Indian Banks

ING Vysya Bank Ltd came into being in October 2002, when erstwhile Vysya Bank Ltd was merged with ING, a global financial powerhouse boasting of Dutch origin. Vysya Bank Ltd, one of initial banks to be set up in the private sector of India, was established in the year 1930, with the aim of providing a helping hand to all those who couldn’t afford the privilege of enjoying the services of a bank. Eighteen years later, in 1948, the bank was listed as one of the Scheduled Banks of the country. With the passing time, Vysya Bank aimed at the number one position in all the private sector banks.

In 1985, the dream of Vysya Bank’s promoters came true and it became the largest private sector bank of India. Two years later, it laid the foundation of Vysya Bank Leasing Ltd. The following year, the bank was credited with laying down the innovative concept of ‘Co branding of Credit Cards’. In 1990, Vysya Bank promoted a new entity – Vysya Bank Housing Finance Ltd. By 1992, the bank had reached another milestone, by having its deposits cross Rs. 1000 crores and the very next year, the number of its branches had gone past 300.

In the year 1996, Vysya Bank struck a strategic alliance with BBL Belgium and was also honored with two National Awards by Gem & Jewellery Export Promotion Council, for excellent performance in Export Promotion. Hardly two years later, the bank had introduced Cash Management Services and the commissioning of VSAT and was also rated as the Best Domestic Bank in India, by Global Finance (International Financial Journal – June 1998). Soon (2000), it established a state-of-the-art Date Centre, at ITPL, Bangalore.

It was in 2000 only that ING and Vysya Bank set up ING Vysya Life Insurance Company, after receiving RBI nod, commencing its business in the following year. Two years later, a wide range of services were launched, including Vys Vyapar Plus – the range of loan schemes for traders, ATM services, Smartserv – personal assistant service, Save & Secure – an account that provides accident hospitalization and insurance cover, Sambandh – the International Debit Card and the mi-b@nk net banking service.

In 2002, ING took over the management of Vysya Bank and RBI gave its permission for the new name of the bank to be ‘ING Vysya Bank Ltd’. In the following year, the bank introduced customer friendly products, mainly Orange Savings, Orange Current and Protected Home Loans. Its innovative products in the coming years included Solo – My Own Account for youth and Customer Service Line – Phone Banking Service (2005) and ‘AAA’ transactions – Anywhere, Anytime & Anyhow Banking – through networking of all its braches (2006).
In the year 1930 a team of visionaries came together to found a bank in Bangalore (now Bengaluru) that would extend a helping hand to those who weren’t privileged enough to enjoy banking services. It was named Vysya Bank. In 1948 it became a scheduled bank. On 7 October, 2002 ING Group N.V. takes over the Management of the Bank. Currently this bank has more than 300 branches spread all over India.

The long journey of seventy-five years has had several milestones…

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