The IndusInd Bank was formally inaugurated in April 1994 by Dr. Manmohan Singh and started with a capital base of Rs.1,000 million by Mr. Srichand P Hinduja, head of the Hinduja group.
Today it has become one of the fastest-growing banks in the Indian banking sector with its branch network expanding from 61 as on March 31, 2004 to 137 as on March 31, 2006, an increase in excess of 125%. The Bank has approximately 150 ATMs of its own, and has concluded multilateral arrangements with other banks with a total network of 15,000 ATM outlets. All the outlets of the Bank, including its branches and ATMs, are connected via satellite to its central database that operates on the latest version of IBM’s AS400-720 series hardware and Midas Kapiti (now, Misys) software.
The merger with the Bank in June 2004 of Ashok Leyland Finance Ltd., among the largest leasing finance and hire purchase companies in India has further strengthened the bank. Further, it is the first bank in India to receive ISO 9001:2000 certification for its Corporate Office and its entire network of branches.
In addition to the usual complement of loans such as home and personal loans, the bank also offers multi-channel facilities including ATMs, Net Banking, Mobile Banking, Phone Banking, Multi-city Banking and International Debit Cards.
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