INDUSIND BANK Share price

In January 1993 the RBI announced guidelines for the establishment of new banks in the private sector. IndusInd Bank obtained the Certificate of Incorporation and Certificate of Commencement of Business on January 31 1994 and February 18 1994 respectively and was one of the first banks to receive the Banking Licence form the RBI vide its letter no. DBOD 6607/16.01.104/93-94 dated April 2 1994 for the establishment of the bank in private sector. The Bank with its Registered Office at Pune and Corporate Office at Mumbai commenced commercial operations on April 12 1994.As on March 31 1997 the Bank was the largest among the new private sector banks in India in terms of assets deposits and net profits. As on that date the Bank had total assets of Rs.3561.50 crores total deposits of Rs.3093.10 crores and a net profit of Rs.73.32 crores and operated nationwide through 18 branches. The Bank has been Ranked No. 1 for the year 1995-96 by the Financial Express-Brehad Research & Information Services combine among 86 banks in India including nationlised private sector and foreign banks operating in India (Source: Supplement to the Financial Express dated February 13 1997) and Ranked No. 2 for the year 1995-96 by the Business Today & KPMG Peat Marwick combine among 84 bnaks in India including nationalised private sector and foreign banks operating in India. (Source: Business Today - Issue dated April 7 1997).