IndusInd Bank

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IndusInd Bank Limited
Company typePublic
IndustryFinancial services
FoundedApril 1994 (30 years ago) (1994-04)
FounderS. P. Hinduja
HeadquartersMumbai, Maharashtra,
India
Key people
    • Sumant Kathpalia
      (MD & CEO)[1]
    • Arun Khurana
      (Executive Director & Deputy CEO)[2]
    • Gobind Jain
      (CFO)[3]
Products
RevenueIncrease₹55,144 crore (US$6.9 billion) (2024)[4]
Increase₹15,864 crore (US$2.0 billion) (2024)[4]
Increase₹8,977 crore (US$1.1 billion) (2024)[4]
Total assetsIncrease₹515,094 crore (US$65 billion) (2024)[4]
Total equityIncrease₹62,326 crore (US$7.8 billion) (2024)[4]
OwnerHinduja Group (26%)
Life Insurance Corporation (9.99%)
Number of employees
33,582 (2022)[4]
SubsidiariesBFIL[5]
Capital ratio15.31% [4]
Websitewww.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]

History[edit]

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]

Operations[edit]

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]

Board of directors[edit]

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]

See also[edit]

Notes[edit]

^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.[21]

References[edit]

  1. ^ "Board of Directors Profiles – IndusInd Bank".
  2. ^ a b 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. ^ a b c d e f g "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 Ltd – Profile". Indusind Bank Ltd. 25 May 2013. Retrieved 25 May 2013.
  14. ^ Prasad, Nikita (18 January 2024). "IndusInd Bank Q3 Results: Net profit rises 17% to ₹2,297 crore, NII up 18% YoY; 5 key highlights". Livemint.
  15. ^ "IndusInd Bank goes live on direct tax collection system of CBDT". CNBC TV18. 23 March 2023.
  16. ^ "IndusInd Bank's Pioneer branches recognized for USGBC's LEED certification for sustainability". The Free Press Journal. 5 June 2023.
  17. ^ Banthia, Jyoti (24 April 2023). "IndusInd Bank reappoints Sumant Kathpalia as MD, CEO". mint. Retrieved 26 August 2023.
  18. ^ Surabhi (28 February 2020). "Who is Sumant Kathpalia, new MD and CEO of IndusInd Bank?". BusinessLine. Retrieved 26 August 2023.
  19. ^ "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.
  20. ^ "Know Leadership Profiles | IndusInd Bank". indus-ind. Retrieved 26 August 2023.
  21. ^ "Guidelines on entry of new banks in the private sector" (PDF). Reserve Bank of India. 3 January 2001. Retrieved 7 November 2020.

External links[edit]

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