IndusInd Bank Limited offers several products from the banking sector. These services are offered to the Indians who are mainly NRIs as well as the corporate, business owners, and institutions which deal with the different financial services. This organization also provides its services to different governmental departments.
IndusInd Bank Limited provides wholesale and corporate banking, retail banking and other functions and operations regarding the banking industry. Even corporate salary, savings accounts as well as the current account is also provided by the organization.
IndusInd Bank Limited also provides loans against assets and properties. The organization provides loans regarding the medical equipment, business loans, and loans in exchange for the credit scores. The bank has more than 1600 branches all over the world, and this organization also has more than forty corporate offices. This bank also has 2545 ATMs in India. The bank started its organizational operations in 1994 and is headquartered in Mumbai.
About Company Information:
In the year of 1994, IndusInd Bank Limited started their organization operations in India. Srichand P Hinduja, a leading NRI businessman, promoted the bank. Mr Hinduja was the owner of the Hinduja group, which was famous for their quality of service to the clients and the perseverance of the owner. The bank started their journey with the 1000 million rupees which were funded by both Indians and the NRIs. The bank started internet banking in India for the first time.
During 2002- 2003, IndusInd Bank Limited collaborated with Moneygram international limited and USA-based financial institution Zoha Inc. This collaboration was made because of the easy transaction of the money on the internet through online portals. This bank was the pioneer of using the Electronic Funds Transfer Scheme of the Reserve Bank. In the same year, the IndusInd information Technology limited became the first subsidiary company of the bank, and it had increased its network outlets at the end of the year.
During 2003-2004, IndusInd Bank Limited had inaugurated their office, which is used as the representative office. The bank also started its debit card services, which were considered as the power card. In this period, the organization opened its eight branches and two of the extension of their counters of the banking services. The installation of the 31 ATMs had also been done in the same year. In 2004 a huge move was carried by the bank as Ashok Leyland Finance Limited had been merged with the bank.
During 2004-2005, the IndusInd Bank Limited had signed a contract of clearing banker with the NCDEX. This merger had been considered as one of the most productive moves of the bank as the merger offered many banking or financial products such as the top-up services of the mobile phones, Mahila card as well as the online bill payments and so on. The bank also signed a bilateral contract with UTI bank, which helped the customers of the bank to use the ATMs of the UTI bank.
In 2008, IndusInd Bank limited possessed a portfolio of the Microfinance from another famous company named SKS Microfinance. The bank also completed an agreement with the World Gold Council. This merger was too much beneficial for the promotions of the ingots and gold coins in India. This promotional scheme was certainly effective as the increase in the sales of gold is evident in India. The bank also signed an agreement with TVS Motors as the bank was providing the finance for the inventory of the Motor Company.
In 2007, IndusInd Bank limited had gone through a merger with the Bharat Finances, which helped to strengthen the financial inclusion in different companies. The Bharat Finance inclusion was a wholly-owned subsidiary company of the bank, and it provided their services to over 1 Lakh villages.
How Indusind Bank Ltd, categorised under Financial Sector and Finance - Private Banking Industry:
The Financial sector is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialised Financial Services.
Indusind Bank Ltd comes under the Private Banking industry. The banking industry is one of the active areas in India, which makes a significant portion of the growth of a country’s GDP. The banking industry in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Indusind Bank Ltd, Competitors and Sector Peers:
Bank of Rajasthan Ltd.[Merged] - BANOFR
Centurion Bank of Punjab Ltd.[Merged] - CENTUB
City Union Bank Ltd. - CITUNI
Dhanlaxmi Bank Ltd. - DHABAN
Federal Bank Ltd. - FEDBAN
IDFC First Bank Ltd. - IDFCB
ING Vysya Bank Ltd.[Merged] - INGVYS
Jammu & Kashmir Bank Ltd. - JAMKA
Karnataka Bank Ltd. - KARBAN
Karur Vysya Bank Ltd. - KARVYS
Kotak Mahindra Bank Ltd. - KOTAMA
Lakshmi Vilas Bank Ltd. - LAKVIL
South Indian Bank Ltd. - SOUINB