IIT Madras, Polaris Software and IndusInd Bank launch INTELLECT PRIVACY Internet Banking Security Card

Built on State-of-the-Art Technology, now Live at IndusInd Bank

CHENNAI, India, February 22, 2010 - Polaris Software Lab Limited (POLS.BO), a leading Financial Technology
Company, launched Intellect(TM) PRIVACY based on state-of-the-art technology
and four patents filed by the Indian Institute of Technology Madras. IndusInd
Bank has become the first bank in India to implement Intellect(TM) PRIVACY,
an online and internet banking security card, for its internet banking
customers.

Experts estimate worldwide losses incurred by banks annually
due to phishing at more than 10 billion US Dollars . The technology will
protect customers and banks from practically all kinds of phishing attacks,
viz. deceptive e-mail, key/screen logger, brute force/dictionary attacks and
Trojans, etc.

Developed using the patents filed by K. Balaraju, a student of
the MS (Entrepreneurship) programme of IIT Madras, Intellect PRIVACY uses
multi factor, dynamic authentication technology providing for authorizing
online banking transactions, in a completely secure platform. Commenting on
the innovation, Professor L S Ganesh, Coordinator of the programme, said, "At
IIT Madras, the Department of Computer Science and Engineering and the
Department of Management Studies got particularly interested in designing an
internet security technology that is cost efficient and easy to use in a
rapidly growing e-commerce scenario, and transferring it commercially. We
chose the Cost-Usability-Security (CUS) approach to arrive at a solution and
Polaris Software created an eminently usable application for the banking
industry. IndusInd Bank, which was looking for providing greater security for
web based transactions, became the first organization to adopt it."

IndusInd Bank engaged Polaris Software to deliver a Portal for
its Corporate Clients with specialized solutions viz, Account Services, Cash
Management, Trade Finance and Supply Chain Finance. Commenting on the launch
of Intellect PRIVACY, Ramesh Ganesan, Executive Vice President and Head of
Transaction Banking, IndusInd Bank said, "Our Bank has utilized technology
very effectively to gain a competitive edge. We wanted to ensure that our
internet banking customers can transact with the Bank in a completely secured
manner and at the same time wanted a customer friendly solution that is
hardware independent. To this end, we found Polaris' Intellect PRIVACY to be
vastly superior in anti phishing capabilities. The Bank received 'Technology
Bank of the Year-2009' award in the private and foreign bank category from
IBA, early this month. We are happy to innovate with another first in
technology in the banking space which reiterates our vision to be one of the
leading banks in use of technology for delivering solutions to our
customers."

Intellect PRIVACY is a simple plastic card that customers can
use to generate a one-time password (OTP) for carrying out any kind of online
banking transaction including the sign on. Banks can issue booklets
containing a desired number of cards that would last many transactions. The
card has no pilferage value by itself and customers can easily manage its
life cycle, including making a request for a new booklet and reporting loss
of cards through online banking. Intellect PRIVACY is the latest addition to
Polaris' Global Financial Enterprise Security suite and is tightly integrated
with the Online Banking and Portal solutions.

Commenting on the product launch, Govind Singhal, President
and COO, Polaris Software Lab said, "Security of online users in the banking
industry is an area of growing significance. With rising instances of
phishing attacks and considering the need for a secure alternative, we
innovated in this area. With Intellect PRIVACY Banking Security Card, banks
will be able to build and enhance online banking customer's confidence."

About IndusInd Bank

IndusInd Bank is one of the new generation private-sector
banks in India, which commenced its operations in 1994. The Bank caters to
the needs of both Consumer & Corporate Clients and has a robust technology
platform supporting multi - channel delivery capabilities. The Bank enjoys a
patronage of 2 million customers and has a network of 209 branches and 427
ATMs spread over 168 geographical locations in 28 states and union
territories across the country. The Bank also has a Representative Office in
Dubai and London.

The Bank's total business (deposits plus advances) as on
December 31, 2009 crossed Rs. 43,000 crore. The Bank is driven by
state-of-the-art technology since its inception. It has multi-lateral tie-ups
with other banks providing access to more than 21000 ATMs for its customers.
It enjoys clearing bank status for both major stock exchanges - BSE and NSE -
and three major commodity exchanges in the country - MCX, NCDEX, and NMCE. It
also offers DP facilities for stock and commodity segments. The Bank has been
bestowed with the mandate of being a Settlement Banker for tea auctions at
Kolkata, Siliguri, Coonoor, Coimbatore and Guwahati.

During the quarter, in a pioneering initiative in 'Green
Banking' the Bank became the first bank in Maharashtra to open a solar-power
ATM. Subjects like sustainable development, social responsibility and climate
change are fast becoming part of the corporate vocabulary and IndusInd is at
the forefront of this change in the Indian banking sector.

The Bank has been awarded the highest P1+ rating for its Fixed
Deposits and Certificates of Deposit by CRISIL. Recently, CRISIL has
reaffirmed its P1+ rating of IndusInd Bank's fixed deposits and certificates
of deposit program. The rating continues to reflect the Bank's established
presence in the Commercial Vehicle (CV) financing business and the
significant improvement in its asset quality. The rating also features in the
Bank's modest resource and earnings profile, and average capitalisation
levels.

Visit us at www.indusind.com

About Polaris Software Lab

Polaris Software Lab (POLS.BO) is a leading Financial
Technology company, with its comprehensive portfolio of products, services
and consulting. Polaris has a talent strength of over 9,000 solution
architects, domain and technology experts. The company owns the largest set
of Intellectual Properties in the form of a comprehensive product suite,
Intellect Global Universal Banking (GUB) 10.0. IntellectTM is the first pure
play SOA based application suite for Retail, Corporate, Investment banking
and Insurance.

Polaris is headquartered in Chennai and has offices in all
global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India,
Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New
York, Chicago, Fremont, Pittsburgh and Chile. For more information, please
visit www.polaris.co.in/

    For more information, please contact:

    SN Pai                                 Shailesh Dhawla
    Executive Vice President               Polaris Software Lab
    IndusInd Bank                          +91-99620-23124
    Tel: +91-22-2423-1913                  Email: shailesh.d@polaris.co.in

SN Pai,Executive Vice President, IndusInd Bank, Tel: +91-22-2423-1913; Shailesh Dhawla, Polaris Software Lab, +91-99620-23124,Email: shailesh.d at polaris.co.in