About
IndusInd Bank Ltd
IndusInd Bank Ltd is one of the new generation private sector banks in India. The Bank's business lines include corporate banking, retail banking, treasury and foreign exchange, investment banking, capital markets, non-resident Indian/high-net-worth individual banking, and information technology. The Bank business divisions include Retail/ Consumer Banking, Consumer Finance, Global Markets Group, Corporate & Commercial Banking, Transaction Banking Group and Investment Banking. The Bank have representative offices in London, Dubai and Abu Dhabi.
The bank provides multi-channel facilities, which includes automated teller machines (ATMs), net banking, mobile banking, phone banking, multi-city banking and international debit cards. The Bank has multi-lateral tie-ups with other banks providing access to more than 18000 ATMs for their customers. They enjoy clearing bank status for both major stock exchanges - BSE and NSE - and three major commodity exchanges in the country - MCX, NCDEX, and NMCE. They also offer DP facilities for stock and commodity segments.
IndusInd Bank Ltd was incorporated in the year 1994 and was promoted by Mr Srichand P Hinduja, a leading Non-Resident Indian businessman and head of the Hinduja Group. The Bank started their operations with a capital amount of Rs 1,000 million among which Rs 600 million was donated by the Indian Residents and Rs.400 million was raised by the Non-Resident Indians. The bank is a pioneer in launching internet banking. They are rated as one of the Top Performing Banks in various survey reports. During the year 2001-02, the Bank increased their network from 36 to 77.
During the year 2002-03, the Bank entered into electronic money transfer arrangements with MoneyGram International Ltd, USA and Zoha Inc USA for attracting beneficiaries of small value remittance from overseas. Thus, they became the first to implement the RBI-Electronic Funds Transfer scheme. Also, they entered into bullion trading activities and financial services to Indian entities setting up joint ventures and wholly-owned subsidiaries abroad.
IndusInd Enterprises & Finance Ltd, a Non-Banking Finance company and one of the promoters of the Bank amalgamated with the Bank with effect from July 11, 2003. As a result, IndusInd Information Technology Ltd became a subsidiary of the Bank. During the year, the bank increased their network to 127 from 77 outlets.
During the year 2003-04, the Bank opened their representative office in Dubai. They launched their debit card with the name International Power Card. They opened 8 new branches and 2 new extension counters during the year. Also, a total of 31 new ATMs were installed, which includes 15 on-site ATMs and 16 off-site ATMs. Ashok Leyland Finance Ltd, a leading Non-Banking Finance company merged with the Bank with effect from June 11, 2004.
During the year 2004-05, the Bank signed an agreement with NCDEX as clearing banker. They launched various innovative products and services, which includes International Mahila Card, Mobile Top-ups, Utility Bill Payment etc. They opened second representative office in London. Also, the Bank entered bilateral tie-up with Corporation Bank and with UTI Bank, in which the Bank's customer can utilize their ATMs across the country.
During the year 2006-07, the Bank added a number of new business and product lines which includes the launch of Indus Gold and Indus Gift Card and E-Remittance facility. They made a tie-up with Religare Securities for extending Portfolio Management services. They also made a tie up with Aviva Life Insurance for bancassurance. The Bank opened 33 branches and set up 41 offsite ATMs during the year.
During the year 2007-08, the Bank signed an agreement with National Multi Commodity Exchange Ltd (NMCE) to become their clearing bank. They made a strategic tie-up with Religare Securities for offering a value-added 3-in-1 savings accounts-linked package to customers - comprising a savings bank account, a depository account, and an Internet trading account. Also, they made a strategic partnership with Cholamandalam MS for bancassurance.
During the year 2007-08, the Bank was awarded the highest A1+ rating for their Certificates of Deposit by ICRA and the highest P1+ rating for their Fixed Deposits and Certificates of Deposit by CRISIL. They also received recognition by BSE and NASSCOM Foundation for the Best Corporate Social Responsibility Practice Category. In July 2008, the Bank was awarded The Smart Workplace Award by Economic Times in association with Acer and Intel for enhancing the productivity of the employees through optimum use of resources as well as technology.
During the year 2008-09, the Bank launched various new products and services which were targeted at building wealth management capabilities as well as enhancing the existing banking channels. The Bank launched the Gold and Investment verticals, which contributed in excess of Rs 5 crore of revenue in the first year of operations. They also launched two new channels - Wealth Relationship Managers and the Central Acquisition Team (CAT).
