ING Vysya Bank Ltd came into being in October 2002, when erstwhile Vysya Bank Ltd was merged with ING, a global financial powerhouse boasting of Dutch origin. Vysya Bank Ltd, one of initial banks to be set up in the private sector of India, was established in the year 1930, with the aim of providing a helping hand to all those who couldn't afford the privilege of enjoying the services of a bank. Eighteen years later, in 1948, the bank was listed as one of the Scheduled Banks of the country. With the passing time, Vysya Bank aimed at the number one position in all the private sector banks.
In 1985, the dream of Vysya Bank's promoters came true and it became the largest private sector bank of India. Two years later, it laid the foundation of Vysya Bank Leasing Ltd. The following year, the bank was credited with laying down the innovative concept of 'Co branding of Credit Cards'. In 1990, Vysya Bank promoted a new entity - Vysya Bank Housing Finance Ltd. By 1992, the bank had reached another milestone, by having its deposits cross Rs. 1000 crores and the very next year, the number of its branches had gone past 300.
In the year 1996, Vysya Bank struck a strategic alliance with BBL Belgium and was also honored with two National Awards by Gem & Jewellery Export Promotion Council, for excellent performance in Export Promotion. Hardly two years later, the bank had introduced Cash Management Services and the commissioning of VSAT and was also rated as the Best Domestic Bank in India, by Global Finance (International Financial Journal - June 1998). Soon (2000), it established a state-of-the-art Date Centre, at ITPL, Bangalore.
It was in 2000 only that ING and Vysya Bank set up ING Vysya Life Insurance Company, after receiving RBI nod, commencing its business in the following year. Two years later, a wide range of services were launched, including Vys Vyapar Plus - the range of loan schemes for traders, ATM services, Smartserv - personal assistant service, Save & Secure - an account that provides accident hospitalization and insurance cover, Sambandh - the International Debit Card and the mi-b@nk net banking service.
In 2002, ING took over the management of Vysya Bank and RBI gave its permission for the new name of the bank to be 'ING Vysya Bank Ltd'. In the following year, the bank introduced customer friendly products, mainly Orange Savings, Orange Current and Protected Home Loans. Its innovative products in the coming years included Solo - My Own Account for youth and Customer Service Line - Phone Banking Service (2005) and ‘AAA’ transactions - Anywhere, Anytime & Anyhow Banking - through networking of all its braches (2006).
Branches, ATMs & Financial Highlights
As of March 31st 2008, ING Vysya Bank had a total of 677 branches, of which there were 407 Branches, 39 Extension Counters, 28 Satellite Offices and 203 ATMs. At the same time, its Net Worth was Rs 14260.00 millions, Deposits worth Rs. 204980.00 millions, Advanced amounting to Rs. 146500.00 millions and Profits were to the tune of Rs. 1569.00 millions. The bank also has Internet Banking, mi-b@nk and Customer Service Line for Phone Banking Service, within its gamut of services.
Products & Services
- Savings Account
- Current Account
- Term Deposits
- Demat Account
- Personal, Home, Home Equity & NRI Loans
- Private Banking
- Wealth Management
- Life Insurance
- Mutual Funds
- Government of India and Tax Savings Bonds
- NRI Services
- Credit & Debit Card
- Internet Banking
- Phone Banking
- Mobile Banking
- Self Banking
- ATM Kiosks
- Payment Services
- SME - Loans, MPower Business Account
- Agri - Term & Short-term Loan
- Wholesale Banking - Cash Management Services, Corporate & Investment Banking, Credit Products & Structured Finance, Offshore Borrowings, Trade & Commodity Finance
- Financial Market - Market Making & Trading, Asset Liability Management, Financial Market Sales, Research & Analysis