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 (corporate headquarters)
Pune, Maharashtra, India (registered office),
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$6.6 billion) (2024) [4]
Increase2.svg₹15,864 crore (US$1.9 billion) (2024) [4]
Increase2.svg₹8,977 crore (US$1.1 billion) (2024) [4]
Total assets Increase2.svg₹515,094 crore (US$62 billion) (2024) [4]
Total equity Increase2.svg₹62,326 crore (US$7.5 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.com

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]

Contents

History

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]

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. [13]

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. [14]

As of June 2024, the bank has 41 million customers, 3,013 branches, and 2,988 ATMs in India. [15] It's an empaneled banker for MCX and part of the NIFTY 50 since 1 April 2013. [16]

Thirteen of its branches have been certified by the USGBC's LEED. [17]

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. [18]

Board of directors

Sumant Kathpalia is the Managing Director and CEO at IndusInd Bank, [19] [20] while Arun Khurana is the Deputy CEO and Executive Director at IndusInd Bank. [2]

Sunil Mehta is the current chairman of the board. [21] 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. [22]

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. [23] The Indian Banks' Association awarded IndusInd Bank the title of "Best Technology Bank" in 2024. [24] 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. [25] It was awarded the 2024 IBSi Digital Banking Award in the category of Customer & Program Impact by IBS Intelligence. [26]

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. [27] Asiamoney named it India's Best Bank for ESG for 2023. [28] 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. [29] 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. [30]

In 2022, Celent recognized the bank's best-in-class Enterprise Payments Hub (EPH) with a "Model Bank" award for Payments System Transformation. [31] Asiamoney magazine named it India's best bank for Environmental, Social, and Governance (ESG) practices that same year. [32]

The bank received the "Best Commercial Bank Of The Year India" and "Best Innovation In Retail Banking India" awards from International Banker in 2018. [33] 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. [34]

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. [35]

Related Research Articles

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

Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. During the nationalisation, IOB was one of the 14 major banks taken over by the government of India. On 5 December 2021, IOB got Degidhan Award 2020–21 by Ministry of Electronics and Information Technology for achieving second highest percentage of digital payment transaction among public sector banks.

<span class="mw-page-title-main">London Institute of Banking & Finance</span>

LIBF is a for-profit provider of apprenticeships, degrees and professional qualifications, with students being members of the LIBF professional body. It is one of five bodies in the UK accredited by the Financial Conduct Authority to maintain professional standards for financial advisors that use its services.

<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.

<span class="mw-page-title-main">National Bank for Agriculture and Rural Development</span> Government owned All India Development Financial Institution and Regulatory Body

The National Bank for Agriculture and Rural Development (NABARD) is an All India Development Financial Institution (DFI) and an apex Supervisory Body for overall supervision of Regional Rural Banks, State Cooperative Banks and District Central Cooperative Banks in India. It was established under the NABARD Act 1981 passed by the Parliament of India. It is fully owned by Government of India and functions under the Department of Financial Services (DFS) under the Ministry of Finance.

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 the world's tenth-largest bank by market capitalization as of May 2024.

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.

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.

Cholamandalam MS General Insurance Company Ltd is an Indian insurance firm and a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui Sumitomo Insurance Group, a Japanese insurance company.

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.

<span class="mw-page-title-main">Zafin</span> Banking software

Zafin is a banking software enterprise platform company that provides relationship-based pricing to banks and financial institutions.

<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.

<span class="mw-page-title-main">V. Vaidyanathan</span> Indian Businessman

V. Vaidyanathan is an Indian banker who is the Managing Director and Chief Executive Officer (CEO) of IDFC First Bank, formed after the merger of IDFC Bank and Capital First. Prior to assuming this role, he held the position of Chief Executive Officer at ICICI Prudential Life Insurance and was a member of the Board of Governors at ICICI Bank since 2006.

Oxigen Services is an Indian fintech company. It is involved in the micropayment of services and remittances in real time.

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 and denominated in the sovereign currency, as is the case with physical banknotes and coins.