The Bank commenced the process of opening 'new look branches' to enhance the banking experience of customers and to provide personal attention to their needs. They already opened five branches with the new look at Bandra, Kolkata, Ludhiana, Vadodara and Lucknow. The Consumer Banking opened their new Administrative Office in Gurgaon. Also, the Bank's Consumer Finance Division moved into their own four-storey building at G. N. Chetty Road in Chennai.
In August 2008, the Bank acquired the micro-finance portfolio from SKS Mircofinance. In October 2008, they signed a co-partner agreement with World Gold Council for joint promotion of packaged and certified gold coins and ingots in India. In November 2008, the Bank entered into an agreement with TVS Motor Company where the Bank will provide structured inventory funding to TVS Motors' dealers. In January 2009, they entered into a MoU with CRISIL to rate the Bank's clients.
During the year 2009-10, the Bank opened 30 new branches and 141 ATMs as a part of the strategy of expanding banking network to different locations in the country. The Bank re-launched the Non-Resident (NR) business, which acquired 12,000 new NR clients within a short span and also mobilized significant FCNR book and savings account book.
During the year, the Corporate Office in Mumbai moved into new spacious premises at One Indiabulls Centre, Elphinstone Road (W), Mumbai. The Bank continued the process of opening new-look branches/off-site ATMs at various locations, viz., branches in Chennai, Secunderabad, Phagwara, Coimbatore, Pune, Hapur and off-site ATMs in 114 locations enhancing the customer experiences at primary touchpoints.
During the year 2010-11, the Bank opened 90 new branches and set up 97 ATMs. As at the year ended March 31, 2011, the Bank had a total of 300 branches spread across 212 geographical locations and 594 ATMs, inclusive of 340 off-site ATMs.
In October 2011, the Bank entered into an arrangement with Moscow-based commercial bank JCB Unistream for India bound remittances. In February 2011, they signed MoU with Mahindra & Mahindra Ltd in which the Bank will be one of the preferred financiers for the entire range of vehicles sold by Mahindra & Mahindra Ltd and also extend passenger and commercial vehicle finance to their customers. In June 2011, the Bank signed an agreement with Atos Worldline India (Venture Infotek) for point of sale (POS) acquiring solutions.
During the year 2011-12, the Bank opened 100 new branches and 106 ATMs. As at the end of the year, the Bank had a total of 400 branches spread across 270 geographical locations and 692 ATMs inclusive of 345 off-site ATMs. The Bank launched three new services: Cash-on-Mobile, Direct Connect and Quick Redeem during the year. These new services are aimed at making banking easy and convenient for the customers.
The Bank purchased the Credit Cards business of Deutsche Bank during the year. The launch of IndusInd Bank's Credit Cards business through this acquisition has fast tracked the Cards' business growth plans.
On 24 July 2012, IndusInd Bank and Suzuki Motorcycle India Pvt. Ltd. (SMIPL) signed MOU whereby IndusInd Bank will be the preferred financier to extend retail finance to SMIPL's two wheeler customers across the country. On 16 August 2012, IndusInd Bank announced the launch of its foreign currency pre-paid travel card - the Indus Forex card. On 13 December 2012, IndusInd Bank announced the successful implementation of Finacle core banking across all its branches to facilitate the delivery of state-of-the-art banking services.
IndusInd Bank on 1 April 2013 was included in the NIFTY 50 benchmark index of the National Stock Exchange (NSE). On 29 May 2013, IndusInd Bank and American Express announced the formation of a strategic partnership with the launch of the new IndusInd Bank Iconia American Express credit card.
On 4 August 2014, Jet Airways, India's premier international airline, and IndusInd Bank announced a strategic partnership to launch a suite of Jet Airways IndusInd Bank co-branded credit cards. On 29 September 2014, IndusInd Bank inaugurated its first digital branch at IndusInd Cybercity Rapid Metro station, Gurgaon. With this launch, IndusInd Bank became the first bank in India to have a fully digital branch at a metro station, whose branding rights are owned by the bank.
On 10 April 2015, IndusInd Bank announced that it has entered into an agreement with Royal Bank of Scotland N.V. to acquire its diamond and jewellery financing business in India and related deposits portfolio. On 27 July 2015, IndusInd Bank announced that it had completed the acquisition of Royal Bank of Scotland's diamond and jewellery financing business in India. The acquired loan portfolio is approximately Rs 4100 crore. On 20 May 2015, Worldpay, the global leader in payments, announced that it has partnered with IndusInd Bank to offer domestic acquiring services in India.
