IndusInd Bank Limited is an Indian
financial services
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...
headquartered in
Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the secon ...
(Maharashtra). The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister
Manmohan Singh
Manmohan Singh (; born 26 September 1932) is an Indian politician, economist and statesman who served as the 13th prime minister of India from 2004 to 2014. He is also the third longest-serving prime minister after Jawaharlal Nehru and Indir ...
.
IndusInd Bank is the first among the new-generation private banks in India.
The bank started its operations with ₹100
crores
A crore (; abbreviated cr) denotes ten million (10,000,000 or 107 in scientific notation) and is equal to 100 lakh in the Indian numbering system. It is written as 1,00,00,000 with the local 2,2,3 style of digit group separators (one lakh is eq ...
(1 billion) in capital, of which ₹60 crores were raised by Indian residents and ₹40 crores were raised by
Non-Resident Indians
Overseas Indians (IAST: ), officially Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) are Indians who live outside of the Republic of India. According to the Government of India, ''Non-Resident Indians'' are citizens of Indi ...
(NRI). The bank specializes in retail banking services and is also working on expanding its network of branches all across the country. According to the bank, its name is derived from the
Indus Valley civilisation
The Indus Valley Civilisation (IVC), also known as the Indus Civilisation was a Bronze Age civilisation in the northwestern regions of South Asia, lasting from 3300 BCE to 1300 BCE, and in its mature form 2600 BCE to 1900& ...
.
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers Its technology platform supports multi-channel delivery capabilities. As on September 30, 2021, IndusInd Bank has 2,015 Branches/Banking Outlets and 2,886 ATMs spread across 760 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the
NIFTY 50
The NIFTY 50 is a benchmark Indian stock market index that represents the weighted average of 50 of the largest Indian companies listed on the National Stock Exchange. It is one of the two main stock indices used in India, the other being th ...
benchmark index on April 1, 2013.
History
The bank began its operations on 17 April 1994 under the chairmanship of
S. P. Hinduja with the primary objective of serving the NRI community.
Board of directors
Sumant Kathpalia was appointed as Managing Director and CEO with effect from March 2020 for a period of three years.
Arun Tiwari is the current chairman of the board. The other members on the board are Rajiv Agarwal, Kanchan Chitale, Shanker Annaswamy, T. T. Ram Mohan, Akila Krishnakumar, Arun Tiwari, and Siraj Chaudhry.
Banking services
* Branch banking
* Consumer finance
* Corporate banking and finance
* Commercial and transaction banking
* Cash Management Services (CMS)
*
Trade Services Utility (TSU)
* Depository operations
* Treasury operations
* Wealth management
See also
*
Banking in India
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. ...
*
List of banks in India
This is the list of banks which are listed as Scheduled Banks (India) under second schedule of RBI Act, 1934.
Commercial banks Public Sector Banks (PSBs)
There are 12 public sector banks as of 15 November 2021
Private-sector banks
A ...
*
Reserve Bank of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...
*
Indian Financial System Code
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: ...
*
List of largest banks
The following are lists of the largest banks in the world, as measured by total assets.
By total assets
The list is based on the April 2022 S&P Global Market Intelligence report of the 100 largest banks in the world. The ranking was based upo ...
*
List of companies of India
India is a country in South Asia. It is the seventh-largest country by area, the second-most populous country (with over 1.2 billion people), and the most populous democracy in the world.
In 2019, the Indian economy was the world's fif ...
*
Make in India
Make in India is an initiative by the Government of India to create and encourage companies to develop, manufacture and assemble products made in India and incentivize dedicated investments into manufacturing. The policy approach was to crea ...
Notes
: The term 'new-generation' refers to banks established after the Reserve Bank of India issued updated licensing guidelines for new private sector banks in 1993.
References
{{Banking in India
Banks established in 1994
Banks based in Mumbai
1994 establishments in Maharashtra
NIFTY 50
BSE SENSEX
IndusInd Bank
Indian companies established in 1994
Companies listed on the National Stock Exchange of India
Companies listed on the Bombay Stock Exchange