IndusInd Bank wins two awards

Company Release

New Delhi, February 23

IndusInd Bank has just won two prestigious awards in quick succession.The Bank has been named ‘India’s Most Productive Bank’ in the recently released survey of banks in India, undertaken annually by Business Today and KPMG. And it has also won the Banking Technology Award ‘Outstanding Achiever of the Year 2005 – Corporate’ (Runner Up), an award instituted jointly by Indian Banks Association (IBA), Finacle (Infosys) and TFCI (Trade Fair and Conference International), to honour outstanding achievements in banking technology.

Bhaskar Ghose, Managing Director, IndusInd Bank comments, ‘These two awards are particularly pleasing to us, because these celebrate and corroborate two core characteristics of IndusInd Bank – lean, cost-effective operations and a strong focus on technology since inception. It is indeed a privilege to be recognised for our efforts (that too from such credible entities) and it is also good to know that the commitment and the sincerity of our employees are being recognised in no uncertain terms’.

KPMG collaborated with Business Today for the study on the best banks in India and the analysis was carried out on the basis of data in the published Annual Reports of banks for 2004-05. Various parameters taken into account for deciding on the ‘Productivity Award’ included business per branch, operating profit per branch, business per employee, operating profit per employee, cost income ratio, return on capital employed, etc., in all of which IndusInd Bank has traditionally been very strong.

The technology award basically focused on aspects such as the demonstration of efficiency in overall IT initiatives, implementation records, relevance of IT projects and its actual linkages with business, etc. Several parameters were considered. Among these were IT Governance, Deployment Strategy, Overall Development of IT Projects, Security Strategy, Cost and Process Efficiencies Gained, Return on Investments, Cultural Transformation within IT function, how IT is linked to overall Corporate Strategy, etc. The award for IndusInd Bank recognises the systematic way in which the Bank has gone about its IT initiatives, through the installation of a robust technology platform and then putting in place a host of customer-centric projects as well as projects aimed at achieving regulatory compliance.