Now NRIs set up own bank

If Chinese-Americans can do it, why can?t the Indian Americans? The thought prompted nine expatriates with deep pockets to get together, put down $3.5 million and set up their own bank in New Jersey.

If Chinese-Americans can do it, why can’t the Indian Americans? The thought prompted nine expatriates with deep pockets to get together, put down $3.5 million and set up their own bank in New Jersey.

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The idea caught on, with more than 125 shareholders contributing a start-up capital of $12 million through private placement. And the Indus American Bank, as it is called, is set for a formal opening later on Sunday.

The men behind the venture term it the first community bank for South Asians in the US. According to Deepak Khanna, one of the founders, there are about 100 community banks to cater to Chinese Americans. “The idea is very compelling to serve this (South Asian) community, and that is why we started,” he said.

Promising personalised service, the new bank says it will cater to the community’s specific needs. It says its multilingual staff can improve the comfort level by conversing with clients in six different languages: Hindi, Gujarati, Punjabi, Malayalam and Sindhi, besides English.

Another co-founder and chairman Anil Bansal talks of other firsts. The bank, for instance, will have a home courier service to pick up cheques and deliver cash to elderly customers.