The idea behind IndusInd Bank, named after the Indus Valley civilization, was conceived by Mr. Srichand P. Hinduja, the head of the Hinduja Group. One of the first new-generation private banks in India, IndusInd Bank was inaugurated in April 1994, Dr. Manmohan Singh, the present Prime Minister of India, who was then the Finance Minister of the country. It was established with the help of collective contributions from the NRI community, towards the economic and social development of India.
The operations of IndusInd Bank were started with a capital base of Rs. 1,000 million. Of the total 1,000 million, Rs. 600 million was raised through private placements by Indian Residents and Rs. 400 million was contributed by Non-Resident Indians (NRIs). A decade after its establishment i.e. in June 2004, IndusInd Bank was merged with Ashok Leyland Finance Ltd, which was one of the largest leasing finance and hire purchase companies in India, at that time. With this, the bank increased its customer base and geographical penetration.
IndusInd Bank Limited is a Mumbai based Indian new generation bank established in 1994. The bank offers commercial, transactional and electronic banking products and services. Indusind Bank was incorporated in April 1994 by Dr. Manmohan Singh the then Union Finance Minister. Indusind Bank is the first among the new-generation private banks in India.
The bank started its operations with a capital amount of Rs.1,000 million among which Rs.600 million was donated by the Indian Residents and Rs.400 million was raised by the Non-Resident Indians. The bank has specialized in retail banking services and continuously upgrades its support systems by introducing newer technologies. It is also working on expanding its network of branches all across the country along with meeting the global benchmark. According to the bank, its name is derived from the rich and vivid Indus Valley Civilisation.
IndusInd Bank Limited (IndusInd bank) is an India based bank, principally engaged in providing various banking services. The business lines of the bank include corporate banking, retail banking, treasury and foreign exchange, investment banking, capital markets, Non-Resident Indian (NRI) / High Networth Individual (HNI) Banking, and information technology. In addition to this, it offers various other banking facilities which include mobile banking, automatic teller machines (ATM), international debit cards, phone banking, multi city banking are also offered by the company.
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IndusInd Bank Ltd. is one of the new-generation private-sector banks in India which commenced its operations in 1994. The Bank enjoys a patronage of 2 million customers and has a network of 180 branches, 402 ATMs spread across 147 geographical locations in 28 states and union territories as on September 30, 2009. The Bank also has a Representative Office each in Dubai and London. The Bank’s total business (deposits plus advances) as on September 30, 2009 crossed Rs. 40,000 crores.
It has multi-lateral tie-ups with other banks providing access to more than 21000 ATMs for its customers. It enjoys ‘clearing and settlement bank’ status with leading capital, commodity and currency exchanges within India eg – BSE / NSE and commodity exchanges like- MCX, NCDEX, and NMCE.
While continuing its drive for efficiency and profitability, IndusInd Bank is a keen participant in the Corporate Social Responsibility space. It is actively engaged in helping mentally-challenged and underprivileged children and on other hand, helps in sensitizing /upholding environmental and ecologically appropriate behaviour. The Bank actively supports “Green Practices” within the Bank and under its campaign “Hum aur Hariyali”, it has successfully launched a slew of green initiatives. It is also an active supporter of the arts especially in the field of music and dance.
CRISIL has assigned Highest P1+ rating to IndusInd Bank’s Fixed Deposits and Certificates of Deposit. Recently, CRISIL has reaffirmed its P1+ rating of IndusInd Bank’s Fixed Deposits and Certificates of Deposit programme. ICRA has also assigned the highest A1+ rating to IndusInd Bank’s Certificates of Deposit.
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