IndusInd Bank Limited is an Indian new generation bank in Pune, established in 1994. The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance MinisterManmohan Singh. Indusind Bank is the first among the new-generation private banks in India. The bank started its operations with a capital amount of Rs. 1 billion among which Rs. 600 million were raised by Indian residents and Rs. 400 million were raised by Non-Resident Indians. The bank has specialized in retail banking services and continuously upgrades its support systems by introducing newer technologies. It is also working on expanding its network of branches all across the country along with meeting the global benchmark. According to the bank, its name is derived from the Indus Valley Civilisation. As on 31 December 2018, IndusInd Bank had 1,558 branches, and 2453 ATMs spread across different geographical locations of the country. It also has representative offices in London, Dubai and Abu Dhabi.. Mumbai has the maximum number of bank branches followed by New Delhi and Chennai. The bank has also proposed to double the branches count to 1200 by March 2019.
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
Indusland Bank has appointed Sumant Kathpalia as the Managing Director and CEO with effect from Tuesday for a period of three years. The appointment was announced as Romesh Sobti retired as the MD & CEO of the Bank on Monday after a 12 year stint. In a regulatory filing on Monday evening, the bank said that Kathpalia would take charge as 'Additional Director' on Tuesday and would be designated as MD and CEO. R. Seshasayee, a chartered accountant, 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..
