IndusInd Bank

IndusInd Bank Limited is a new-generation[a] Indian bank headquartered in Pune.[4] The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.[5] IndusInd Bank is the first among the new-generation private banks in India.[citation needed]

IndusInd Bank Limited
TypePublic
NSEINDUSINDBK
BSE532187
BSE SENSEX Constituent
NSE NIFTY 50 Constituent
IndustryBanking
Financial Services
FoundedApril 1994 (27 years ago) (1994-04)
FounderS. P. Hinduja
HeadquartersPune, Maharashtra,
Key people
Sumant Kathpalia
(MD & CEO)[1]
ProductsCredit cards, Consumer banking, Corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management, Investment banking
RevenueIncrease36,002 crore (US$4.8 billion) (2020)[2]
Increase10,772 crore (US$1.4 billion) (2020)[2]
Increase4,417 crore (US$590 million) (2020)[2]
Total assetsIncrease307,057 crore (US$41 billion) (2020)[2]
OwnerHinduja Group
Number of employees
30,674 (2020)[2]
SubsidiariesBFIL[3]
Capital ratio15.31% [2]
Websitewww.indusind.com

The bank started its operations with ₹100 crores (10 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 and is also working on expanding its network of branches all across the country. According to the bank, its name is derived from the Indus Valley Civilisation.[6]

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on June 30, 2021, IndusInd Bank has 2015 Branches / Banking Outlet and 2,870 ATMs spread across 760 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.[7]

HistoryEdit

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.

Board of directorsEdit

Sumant Kathpalia was appointed as Managing Director and CEO with effect from March 2020 for a period of three years.

Arun Tiwari is the current chairman of the board. The other members on the board are Rajiv Agarwal, Kanchan Chitale, Shanker Annaswamy, T. T. Ram Mohan, Akila Krishnakumar, Arun Tiwari, and Siraj Chaudhry.[8]

Banking ServicesEdit

  • 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 alsoEdit

NotesEdit

^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.[9]

ReferencesEdit

  1. ^ "Board of Directors Profiles - IndusInd Bank".
  2. ^ a b c d e f "Annual Report 2020" indusind.com (15 March 2020).
  3. ^ "IndusInd Bank adds 2% on NCLT nod for merger with BFIL". moneycontrol. Retrieved 25 April 2019.
  4. ^ "Annual Report 2018-19" (PDF). www.indusind.com. Retrieved 16 February 2020.
  5. ^ "Vision and Mission".
  6. ^ "Indusind Bank Ltd - Profile". Indusind Bank Ltd. 25 May 2013. Retrieved 25 May 2013.
  7. ^ "IndusInd Retail Research Report - Religare Online" (PDF). Religare Securities. 23 June 2014. Retrieved 16 September 2014. Cite journal requires |journal= (help)
  8. ^ "Indusind Bank Ltd - Board of Directors". Indusind Bank Limited. 25 May 2013. Retrieved 25 May 2013.
  9. ^ "Guidelines on entry of new banks in the private sector" (PDF). Reserve Bank of India. 3 January 2001. Retrieved 7 November 2020.