IndusInd Bank Limited
TypePrivate
IndustryFinancial Services
FoundedApril 1994 (1994-04)
FounderS. P. Hinduja
HeadquartersMumbai, Maharashtra,
India
Key people
ProductsCredit cards, Consumer banking, Corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management, Investment banking
RevenueIncrease₹44,540 crore (US$5.6 billion) (2023)[3]
Increase₹14,419 crore (US$1.8 billion) (2023)[3]
Increase₹7,443 crore (US$930 million) (2023)[3]
Total assetsIncrease₹457,836 crore (US$57 billion) (2023)[3]
Total equityIncrease₹55,005 crore (US$6.9 billion) (2023)[3]
OwnerHinduja Group
Life Insurance Corporation (9.99%)
Number of employees
33,582 (2022)[3]
SubsidiariesBFIL[4]
Capital ratio15.31% [3]
Websitewww.indusind.com

IndusInd Bank Limited is an Indian financial services headquartered in Mumbai (Maharashtra).[5] IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.[6]

History

The bank began its operations on 17 April 1994, under the chairmanship of S. P. Hinduja with the primary objective of serving the NRI community.[7]

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).[8]

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.[9]

Partnership

  • In 2021, IndusInd Bank and Escorts Agri Machinery partnered by signing a Memorandum of Understanding (MOU) to provide loans at affordable interest rates to the farming community. It will encourage farmers to investments in modern equipment for raising farm productivity and income.[10]
  • In 2022, the company has strategically partnered with Airtel Payments Bank (APB) to launch fixed deposits which will enable their customers to book fixed deposits upto ₹1.9 lakh (US$2,400) within minutes on the Airtel Thanks app.[11][12]
  • In 2023, the bank had a multi-year global partnership with the International Cricket Council (ICC) to provide a premium experience for its customers, employees, and cricket enthusiasts.[13] They will have access to a suite of branding and content assets to build a deeper connections with them.[14]

Board of directors

Sumant Kathpalia is the Managing Director and CEO at IndusInd Bank.[15][16] Sunil Mehta is the current chairman of the board.[17] The other members on the board are Shanker Annaswamy, T. T. Ram Mohan, Akila Krishnakumar, Rajiv Agarwal, Sanjay Asher, Bhavna Doshi, Jayant Deshmukh and Pradeep Udhas.[18]

Banking services

  • Branch banking
  • Consumer finance
  • Corporate banking and finance
  • Commercial and transaction banking
  • Cash Management Services (CMS)
  • Trade Services Utility (TSU)
  • Depository operations
  • Treasury operations
  • Wealth management

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.[19]

References

  1. ↑ "Board of Directors Profiles – IndusInd Bank".
  2. ↑ "IndusInd Bank board approves appointment of Gobind Jain as CFO". Economics Times. 1 October 2021. Retrieved 28 October 2023.
  3. 1 2 3 4 5 6 7 "Annual Report 2021–22" (PDF). indusind.com. (15 March 2022).
  4. ↑ "IndusInd Bank adds 2% on NCLT nod for merger with BFIL". moneycontrol. Retrieved 25 April 2019.
  5. ↑ "Annual Report 2018-19" (PDF). www.indusind.com. Retrieved 16 February 2020.
  6. ↑ "Vision and Mission".
  7. ↑ "IndusInd Bank Ltd. - History". Business Standard India.
  8. ↑ Podishetti, Akash (12 October 2021). "Customers can pay direct and indirect taxes via IndusInd Bank. Details here". Mint. Retrieved 28 October 2023.
  9. ↑ "Indusind Bank Ltd – Profile". Indusind Bank Ltd. 25 May 2013. Retrieved 25 May 2013.
  10. ↑ Agarwal, Mehak (14 September 2021). "Escorts, IndusInd Bank team up to provide affordable loans to farmers". Business Today. Retrieved 28 October 2023.
  11. ↑ Srivats, K. R. (26 April 2022). "Airtel Payments Bank partners IndusInd Bank to offer fixed deposit facility to customers". BusinessLine. Retrieved 28 October 2023.
  12. ↑ Livemint (26 April 2022). "Airtel Payments Bank partners with IndusInd Bank to offer fixed deposit facility". mint. Retrieved 28 October 2023.
  13. ↑ "IndusInd Bank announces multi-year global partnership with ICC ahead of World Cup 2023". Financialexpress. 27 September 2023. Retrieved 31 October 2023.
  14. ↑ Mishra, Arushi (27 September 2023). "IndusInd Bank partners with ICC for premium cricket experience, shares up". BusinessLine. Retrieved 31 October 2023.
  15. ↑ Banthia, Jyoti (24 April 2023). "IndusInd Bank reappoints Sumant Kathpalia as MD, CEO". mint. Retrieved 26 August 2023.
  16. ↑ Surabhi (28 February 2020). "Who is Sumant Kathpalia, new MD and CEO of IndusInd Bank?". BusinessLine. Retrieved 26 August 2023.
  17. ↑ "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.
  18. ↑ "Know Leadership Profiles | IndusInd Bank". indus-ind. Retrieved 26 August 2023.
  19. ↑ "Guidelines on entry of new banks in the private sector" (PDF). Reserve Bank of India. 3 January 2001. Retrieved 7 November 2020.
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