On 3 July 2015, IndusInd Bank completed the allotment of 5.12 crore equity shares to Qualified Institutional Buyers (QIBs) at issue price of Rs 845 per share, thereby raising Rs 4327.98 crore. On 6 August 2016, IndusInd Bank completed the allotment of 87.81 lakh equity shares to the promoters of the bank on a preferential basis at issue price of Rs 857.20 per equity share, thereby raising Rs 752.74 crore.
On 12 January 2016, IndusInd Bank announced that it has partnered with online payment solution leader PayU India to redefine the digital experience for Indian consumers, by bringing the full suite of consumer banking products online and powering the same through payment innovations and online eco-systems enabled by PayU India. On 23 May 2016, IndusInd Bank announced that it had signed a Corporate Agency agreement for distributing Reliance General Insurance's insurance products to its customers.
On 12 July 2016, IndusInd Bank announced the opening of an International Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from India. IndusInd Bank's International Banking Unit (IBU) will provide the bank access to international financial markets and will allow IndusInd Bank to deliver a complete range of products to its clients with foreign currency funding requirements.
On 14 March 2017, IndusInd Bank announced that it has entered into an agreement with Infrastructure Leasing and Financial Services Ltd. (IL&FS), the promoter shareholders of IL&FS Securities Services Ltd., (ISSL), to acquire 100% of ISSL. ISSL is a leading capital market intermediary for professional clearing, depository and custodial services. On 29 March 2017, IndusInd Bank announced extension of its agreement with Lohia Auto Industries. IndusInd Bank would be the s preferred financier for retail vehicle finance for all Lohia 3-wheeler electric and diesel models.
On 8 June 2017, Overseas Private Investment Corporation (OPIC) and IndusInd Bank executed a finance agreement for a $225 million loan supporting the expansion of the IndusInd Bank's micro, small, and medium enterprise (MSME) lending programs across India.
On 15 September 2017, Asian Development Bank (ADB) signed a loan of up to $200 million with IndusInd Bank to provide finance to low income women borrowers in rural India. The 7-year senior loan will go towards IndusInd Bank's microfinance activities.
On 14 October 2017, IndusInd Bank and Bharat Financial Inclusion announced a merger of the two entities to create a stronger and more sustainable platform for financial inclusion. The scheme contemplates merger of Bharat Financial with IndusInd and simultaneous transfer of Bharat Financial Inclusion's Business Correspondent operations into a Wholly Owned Subsidiary of IndusInd to be incorporated after receipt of requisite regulatory approvals. Bharat Financial Inclusion's shareholders will receive 639 shares of IndusInd Bank for every 1,000 shares of Bharat Financial Inclusion. Bharat Financial Inclusion is among the largest microfinance companies in India with presence across 16 states covering 1 lakh villages.
In the Extraordinary General Meeting held on August 25, 2020, the members approved Preferential Allotment of equity shares of Rs. 10 each, fully paid, at a price of Rs. 524 per equity share, to five Qualified Institutional Buyers and two corporate entities including one of the promoters. Accordingly, 4,76,29,768 equity shares were allotted on September 2, 2020 to Qualified Institutional Buyers and 1,51,17,477 equity shares were allotted on September 4, 2020 to two corporate entities, pursuant to approval of Finance Committee on respective dates. Consequently, the equity share capital of the Bank increased by Rs. 62.75 crores.
Pursuant to Composite Scheme of Arrangement with Bharat Financial Inclusion Limited, the Bank allotted 1,57,70,985 Share Warrants to the Promoters of the Bank on July 6, 2019, on receipt of subscription amount at 25% of the price of Rs. 1,709 per Share Warrant. Each Share Warrant was convertible to one equity share of the Bank fully paid, upon exercise of the option by paying the remaining amount. On February 18, 2021, the promoters exercised the option of conversion and paid Rs. 2,021.45 crores, being the remaining consideration of 75% of the price of Share Warrants. Consequently, the Bank allotted 1,57,70,985 equity shares of Rs 10 each fully paid at a price of Rs 1,709 per equity share, and the share capital increased by Rs 15.77 crores and share premium by Rs 2,679.49 crores.
As on 31 March 2022, the bank had a network of 2265 branches and 2767 ATMs across the country. The Bank added 250 branches during the year, increasing the branch count to 2,265.
