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]
 | |
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | April 1994 |
| Founder | S. P. Hinduja |
| Headquarters | Mumbai, Maharashtra, India |
Key people | |
| Products | |
| Revenue |  ₹55,144 crore (US$6.6 billion) (2024)[4] |
| ₹15,864 crore (US$1.9 billion) (2024)[4] | |
| ₹8,977 crore (US$1.1 billion) (2024)[4] | |
| Total assets | ₹515,094 crore (US$62 billion) (2024)[4] |
| Total equity | ₹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 |
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]
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.[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
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]
