IndusInd Bank

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$6.3 billion) (2024)[4]
Increase₹15,864 crore (US$1.8 billion) (2024)[4]
Increase₹8,977 crore (US$1.0 billion) (2024)[4]
Total assetsIncrease₹515,094 crore (US$59 billion) (2024)[4]
Total equityIncrease₹62,326 crore (US$7.1 billion) (2024)[4]
OwnerHinduja Group (16.4%)[5]
Number of employees
45,637 (2024)[6][4]
SubsidiariesBFIL[7]
Capital ratio15.31% [4]
Websitewww.indusind.com

IndusInd Bank Limited is an Indian banking and financial services company with its headquarters in Mumbai.[8] It was established in April 1994.

History

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IndusInd Bank was among nine banks that obtained a banking license in 1994; it was started by S. P. Hinduja along with hundreds of NRI and other shareholders.[9] Named after the Indus Valley Civilisation, the bank began its operations on 17 April 1994, after being inaugurated by the then Union Finance Minister Manmohan Singh.[10][11] It launched its initial public offering in 1997.[12]

In 2004, IndusInd Bank completed its merger with Ashok Leyland Finance, a vehicle financing company which was also part of the Hinduja Group.[13]

IndusInd Bank listed on the Luxembourg Stock Exchange in 2007 by issuing global depository receipts (GDRs) worth ₹147 crore (US$35.55 million). In 2008, it issued fresh GDRs worth ₹222 crore (US$51.03 million).[14]

In 2011, IndusInd Bank acquired Deutsche Bank India's loss-making credit cards division.[15]

In October 2017, IndusInd Bank announced its acquisition of Bharat Financial Inclusion Limited (BFIL) for ₹15,000 crore (US$2.3 billion).[16] The merger was officially completed in July 2019.[17]

In April 2024, it piloted 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.[18]

Operations

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As of September 2024, the bank has 41 million customers, 3,040 branches, and 3,011 ATMs in India.[19] It is an empaneled banker for MCX. Its shares have been a part of the NIFTY 50 index since 1 April 2013.[20]

Thirteen of its branches have been certified by the USGBC's LEED.[21]

Controversy

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Presence in Russia

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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 and Yale School of Management's Chief Executive Leadership Institute,[22][non-primary source needed] 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.[23][non-primary source needed]

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.[24]

References

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  1. ^ "Board of Directors Profiles – IndusInd Bank".
  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. ^ a b c d e f g "FY 24 Q4 Results" (PDF). indusind.com. (25 April 2024).
  5. ^ Mehta, Sangita (6 May 2024). "IndusInd promoter company to raise stake in bank to 26%". The Economic Times. Retrieved 1 March 2025.
  6. ^ "Annual Report" (PDF). IndusInd Bank.
  7. ^ "IndusInd Bank adds 2% on NCLT nod for merger with BFIL". moneycontrol. Retrieved 25 April 2019.
  8. ^ "Annual Report 2018-19" (PDF). www.indusind.com. Retrieved 16 February 2020.
  9. ^ "IndusInd Bank debuts on Nifty; shares soar 3%". The Economic Times. 1 April 2013. Retrieved 1 March 2025.
  10. ^ "IndusInd Bank Annual Report 2003-2004" (PDF). BSE. Retrieved 1 March 2025.
  11. ^ "IndusInd Bank Ltd. - History". Business Standard India.
  12. ^ "Indusind Bank Net Up 24 Per Cent At Rs 91 Cr". Business Standard. Retrieved 1 March 2025.
  13. ^ "RBI clears IndusInd merger with Ashok Leyland Fin". The Economic Times. 16 June 2004. Retrieved 1 March 2025.
  14. ^ "IndusInd taps overseas market to raise Rs 222 cr". The Economic Times. 25 June 2008. Retrieved 1 March 2025.
  15. ^ "Deutsche sells credit card biz to IndusInd". The Indian Express. 11 April 2011. Retrieved 1 March 2025.
  16. ^ Hetavkar, Nikhat (15 October 2017). "IndusInd acquires Bharat Financial in Rs 15,000-cr deal". Business Standard.
  17. ^ "IndusInd Bank-Bharat Financial merger to be effective from July 4". The Economic Times. 19 June 2019.
  18. ^ "IndusInd Bank announces successful execution of RBI's programmable CBDC pilot". The Financial Express. 23 April 2024.
  19. ^ "IndusInd Bank drops as Q2 PAT slides 39% YoY to Rs 1,325 crore". Business Standard.
  20. ^ "IndusInd Bank goes live on direct tax collection system of CBDT". CNBC TV18. 23 March 2023.
  21. ^ "IndusInd Bank's Pioneer branches recognized for USGBC's LEED certification for sustainability". The Free Press Journal. 5 June 2023.
  22. ^ "Over 1,000 Companies Have Curtailed Operations in Russia—But Some Remain | Yale School of Management". som.yale.edu. Retrieved 28 February 2025.
  23. ^ "IndusInd Bank". leave-russia.org. Retrieved 28 January 2025.
  24. ^ "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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