IndusInd Bank

Last updated

IndusInd Bank Limited
Company type Public
Industry Financial services
FoundedApril 1994(30 years ago) (1994-04)
Founder S. P. Hinduja
Headquarters Mumbai, Maharashtra,
India
Key people
    • Sumant Kathpalia
      (MD & CEO) [1]
    • Arun Khurana
      (Executive Director & Deputy CEO) [2]
    • Gobind Jain
      (CFO) [3]
Products
RevenueIncrease2.svg₹55,144 crore (US$6.4 billion) (2024) [4]
Increase2.svg₹15,864 crore (US$1.8 billion) (2024) [4]
Increase2.svg₹8,977 crore (US$1.0 billion) (2024) [4]
Total assets Increase2.svg₹515,094 crore (US$60 billion) (2024) [4]
Total equity Increase2.svg₹62,326 crore (US$7.2 billion) (2024) [4]
Owner Hinduja Group (26%)
Life Insurance Corporation (9.99%)
Number of employees
45,637 (2024) [5] [4]
Subsidiaries BFIL [6]
Capital ratio 15.31% [4]
Website www.indusind.com

IndusInd Bank Limited is an Indian banking and financial services company with its headquarters in Mumbai, Maharashtra. [7] It was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh. [8]

Contents

History

The bank began its operations on 17 April 1994, under the chairmanship of S. P. Hinduja. [9]

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). [10]

In October 2017, IndusInd Bank announced its acquisition of Bharat Financial Inclusion Limited (BFIL) for ₹15,000 crore. [11] The merger was officially completed in July 2019. [12]

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. [13]

In April 2024, it became the first to successfully pilot the Reserve Bank of India's programmable Central Bank Digital Currency (CBDC), in collaboration with Circularity Innovation Hub, targeting the disbursement of CBDC to farmers in Maharashtra's Ratnagiri district in exchange for carbon credits. [14]

IndusInd Bank has participated in various sports-related initiatives through its non-banking division, IndusInd For Sports. In August 2024, the bank formed a partnership with the Paralympic Committee of India to serve as the Official Banking Partner for the Paris 2024 Paralympic Games, which were held from August 28 to September 8 in Paris, France. This partnership aimed to support para-athletes by improving facilities, providing resources, and promoting inclusivity in para-sports. [15]

Operations

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. As of September 2024, the bank has 41 million customers, 3,040 branches, and 3,011 ATMs in India. [16] It's an empaneled banker for MCX and part of the NIFTY 50 since 1 April 2013. [17]

Thirteen of its branches have been certified by the USGBC's LEED. [18]

Indie

In June 2023, IndusInd Bank launched INDIE, a personalised digital banking app. An instant line of credit, a rewards program, an expense tracker, savings accounts, and fixed deposits are some of its features. [19]

Controversy

Presence in Russia

IndusInd Bank has faced criticism for continuing its operations in Russia despite international sanctions imposed after Russia's invasion of Ukraine in 2022. The bank was listed on platforms like Leave Russia, which tracks companies still active in the country. This has raised concerns about the bank's ethical stance and its alignment with global efforts to isolate Russia economically. The bank has not provided a clear response to these criticisms, leading to questions about its position and compliance with international expectations. [20]

Board of directors

Sumant Kathpalia is the Managing Director and CEO at IndusInd Bank, [21] [22] while Arun Khurana is the Deputy CEO and Executive Director at IndusInd Bank. [2]

Sunil Mehta is the current chairman of the board. [23] The other members on the board are T. T. Ram Mohan, Akila Krishnakumar, Rajiv Agarwal, Bhavna Doshi, Jayant Deshmukh, Pradeep Udhas, Lingam Venkata Prabhakar, Rakesh Bhatia and Sudip Basu. [24]

Awards and recognition

In 2024, Forbes India listed IndusInd Bank as 9th among the Top 10 banks in India by market capitalization, with a market cap of ₹1.13 lakh crore. [25] The Indian Banks' Association awarded IndusInd Bank the title of "Best Technology Bank" in 2024. [26] In March 2024, the bank received the 'Best Bank Financing the Industry' award at the 50th Indian Gems & Jewellery Awards (IGJA) organized by the Gem and Jewellery Export Promotion Council. [27] It was awarded the 2024 IBSi Digital Banking Award in the category of Customer & Program Impact by IBS Intelligence. [28]

In 2023, Business Today ranked the bank 8th among Larger Indian Banks, 2nd in Growth, 6th in Capital Adequacy, 4th in Quality of Earnings, 7th in Productivity and Efficiency, and 12th in Size. [29] Asiamoney named it India's Best Bank for ESG for 2023. [30] At the Infosys Finacle Innovation Awards 2023, the bank won Gold in Maximizing Customer Engagement and Ecosystem-led Innovation categories, along with a Platinum award in the Modern Technologies-led Innovation category. [31] IndusInd Bank was honored by Businessworld in the categories of Supply Chain Innovation and Creativity, and Customer-Centric Supply Chain at the BW Supply Chain Awards 2023. [32]