<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">IDFC First Bank</span> Indian private sector bank

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, which was an Indian non-bank financial institution.

<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. ↑ "IndusInd Bank adds 2% on NCLT nod for merger with BFIL". moneycontrol. Retrieved 25 April 2019.
  6. ↑ "Annual Report 2018-19" (PDF). www.indusind.com. Retrieved 16 February 2020.
  7. ↑ "Vision and Mission".
  8. ↑ "IndusInd Bank Ltd. - History". Business Standard India.
  9. ↑ Podishetti, Akash (12 October 2021). "Customers can pay direct and indirect taxes via IndusInd Bank. Details here". Mint. Retrieved 28 October 2023.
  10. ↑ Hetavkar, Nikhat (15 October 2017). "IndusInd acquires Bharat Financial in Rs 15,000-cr deal". Business Standard.
  11. ↑ "IndusInd Bank-Bharat Financial merger to be effective from July 4". The Economic Times. 19 June 2019.
  12. ↑ Mishra, Arushi (27 September 2023). "IndusInd Bank partners with ICC for premium cricket experience, shares up". Business Line.
  13. ↑ "IndusInd Bank announces successful execution of RBI's programmable CBDC pilot". The Financial Express. 23 April 2024.
  14. ↑ "Indusind Bank Ltd – Profile". Indusind Bank Ltd. 25 May 2013. Retrieved 25 May 2013.
  15. ↑ "IndusInd Bank PAT rises to Rs 2,152 cr in Q1 FY25". Capital Market. 26 July 2024.
  16. ↑ "IndusInd Bank goes live on direct tax collection system of CBDT". CNBC TV18. 23 March 2023.
  17. ↑ "IndusInd Bank's Pioneer branches recognized for USGBC's LEED certification for sustainability". The Free Press Journal. 5 June 2023.
  18. ↑ "IndusInd Bank Launches INDIE - A Customer-Centric Digital Banking App". BW Businessworld. Retrieved 13 June 2024.
  19. ↑ Banthia, Jyoti (24 April 2023). "IndusInd Bank reappoints Sumant Kathpalia as MD, CEO". mint. Retrieved 26 August 2023.
  20. ↑ Surabhi (28 February 2020). "Who is Sumant Kathpalia, new MD and CEO of IndusInd Bank?". BusinessLine. Retrieved 26 August 2023.
  21. ↑ "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.
  22. ↑ "Know Leadership Profiles | IndusInd Bank". indus-ind. Retrieved 26 August 2023.
  23. ↑ "Top 10 banks in India by market cap in 2024". Forbes India . 31 May 2024.
  24. ↑ "19th Annual Banking Technology Citations Ceremony - Winners/Runner-ups/Special Mentions". IBA.org.in. 12 February 2024.
  25. ↑ Rajyaguru, Manish (1 April 2024). "GJEPC presents 50thIndia Gem & Jewellery Awards (IGJA) to the Brightest Jewels in India's Exports' Crown". Diamond Digest.
  26. ↑ "IBS intelligence announces the Winners of its Digital Banking Awards 2024". IBS Intelligence. 19 April 2024.
  27. ↑ "Best Banks Award 2023". Business Today. 2023.
  28. ↑ "Best Bank Awards 2023: India". Asiamoney. 27 June 2023.
  29. ↑ "Infosys Finacle Innovation Awards 2023 Winners Announced". EdgeVerve. 2023.
  30. ↑ "BW Businessworld Supply Chain Competitiveness Summit & Awards 2023: Top Achievers". Businessworld. 9 December 2023.
  31. ↑ "IndusInd Bank bags global 'Celent Model Bank' award for its Enterprise Payments Hub initiative". India Infoline. 19 April 2022.
  32. ↑ "Best Bank Awards 2022: India". Euromoney. 18 July 2022.
  33. ↑ "The International Banker 2018 Asia & Australasia Awards Winners". International Banker. 3 September 2018.
  34. ↑ "IndusInd Bank wins two awards". Afaqs. 26 February 2006.
  35. ↑ "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.