Wikipedia

IndusInd Bank

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]

IndusInd Bank Limited
Company typePublic
IndustryFinancial services
FoundedApril 1994 (30 years ago) (1994-04)
FounderS. P. Hinduja
HeadquartersMumbai, 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
RevenueIncrease₹55,144 crore (US$6.6 billion) (2024)[4]
Increase₹15,864 crore (US$1.9 billion) (2024)[4]
Increase₹8,977 crore (US$1.1 billion) (2024)[4]
Total assetsIncrease₹515,094 crore (US$62 billion) (2024)[4]
Total equityIncrease₹62,326 crore (US$7.5 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

History

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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

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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

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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

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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

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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

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Notes

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^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]

References

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  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 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.
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