| IndusInd Bank Limited | |
| Type: | Public |
| Industry: | Financial services |
| Founder: | S. P. Hinduja |
| Revenue: | (2024)[1] |
| Operating Income: | (2024) |
| Net Income: | (2024) |
| Assets: | (2024) |
| Equity: | (2024) |
| Num Employees: | 45,637 (2024)[2] |
| Ratio: | 15.31% |
| Location: | Mumbai, Maharashtra |
| Hq Location Country: | India |
| Owner: | Hinduja Group (26%) Life Insurance Corporation (9.99%) |
| Subsid: | BFIL[3] |
IndusInd Bank Limited is an Indian banking and financial services company with its headquarters in Mumbai, Maharashtra.[4] It is the fifth-largest private sector bank in India by assets and the eight-largest bank in India by market capitalization, as of August 2024. The bank is listed on both the Bombay Stock Exchange and the National Stock Exchange and is regulated by the Reserve Bank of India (RBI). It was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.[5]
The bank began its operations on 17 April 1994, under the chairmanship of S. P. Hinduja.[6]
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).[7]
In October 2017, IndusInd Bank announced its acquisition of Bharat Financial Inclusion Limited (BFIL) for 15,000 crore.[8] The merger was officially completed in July 2019.[9]
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.[10]
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.[11]
IndusInd Bank has participated in various sports-related initiatives through its non-banking division, IndusInd For Sports. In August 2024, the bank formed a partnership with the Paralympic Committee of India to serve as the Official Banking Partner for the Paris 2024 Paralympic Games, which were held from August 28 to September 8 in Paris, France. This partnership aimed to support para-athletes by improving facilities, providing resources, and promoting inclusivity in para-sports.[12]
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 June 2024, the bank has 41 million customers, 3,013 branches, and 2,988 ATMs in India.[14] It's an empaneled banker for MCX and part of the NIFTY 50 since 1 April 2013.[15]
Thirteen of its branches have been certified by the USGBC's LEED.[16]
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.[17]
Sumant Kathpalia is the Managing Director and CEO at IndusInd Bank,[18] [19] while Arun Khurana is the Deputy CEO and Executive Director at IndusInd Bank.[20]
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]
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]
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]