Company type | Public |
---|---|
Industry | Financial services |
Founded | April 1994 |
Founder | S. P. Hinduja |
Headquarters | Mumbai, Maharashtra, India |
Key people | |
Products | |
Revenue | ₹55,144 crore (US$6.9 billion) (2024) [4] |
₹15,864 crore (US$2.0 billion) (2024) [4] | |
₹8,977 crore (US$1.1 billion) (2024) [4] | |
Total assets | ₹515,094 crore (US$65 billion) (2024) [4] |
Total equity | ₹62,326 crore (US$7.8 billion) (2024) [4] |
Owner | Hinduja Group (26%) Life Insurance Corporation (9.99%) |
Number of employees | 33,582 (2022) [4] |
Subsidiaries | BFIL [5] |
Capital ratio | 15.31% [4] |
Website | www |
IndusInd Bank Limited is an Indian financial services headquartered in Mumbai (Maharashtra). [6] IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh. [7]
The bank began its operations on 17 April 1994, under the chairmanship of S. P. Hinduja. [8]
In 2021, the bank become authorized by the Reserve Bank of India (RBI) for collecting direct and indirect taxes, on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). [9]
In October 2017, IndusInd Bank announced its acquisition of Bharat Financial Inclusion Limited (BFIL) for ₹15,000 crore. [10] The merger was officially completed in July 2019. [11]
In September 2023, IndusInd Bank entered into a partnership with the International Cricket Council (ICC) as a global partner for the ICC Men's Cricket World Cup 2023 and upcoming ICC Men's events. [12]
The bank started its operations with ₹100 crores (1 billion) in capital, of which ₹60 crores were raised by Indian residents and ₹40 crores were raised by Non-Resident Indians (NRI). The bank specializes in retail banking services. According to the bank, its name is derived from the Indus Valley civilisation. [13]
As of December 31, 2023, the bank has 38 million customers, 2,728 branches, and 2,939 ATMs in India. [14] It's an empaneled banker for MCX and part of the NIFTY 50 since April 1, 2013. [15]
Thirteen of its branches have been certified by the USGBC's LEED. [16]
Sumant Kathpalia is the Managing Director and CEO at IndusInd Bank, [17] [18] while Arun Khurana is the Deputy CEO and Executive Director at IndusInd Bank. [2]
Sunil Mehta is the current chairman of the board. [19] The other members on the board are T. T. Ram Mohan, Akila Krishnakumar, Rajiv Agarwal, Bhavna Doshi, Jayant Deshmukh, Pradeep Udhas, Lingam Venkata Prabhakar and Rakesh Bhatia. [20]
Board of Control for Cricket in India (BCCI) is the national governing body of cricket in India. Its headquarters is situated at the cricket centre in Churchgate, Mumbai. The BCCI is the wealthiest governing body of cricket in the world.
Mumbai, often described as the New York of India, is the financial centre and the most populous city of India with an estimated city proper population of 12.5 million (1.25 crore). The city is the entertainment, fashion, and commercial centre of India. Mumbai hosts the largest urban economy of any city in India as it is the financial capital of an almost US$ 4 trillion Indian economy in nominal terms. As of 2021, Mumbai Metro's nominal GDP is estimated to be US$277.98 billion,and GDP (PPP) is estimated to be US400 billion, Mumbai's GDP (PPP) per capita rounds up to around US$23,000. It is the richest Indian city and 12th richest city in the world with a net wealth of around US$1 trillion with 46,000 millionaires and 92 billionaires. Mumbai accounts for slightly more than 6.16% of India's economy, contributing 10% of factory employment, 30% of income tax collections, 45% of entertainment tax, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade, 100% of stock market assets and rupees 1,60,000 crore in corporate taxes to the Indian economy.
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.
Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian public sector bank headquartered in Mumbai. It has 153+ million customers and a total business of Rs.19,84,842 crores. After the merging with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, the merged entity became one of the largest PSU banks in terms of branch network with around 8700+ branches. Four of these are located overseas in Hong Kong, Dubai, Antwerp, and Sydney. UBI also has representative offices at Shanghai, Beijing and Abu Dhabi. UBI operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK). The bank has a network of 8500+ domestic branches, 10000+ ATMs, and 18000+ Business Correspondent Points serving over 153 million customers with 76,700+ employees.
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. It is India's third largest private sector bank by market capitalisation after HDFC Bank and ICICI Bank. As of December 31, 2023, Kotak Mahindra Bank Ltd has 1,869 branches, 3,239 ATMs, and branches in GIFT City and DIFC (Dubai)
The Indian Revenue Service, often abbreviated as IRS, is a civil service that is primarily responsible for collecting and administering direct and indirect taxes. As a central civil service under Group A of the executive branch of the Government of India, it functions under the Department of Revenue of the Ministry of Finance and is under the administrative direction of the Revenue Secretary and the ministerial command of the Minister of Finance.
HDFC Bank Limited is a foreign majority owned, Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and the world's sixth-largest bank by market capitalization as of January 2024, following its takeover of parent company HDFC. The Reserve Bank of India (RBI) has identified the HDFC Bank, State Bank of India, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”.
The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
Bharat Financial Inclusion Limited or BFIL is a banking & finance company (NBFC), licensed by the Reserve Bank of India. It was founded in 1997 by Vikram Akula, who served as its executive chair until working. The company's mission is to provide financial services to the poor under the premise that providing financial service to poor borrowers helps to alleviate poverty. In 2011, the company operated across 11 Indian states.
The Satyam Computer Services scandal was India's largest corporate fraud until 2010. The founder and directors of India-based outsourcing company Satyam Computer Services, falsified the accounts, inflated the share price, and stole large sums from the company. Much of this was invested in property. The swindle was discovered in late 2008 when the Hyderabad property market collapsed, leaving a trail back to Satyam. The scandal was brought to light in 2009 when chairman Byrraju Ramalinga Raju confessed that the company's accounts had been falsified.
YES BANK is an Indian private sector bank founded by Rana Kapoor and Ashok Kapoor in 2005. Yes Bank is fourth largest private sector bank in India. It is a full-service commercial bank headquartered in Mumbai, offering a broad range of products, services, and digital solutions through its pan-India network of 1,198 branches, 193 BCBOs, and over 1,287 ATMs across more than 300 districts in India, catering to retail, MSME, and corporate clients. The bank operates its brokerage business through YES SECURITIES, a wholly-owned subsidiary. YES BANK has a pan-India presence, including an International Banking Unit (IBU) at GIFT City and a Representative Office in Abu Dhabi.
The National Payments Corporation of India is an organization that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
Indus Towers Limited is an Indian telecommunications infrastructure company offering passive infrastructure services to mobile network operators and other wireless services providers. Headquartered in Gurugram, Haryana, Indus Towers was incorporated in November 2007 by Bharti Infratel, Vodafone Essar, and Idea Cellular, to provide shared telecom infrastructure to telecom operators on a non-discriminatory basis.
Paytm Payments Bank (PPBL) is an Indian payments bank, founded in 2017 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.
Ujjivan Small Finance Bank Limited is an Indian small finance bank based in Bangalore, which commenced operations on 1 February 2017. Ujjivan Financial Services holds an 80 percent stake in the bank.
AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank and India’s largest tech-led small finance bank, based in Jaipur. It was founded as vehicle finance company and NBFC, AU Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April 2017.
IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.
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