IndusInd Bank Limited is an Indian financial services headquartered in Mumbai (Maharashtra).[6] IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.[7]
History
The bank began its operations on 17 April 1994, under the chairmanship of S. P. Hinduja.[8]
In October 2017, IndusInd Bank announced its acquisition of Bharat Financial Inclusion Limited (BFIL) for ₹15,000 crore.[10] The merger was officially completed in July 2019.[11]
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 December 31, 2023, the bank has 38 million customers, 2,728 branches, and 2,939 ATMs in India.[14] It's an empaneled banker for MCX and part of the NIFTY 50 since April 1, 2013.[15]
Thirteen of its branches have been certified by the USGBC's LEED.[16]
Indie
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]
Board of directors
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.[2]
Sunil Mehta is the current chairman of the board.[20] The other members on the board are T. T. Ram Mohan, Akila Krishnakumar, Rajiv Agarwal, Bhavna Doshi, Jayant Deshmukh, Pradeep Udhas, Lingam Venkata Prabhakar and Rakesh Bhatia.[21]
^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.[22]