IndusInd Bank is one of the recently launched, new age private banks in India. It was established in 1994 and was inaugurated by the then Union Finance Minister, Manmohan Singh. IndusInd Bank derives its name from the Indus Valley Civilisation. IndusInd Bank caters to individuals and corporates alike. It offers commercial, transactional and electronic banking products and services.
IndusInd Bank kicked off its operations in Mumbai with a capital of INR 1 billion. Out of the starting capital of INR 1 billion, INR 600 million was raised by the resident Indians while INR 400 million was raised by the Non-Resident Indians. The bank began its operations on 17th April 1994 under the chairmanship of S.P. Hinduja with the primary objective of serving the NRI community. The core competency of IndusInd Bank is retail banking and is well known in the Indian banking space for innovating and coming up with newer and more technology savvy services for its customers.It has more than 2000 branches along with 3000+ ATMs spread across 900+ geographical locations throughout the country. It also has representative offices in London, Dubai and Abu Dhabi. Being originally from Mumbai, Maharashtra IndusInd Bank has the highest density of its branches in Mumbai followed by New Delhi and Chennai. Mr Ramesh Sobti is the Chief Operating Officer as well as the Managing Director of the bank.