IndusInd Bank Limited is an Indian financial services headquartered in Mumbai (Maharashtra). The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh. IndusInd Bank is the first among the new-generation private banks in India. The bank started its operations with ₹100 crores (1 billion) in capital, of which ₹60 crores were raised by Indian residents and ₹40 crores were raised by Non-Resident Indians (NRI). The bank specializes in retail banking services and is also working on expanding its network of branches all across the country. According to the bank, its name is derived from the Indus Valley civilisation. IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers Its technology platform supports multi-channel delivery capabilities. As on September 30, 2021, IndusInd Bank has 2,015 Branches/Banking Outlets and 2,886 ATMs spread across 760 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013. 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 Sumant Kathpalia was appointed as Managing Director and CEO with effect from March 2020 for a period of three years. Arun Tiwari 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. Banking services Branch banking Consumer finance Corporate banking and finance Commercial and transaction banking Cash Management Services (CMS) Trade Services Utility (TSU) Depository operations Treasury operations Wealth management See also Banking in India List of banks in India Reserve Bank of India Indian Financial System Code List of largest banks List of companies of India Make in India Notes The term 'new-generation' refers to banks established after the Reserve Bank of India issued updated licensing guidelines for new private sector banks in 1993. References Banks established in 1994 Banks based in Mumbai 1994 establishments in Maharashtra NIFTY