and PriceWaterhouseCoopers. The company has received funding from National Venture Fund for Software and IT Industry (NFSIT). NFSIT has been set up by SIDBI in association with Ministry of Information Technology (MIT), Govt. of India and is managed by SIDBI Venture Capital limited (SVCL). Bank of Baroda too has taken a strategic stake in IndiaIdeas, as a reiteration of its commitment to the Company.

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