IndusInd Bank got its name from the inspiration of the Indus valley that had a culture described by the national geographic as the greatest place where innovation with sound business practices and trade spirit are rampant.
The IndusInd bank was started of by a business man known as Mr. Srichand P. Hinduja an Indian and head of the Hinduja group that had the idea of starting a private bank in the first generation banks in India.
It was formally opened on April 1994 by Dr Manmohan Sing, who was then the country’s finance minister and also the Honourable minister of India, The bank started with a capital base of Rs.1000 million then Rs.600 million was raised through private applications from the Indian residents while the balance Rs.400 million was removed by the non residential Indians.
The IndusInd bank in June 2004 had a new era, the bank became among the fastest growing bank in whole of India with its branches expanding from 61 as on March 31,2004 to 137 that’s from March 31,2006 that is plus the increase 125% in 24 months.
The IndusInd bank has of late have more than 150 ATMs not sharing with any other bank and multilateral arrangements with other operating banks giving a total network of 15,000 ATM outlets. All the IndusInd bank with its branches and ATMs are connected through the satellite to the central database that works on the latest versions of the IBM’s series hardware and Midas Kapiti software.
IndusInd Banks broadest line of business include the corporate banking, Retail banking, Treasury and the foreign Exchange, plus the Investment Banking, Capital Markets, Non-residential Indian (NRI), High Network Individual(HNI) Banking and the information Technology through subsidiary banking.
The IndusInd bank gives out the multi-channel services that are the ATMs, Net Banking, Mobile Banking, Phone Banking, Multi-city Banking and international Debit Cards. IndusInd Bank is one of the first banks to become part of the Reserve banks India Real Times Gross Settlement (RTGS) system.
The IndusInd bank has implemented an enterprise- wide risk management, including the assistance of KPMG. This have all enabled the InduInd bank to remain in the first line when it comes to complying with the requirements of Basel ii. The IndusInd bank is the first bank in India to get ISO 9001:2000 certification for its best corporate office and its branches.
The IndusInd bank philosophy is well reflected from its Indian traditional roots and the emphasis it has on customer care and their communicative tag line is “We Care….Dil..Se” this reflects what exactly IndusInd ban is all about.