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IndusInd Bank Limited is an Indian banking and financial services company with its headquarters in Mumbai, Maharashtra. [7] It was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh .
Bharat Financial Inclusion Limited (formerly known as SKS Microfinance Limited) or BFIL is a banking & finance company (NBFC), licensed by the Reserve Bank of India.It was founded in 1997 by Vikram Akula, who served as its executive chair until working. [3]
Structured Financial Messaging System (SFMS) is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications. It is an Indian standard similar to SWIFT which is the international messaging system used for financial messaging globally. SFMS can be used for secure communication within the bank and ...
The Banking Codes and Standards Board of India (BCSBI) [1] is an independent banking industry watchdog that protects consumers of banking services in India.The board oversee compliance with the "Code of Bank's Commitment to Customers".
IDR's are based on the original American depositary receipts that were first introduced in 1927 in the US.. The Ministry of Corporate Affairs of the Government of India, using section 642 read with section 605A had prescribed the Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules) vide notification number GSR 131(E) dated February 23, 2004.
In Dec 2016, RBI allowed Fairfax Financial Holdings to acquire 51% of the bank and in Feb 2018, Fairfax India (via FIH Mauritius Investments Ltd) acquired 51% of the bank for Rs.1180 Crores. [ 3 ] The terms of investment include a mandatory 5-year lock-in period and 15 years to pare the stake in multiple tranches as per RBI's norms.