IndusInd Bank

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IndusInd Bank Limited
Public
Traded asNSEINDUSINDBK
BSE532187
BSE SENSEX Constituent
NSE NIFTY 50 Constituent
IndustryBanking
Financial Services
Founded1994 (26 years ago) (1994)
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
RevenueIncrease18,577.16 crore (US$2.6 billion) (2017)[2]
Increase 5,451.01 crore (US$760 million) (2017)[2]
Increase 2,867.89 crore (US$400 million) (2017)[2]
Total assetsIncrease178,648.41 crore (US$25 billion) (2017)[2]
OwnerHinduja Group
Number of employees
25,314 (2016)[2]
SubsidiariesBFIL[3]
Capital ratio15.31% [2]
Websitewww.indusind.com

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]

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]

As on 31 December 2018, IndusInd Bank had 1,558 branches, and 2453 ATMs spread across different geographical locations of the country.[7] It also has representative offices in London, Dubai and Abu Dhabi.[8] Mumbai has the largest number of bank branches followed by New Delhi and Chennai.[9] The bank has proposed to double its branch count to 1200 by March 2019.[10]

History[edit]

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 directors[edit]

IndusInd Bank has appointed Sumant Kathpalia as the Managing Director and CEO with effect from Tuesday for a period of three years. The appointment was announced as Romesh Sobti retired as the MD & CEO of the Bank on Monday after a 12 year stint.

In a regulatory filing on Monday evening, the bank said that Kathpalia would take charge as 'Additional Director' on Tuesday and would be designated as MD and CEO.

R. Seshasayee, a chartered accountant, 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.[11]

Banking Services[edit]

  • 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[edit]

Notes[edit]

^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.[12]

References[edit]

  1. ^ https://www.indusind.com/about-us/people/board-of-directors.html
  2. ^ a b c d e f "Balance Sheet 31.03.2017" indusind.com (15 March 2018).
  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 Q3 Operating Profit at Rs. 2,117 crores" (PDF). IndusInd Bank.
  8. ^ "Indusind Bank Limited - Profile". Indusind Bank Ltd. 25 May 2013. Retrieved 25 May 2013.
  9. ^ "Indusind Bank Ltd - Branch Details". All India Codes. 25 May 2013. Retrieved 25 May 2013.
  10. ^ "IndusInd Retail Research Report - Religare Online" (PDF). Religare Securities. 23 June 2014. Retrieved 16 September 2014. Cite journal requires |journal= (help)
  11. ^ "Indusind Bank Ltd - Board of Directors". Indusind Bank Limited. 25 May 2013. Retrieved 25 May 2013.
  12. ^ "Guidelines on entry of new banks in the private sector" (PDF). Reserve Bank of India. 3 January 2001. Retrieved 7 November 2020.