It is Geosynchronous Transfer Orbit I assume(http://en.wikipedia.org/wiki/Geostationary_transfer_orbit) (but wiki article's suggested apogee doesn't match) as there 5 more orbit manoeuvres remaining which will put it to final position.

From what I know, this is dues to lower capacity of PSLV which was used for this launch. GSLV being developed has more power but it is not as dependable as PSLV yet.