IndusInd Bank Limited is an Indian financial services headquartered in Mumbai (Maharashtra). IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.
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.
In 2021, the bank become authorized by the Reserve Bank of India (RBI) for collecting direct and indirect taxes, on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
Operations
The bank started its operations with ₹100 crores (1 billion) in capital, of which ₹60 crores were raised by Indian residents and ₹40 crores were raised by Non-Resident Indians (NRI). The bank specializes in retail banking services. According to the bank, its name is derived from the Indus Valley civilisation.
Partnership
In 2021, IndusInd Bank and Escorts Agri Machinery partnered by signing a Memorandum of Understanding (MOU) to provide loans at affordable interest rates to the farming community. It will encourage farmers to investments in modern equipment for raising farm productivity and income. In 2022, the company has strategically partnered with Airtel Payments Bank (APB) to launch fixed deposits which will enable their customers to book fixed deposits upto ₹1.9 lakh (US$2,400) within minutes on the Airtel Thanks app. In 2023, the bank had a multi-year global partnership with the International Cricket Council (ICC) to provide a premium experience for its customers, employees, and cricket enthusiasts. They will have access to a suite of branding and content assets to build a deeper connections with them.
Board of directors
Sumant Kathpalia is the Managing Director and CEO at IndusInd Bank. Sunil Mehta is the current chairman of the board. The other members on the board are Shanker Annaswamy, T. T. Ram Mohan, Akila Krishnakumar, Rajiv Agarwal, Sanjay Asher, Bhavna Doshi, Jayant Deshmukh and Pradeep Udhas.
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
List of banks in India
Reserve Bank of India
Indian Financial System Code
List of largest banks
List of companies of India
Make in India
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.