In 2022, Celent recognized the bank's best-in-class Enterprise Payments Hub (EPH) with a "Model Bank" award for Payments System Transformation. [33] Asiamoney magazine named it India's best bank for Environmental, Social, and Governance (ESG) practices that same year. [34]

The bank received the "Best Commercial Bank Of The Year India" and "Best Innovation In Retail Banking India" awards from International Banker in 2018. [35] IndusInd Bank received the NDTV's Growth Champion award at the NDTV Profit Business Leadership Awards in 2012 and was recognized as "India's Most Productive Bank" in a 2006 survey by Business Today and KPMG. [36]

See also

Notes

^a The term 'new-generation' refers to banks established after the Reserve Bank of India issued updated licensing guidelines for new private sector banks in 1993. [37]

Related Research Articles

<span class="mw-page-title-main">Infosys</span> Indian multinational technology company

Infosys Limited is an Indian multinational technology company that offers business consulting, information technology, and outsourcing services. Founded in 1981, the company is headquartered in Bengaluru.

<span class="mw-page-title-main">ICICI Bank</span> Indian private sector bank

ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

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. As of December 2023, the bank has 1,869 branches and 3,239 ATMs, including branches in GIFT City and DIFC (Dubai).

HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and market capitalization.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

<span class="mw-page-title-main">Reliance General Insurance</span> Indian insurance company

Reliance General Insurance Company Limited is a private general insurance company and a subsidiary of Reliance Capital, part of the Reliance Anil Dhirubhai Ambani Group. Founded in 2000, it is headquartered in Mumbai, India. As of March 2023, the company operates through a distribution network comprising over 131 branches and more than 75,000 intermediaries.

Tamilnad Mercantile Bank Limited (TMB) is an Indian bank headquartered at Thoothukudi, Tamil Nadu. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar community. The bank currently has 509 full branches throughout India, 12 regional offices and two link offices, two central processing centres, one service branch, four currency chests, 48 eLobby centres, 262 cash recycler machines and 1151 automated teller machines (ATM).

National Payments Corporation of India (NPCI) is an Indian public sector company 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 and settlement infrastructure in India.

IIFL Finance Limited d/b/a IIFL and India Infoline Finance Limited, is an Indian diversified financial services company headquartered in Mumbai. The organisation was founded by Nirmal Jain. IIFL and its group companies are backed by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK Government's private equity arm. IIFL is ranked among the top seven financial conglomerates in India and as the top independent financial services firm in India in terms of market capitalisation. Nirmal Jain is the chairman of the group, while R Venkataraman is the group managing director and co-promoter.

<span class="mw-page-title-main">CB Bank</span>

CB Bank is one of Myanmar's oldest and largest commercial banks. It became the first bank in Myanmar to issue ATM cards and credit cards. The bank, led by U Khin Maung Aye (Chairman) and U Kyaw Thu Ko (CEO) has over 245 branches across the country.

<span class="mw-page-title-main">RBL Bank</span> Indian bank

RBL Bank, formerly known as Ratnakar Bank Limited, is an Indian private sector bank founded in 1943 and headquartered in Mumbai. It offers services across five verticals: corporate banking, commercial banking, branch banking and retail liabilities, retail assets, and treasury and financial markets operations.

<span class="mw-page-title-main">City Bank (Bangladesh)</span> Bank in Bangladesh

City Bank PLC is a Bangladeshi private commercial bank headquartered in Dhaka. The bank provides products and services in retail banking, corporate finance, SME Banking, women banking, digital banking, asset management, equity brokerage, and security. It has 133 branches. The bank is a licensee to issue Visa and MasterCard Debit and Credit Cards and it is the sole licensee of American Express Cards in Bangladesh.

Oxigen Services is an Indian fintech company that provides micropayments, money transfer and online remittances.

Paytm Payments Bank (PPBL) was 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.

<span class="mw-page-title-main">Central bank digital currency</span> Digital form of fiat money

A central bank digital currency is a digital currency issued by a central bank, rather than by a commercial bank. It is also a liability of the central bank, unless it is dividend-paying, then it is an ownership stake in the central bank, and is a new form of legal tender, unlike regular retail CBDC which is denominated in the sovereign currency, as is the case with physical banknotes, coin and existing reserves.

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.

<span class="mw-page-title-main">AU Small Finance Bank</span> Indian small finance commercial 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.

<span class="mw-page-title-main">Zeta (company)</span> Indian banking tech company, founded 2015

Zeta is a banking software company that was founded by Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides credit and debit card issuer processing, BNPL, core banking and "mobile experiences". Zeta provides its products to banks and fintechs.

<span class="mw-page-title-main">IDFC First Bank</span> Indian private sector bank

IDFC First Bank is an Indian private sector bank based in Mumbai. Founded in 2015 as a banking subsidiary of IDFC Limited, it shifted focus from infrastructure financing to retail banking in the years after its 2018 merger with Capital First. In 2024, the bank took over the parent company IDFC Limited in a reverse merger.

