The current logo is old, complicated and I'm not a very big fan of the colour scheme either. It features the Goddess of Wealth, Laxmi.
The logo that I designed was keeping in mind that the logo had to have the Indian-ness and should not be a completely different and abstract. I wanted to do something to which people still connect. I used the representation of Laxmi, the lotus flower as the symbol. The colour scheme had to be earthy yet bright. The pattern used on the cheque book was also a subtle form of the sybbol.