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IndusInd Bank was among nine banks that obtained a banking license in 1994; it was started by S. P. Hinduja along with hundreds of NRI and other shareholders. [9] Named after the Indus Valley Civilisation, the bank began its operations on 17 April 1994, after being inaugurated by the then Union Finance Minister Manmohan Singh.
Romesh Sobti is an Indian banker. [1] He was the CEO and MD of IndusInd Bank from 2008 to 2020, [2] [3] and of ABN AMRO Bank for the previous 12 years. [4]In 2013, The Sunday Standard presented Sobti the award for Best Banker – Growth, Mid-Sized.
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India's commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, 6 PBs, 43 RRBs, and 2 LABs.
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On 30 August 2019, Finance Minister announced that Allahabad Bank would be merged with Indian Bank. The proposal would create the seventh largest PSB in the country with assets of ₹ 8.08 lakh crore (US$92 billion). [66] [54] The Union Cabinet approved the merger on 4 March 2020. Indian Bank assumed control of Allahabad Bank on 1 April 2020. [57]
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