IndusInd Bank is planning to come under a new name this fiscal. The private sector entity which is promoted by Hindujas would most probably be coming under the new name- Partners Bank.

The bank has made a tie up with branding consultancy Ray+Keshavan, a part of the WPP-owned Brand Union for this purpose.

"While people have had problem in pronouncing the name, there's an increasing need to identify with the youth. The new brand is scheduled to roll out by Diwali this year," an official of the company said.

But this move will only come into action after it has received approval from the board, shareholders and the banking regulator, RBI.

The company had made an announcement saying that it would be investing Rs. 40 crores this fiscal for advertising purposes. The year would thus be marked as the year of branding for the company.

"The bank has been working on improving its brand positioning for the past few months. As part of this exercise, a name change may also be considered but this has not been finally concluded or decided," said Suresh Pai, executive VP of IndusInd Bank.

The bank is presently the smallest among the four new generation private banks in terms of volume of business. The total income of the bank is Rs. 3,260 crore and its total business is worth Rs. 47,000 crore as on the end of 31st March 2010.