IndusInd Bank

IndusInd Bank Limited is an Indian financial services headquartered in Mumbai (Maharashtra).[4] IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.[5]

IndusInd Bank Limited
TypePrivate
NSE: INDUSINDBK
BSE: 532187
BSE SENSEX Constituent
NSE NIFTY 50 Constituent
IndustryFinancial Services
FoundedApril 1994 (1994-04)
FounderS. P. Hinduja
HeadquartersMumbai, Maharashtra,
India
Key people
Sumant Kathpalia
(MD & CEO)[1]
ProductsCredit cards, Consumer banking, Corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management, Investment banking
RevenueIncrease₹38,230 crore (US$4.8 billion) (2022)[2]
Increase₹13,097 crore (US$1.6 billion) (2022)[2]
Increase₹4,805 crore (US$600 million) (2022)[2]
Total assetsIncrease₹401,967 crore (US$50 billion) (2022)[2]
Total equityIncrease₹47,235 crore (US$5.9 billion) (2022)[2]
OwnerHinduja Group
Life Insurance Corporation (9.99%)
Number of employees
33,582 (2022)[2]
SubsidiariesBFIL[3]
Capital ratio15.31% [2]
Websitewww.indusind.com

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.[6]


History

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.[7]

Board of directors

Sumant Kathpalia was appointed as Managing Director and CEO with effect from March 2020 for a period of three years.[8]

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.[9]

Banking services
  • 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 also

Notes
^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.[10]

References
  1. "Board of Directors Profiles – IndusInd Bank".
  2. "Annual Report 2021–22" (PDF). indusind.com. (15 March 2022).
  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 Bank Ltd. - History". Business Standard India.
  8. "Mr. Sumant Kathpalia - CEO IndusInd Bank". www.indusind.com. 8 June 2015.
  9. "Indusind Bank Ltd - Board of Directors". Indusind Bank Limited. 25 May 2013. Retrieved 25 May 2013.
  10. "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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