IndusInd Bank Limited is an Indian banking and

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

company based in

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

. It was established in April 1994 and promoted by the

Hinduja Group Hinduja Group is an Indian Conglomerate (company), conglomerate. The group is present in eleven sectors including automotive, oil and specialty chemicals, banking and finance, IT and ITeS, cyber security, healthcare, trading, infrastructure proj ...

History

IndusInd Bank was among nine 'new-generation' banks that obtained a banking license in 1994; it was started by S. P. Hinduja along with hundreds of NRI and other shareholders. Named after the

Indus Valley Civilisation The Indus Valley Civilisation (IVC), also known as the Indus Civilisation, was a Bronze Age civilisation in the Northwestern South Asia, northwestern regions of South Asia, lasting from 3300 Common Era, BCE to 1300 BCE, and in i ...

, the bank began its operations on 17 April 1994, after being inaugurated by the then Union Finance Minister

Manmohan Singh Manmohan Singh (26 September 1932 – 26 December 2024) was an Indian economist, bureaucrat, academician, and statesman, who served as the prime minister of India from 2004 to 2014. He was the fourth longest-serving prime minister after Jaw ...

. It launched its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

in 1997. In 2004, IndusInd Bank completed its merger with Ashok Leyland Finance, a vehicle financing company which was also part of the

. IndusInd Bank listed on the Luxembourg Stock Exchange in 2007 by issuing global depository receipts (GDRs) worth . In 2008, it issued fresh GDRs worth . In 2011, IndusInd Bank acquired

Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...

India's loss-making credit cards division. In October 2017, IndusInd Bank announced its acquisition of Bharat Financial Inclusion Limited (BFIL) for . The merger was officially completed in July 2019. In April 2024, it piloted the

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

's programmable Central Bank Digital Currency (CBDC), in collaboration with Circularity Innovation Hub, targeting the disbursement of CBDC to farmers in

Maharashtra Maharashtra () is a state in the western peninsular region of India occupying a substantial portion of the Deccan Plateau. It is bordered by the Arabian Sea to the west, the Indian states of Karnataka and Goa to the south, Telangana to th ...

's Ratnagiri district in exchange for carbon credits. 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. Reports stated that SEBI also began investigating possible

insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider informati ...

by senior officials of the bank. In response to the discrepancies, IndusInd Bank’s Managing Director and CEO, Sumant Kathpalia, resigned in April 2025, taking moral responsibility for accounting irregularities in the bank’s derivatives portfolio. His resignation followed that of Deputy CEO Arun Khurana, who stepped down a day earlier. SEBI also banned the former CEO of the bank, Sumant Kathpalia, and four others from dealing in the share market.

Operations

As of December 2024, the bank has 42 million customers, 3,063 branches, and 2,993 ATMs in India. It is an empaneled banker for MCX. Its shares have been a part of the NIFTY 50 index since 1 April 2013.

Notes

: 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.

References

External links

* {{Banking in India Banks established in 1994 Banks based in Mumbai 1994 establishments in Maharashtra NIFTY 50 BSE SENSEX IndusInd Bank Indian companies established in 1994 Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange Hinduja Group

History

Operations

See also

Notes

References

External links