IndusInd Bank
Indian private sector bank From Wikipedia, the free encyclopedia
IndusInd Bank Limited is an Indian banking and financial services company based in Mumbai.[7] It was established in April 1994 and promoted by the Hinduja Group.[8][9]
 | |
| 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$6.4 billion) (2024)[3] |
| ₹15,864 crore (US$1.9 billion) (2024)[3] | |
| ₹8,977 crore (US$1.0 billion) (2024)[3] | |
| Total assets | ₹515,094 crore (US$60 billion) (2024)[3] |
| Total equity | ₹62,326 crore (US$7.3 billion) (2024)[3] |
| Owner | Hinduja Group (16.29%)[4] |
Number of employees | 45,637 (2024)[5][3] |
| Subsidiaries | BFIL[6] |
| Capital ratio | 15.31% [3] |
| Website | www |
History
Summarize
Perspective
IndusInd Bank was among nine 'new-generation'[a] banks that obtained a banking license in 1994; it was started by S. P. Hinduja along with hundreds of NRI and other shareholders.[10] Named after the Indus Valley Civilisation, the bank began its operations on 17 April 1994, after being inaugurated by the then Union Finance Minister Manmohan Singh.[11][12] It launched its initial public offering in 1997.[13]
In 2004, IndusInd Bank completed its merger with Ashok Leyland Finance, a vehicle financing company which was also part of the Hinduja Group.[14]
IndusInd Bank listed on the Luxembourg Stock Exchange in 2007 by issuing global depository receipts (GDRs) worth ₹147 crore (US$35.55 million). In 2008, it issued fresh GDRs worth ₹222 crore (US$51.03 million).[15]
In 2011, IndusInd Bank acquired Deutsche Bank India's loss-making credit cards division.[16]
In October 2017, IndusInd Bank announced its acquisition of Bharat Financial Inclusion Limited (BFIL) for ₹15,000 crore (US$2.3 billion).[17] The merger was officially completed in July 2019.[18]
In April 2024, it piloted 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.[19]
On 11 March 2025, IndusInd Bank's shares crashed over 27% after it disclosed discrepancies in its forex derivatives portfolio, with analysts raising questions on the bank's internal controls.[20] Reports stated that SEBI also began investigating possible insider trading by senior officials of the bank.[21][22]
Operations
As of December 2024, the bank has 42 million customers, 3,063 branches, and 2,993 ATMs in India.[23] It is an empaneled banker for MCX. Its shares have been a part of the NIFTY 50 index since 1 April 2013.[24]
See also
Notes
References
External links
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