<span class="mw-page-title-main">Digital rupee</span> Official currency of India

The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. Digital Rupee is using blockchain distributed-ledger technology.

References

  1. ↑ "Board of Directors Profiles – IndusInd Bank".
  2. 1 2 Shukla, Shivam (30 June 2023). "IndusInd Bank jumps 2% post key appointments at top management level". Moneycontrol.
  3. ↑ "IndusInd Bank board approves appointment of Gobind Jain as CFO". Economics Times. 1 October 2021. Retrieved 28 October 2023.
  4. 1 2 3 4 5 6 7 "FY 24 Q4 Results" (PDF). indusind.com. (25 April 2024).
  5. ↑ "Annual Report" (PDF). IndusInd Bank.
  6. ↑ "IndusInd Bank adds 2% on NCLT nod for merger with BFIL". moneycontrol. Retrieved 25 April 2019.
  7. ↑ "Annual Report 2018-19" (PDF). www.indusind.com. Retrieved 16 February 2020.
  8. ↑ "Vision and Mission".
  9. ↑ "IndusInd Bank Ltd. - History". Business Standard India.
  10. ↑ Podishetti, Akash (12 October 2021). "Customers can pay direct and indirect taxes via IndusInd Bank. Details here". Mint. Retrieved 28 October 2023.
  11. ↑ Hetavkar, Nikhat (15 October 2017). "IndusInd acquires Bharat Financial in Rs 15,000-cr deal". Business Standard.
  12. ↑ "IndusInd Bank-Bharat Financial merger to be effective from July 4". The Economic Times. 19 June 2019.
  13. ↑ Mishra, Arushi (27 September 2023). "IndusInd Bank partners with ICC for premium cricket experience, shares up". Business Line.
  14. ↑ "IndusInd Bank announces successful execution of RBI's programmable CBDC pilot". The Financial Express. 23 April 2024.
  15. ↑ "IndusInd Bank to back Indian Para-Athletes as official banking partner for Paris 2024". afaqs!. 23 August 2024. Retrieved 24 September 2024.
  16. ↑ "IndusInd Bank drops as Q2 PAT slides 39% YoY to Rs 1,325 crore". Business Standard.
  17. ↑ "IndusInd Bank goes live on direct tax collection system of CBDT". CNBC TV18. 23 March 2023.
  18. ↑ "IndusInd Bank's Pioneer branches recognized for USGBC's LEED certification for sustainability". The Free Press Journal. 5 June 2023.
  19. ↑ "IndusInd Bank Launches INDIE - A Customer-Centric Digital Banking App". BW Businessworld. Retrieved 13 June 2024.
  20. ↑ "IndusInd Bank". leave-russia.org. Retrieved 28 January 2025.
  21. ↑ Banthia, Jyoti (24 April 2023). "IndusInd Bank reappoints Sumant Kathpalia as MD, CEO". mint. Retrieved 26 August 2023.
  22. ↑ Surabhi (28 February 2020). "Who is Sumant Kathpalia, new MD and CEO of IndusInd Bank?". BusinessLine. Retrieved 26 August 2023.
  23. ↑ "Sunil Mehta resigns as director of Adani Green Energy following his appointment as IndusInd Bank chairman". The Indian Express. 24 February 2023. Retrieved 26 August 2023.
  24. ↑ "Know Leadership Profiles | IndusInd Bank". indus-ind. Retrieved 26 August 2023.
  25. ↑ "Top 10 banks in India by market cap in 2024". Forbes India . 31 May 2024.
  26. ↑ "19th Annual Banking Technology Citations Ceremony - Winners/Runner-ups/Special Mentions". IBA.org.in. 12 February 2024.
  27. ↑ Rajyaguru, Manish (1 April 2024). "GJEPC presents 50thIndia Gem & Jewellery Awards (IGJA) to the Brightest Jewels in India's Exports' Crown". Diamond Digest.
  28. ↑ "IBS intelligence announces the Winners of its Digital Banking Awards 2024". IBS Intelligence. 19 April 2024.
  29. ↑ "Best Banks Award 2023". Business Today. 2023.
  30. ↑ "Best Bank Awards 2023: India". Asiamoney. 27 June 2023.
  31. ↑ "Infosys Finacle Innovation Awards 2023 Winners Announced". EdgeVerve. 2023.
  32. ↑ "BW Businessworld Supply Chain Competitiveness Summit & Awards 2023: Top Achievers". Businessworld. 9 December 2023.
  33. ↑ "IndusInd Bank bags global 'Celent Model Bank' award for its Enterprise Payments Hub initiative". India Infoline. 19 April 2022.
  34. ↑ "Best Bank Awards 2022: India". Euromoney. 18 July 2022.
  35. ↑ "The International Banker 2018 Asia & Australasia Awards Winners". International Banker. 3 September 2018.
  36. ↑ "IndusInd Bank wins two awards". Afaqs. 26 February 2006.
  37. ↑ "Guidelines on entry of new banks in the private sector" (PDF). Reserve Bank of India . 3 January 2001. Retrieved 7 November 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.