As on March 31, 2022, the Bank held Assets Under Management (AUM) of Rs. 2,22,255 crores of its customers through products like Mutual Funds, Portfolio Management Service (PMS), Alternate Investment Fund (AIF) and Demat. The Bank also mobilised insurance premium of Rs. 2,372 crores for Life and Non-Life products, for the year ended March 31, 2022. The Bank launched Green Deposits for its retail and bulk customers.
As on 31 March 2023, the bank had a network of 2606 branches and 2878 ATMs across the country. The Bank added 341 branches during the year, increasing the branch count to 2606.
As on March 31, 2023, the Bank held Assets Under Management (AUM) of Rs. 1,82,208 crores of its customers through products like Mutual Funds, Portfolio Management Service (PMS), Alternate Investment Fund (AIF) and Demat accounts.
IndusInd Bank Ltd
Chairman Speech
" Your Bank is deeply committed to delivering sustainable value to
all its stakeholders, including customers, employees, and society at large. "
Dear Shareholders,
I am delighted to address you as we reflect upon the remarkable
performance of IndusInd Bank Limited and navigate through the ever-evolving economic
landscape. It is my privilege to present the annual report for FY2023.
A Dynamic Landscape
The global economic outlook remains both challenging and promising, as
we emerge from a tumultuous year. We have witnessed stronger-than-expected growth in
advanced economies despite multiple global shocks. Re-opening of the Chinese economy is
also expected to aid global recovery. However, we anticipate muted global economic
activity due to the lagged effects of last year's coordinated monetary tightening by
major global central banks led by the US Federal Reserve. Recent stress in the banking
sector of advanced economies is also likely to further tighten bank lending standards,
adversely impacting credit supply and overall growth. There are growing concerns in global
financial markets over governance, sustainable growth, stability of markets and rapid
technological evolution. Global regulators are closely monitoring the developments in
Generative Artificial Intelligence and Machine Learning and its use or misuse. This
mandates urgent reskilling of market players, regulators and policy makers. The extant
climate crises require significant investment in sustainable finance for mitigation,
adaptation and building resilience.
The extreme volatility of interest rates has a direct impact on
domestic markets and also leaves repercussions on international markets. Emergent risks
from crypto need global consensus on issues around property rights, custody, transfer, and
valuation. Apart from this, concerns also stand tall around the lack of regulatory
supervision and crypto insolvency, exponentially compounding risks for financial
regulators. These risks and fast emerging technological developments, including Artificial
Intelligence, defy sovereign boundaries and sectoral silos. Managing the growing milieu of
"Known Risks" in addition to potential cyber threats and more importantly the
new universal "Unknown Risks" requires an urgent need to forge a global
consensus and institutional cooperation that transcends geographical boundaries.
India's increasing global credibility and stature make it a
potential leader in establishing an international regulatory alliance to create a more
modern global regulatory framework that considers the interests of Emerging Economies and
the Global South. The opportunity presented by India's presidency of the G20 in 2023
allows for the building of consensus in a world currently marked by polarized divisions.
If successful, this initiative could have significant positive consequences on a global
scale.
Amidst the challenges, central banks and authorities have taken
decisive action to mitigate the impact on the broader financial system and emerging
economies. While global inflation is easing from its peak last year, core inflation
persists in several developed economies, nudging central banks to remain watchful. In
fact, inflation is projected to remain above targets in many countries throughout 2023 and
2024. Moreover, subdued demand and the shift from goods to services are dampening global
trade. Compounding these issues are protracted geopolitical tensions and divergent global
positions on multilateral matters, which increase the risks of geo-economic fragmentation
and impact international capital flows.
In this global backdrop, the Indian economy shines as a beacon of hope.
The real GDP growth is projected to be in the range of 6 to 6.5% this fiscal year,
contributing over 15% to global growth, according to the International Monetary Fund (IMF)
projections. Although growth in India is expected to be moderate compared to the previous
fiscal year's 7.2%, the impact of tighter financial conditions is expected to be felt
in the second half. Nevertheless, the ongoing recovery in the services sector, resurgence
in rural demand robust consumption outlook and improved conditions for capital formation
and investments from public and private sources, will support strong growth.
Looking Ahead with Confidence
While private consumption growth may witness a temporary weakness in
some sectors, we anticipate an overall sustained improvement in consumer sentiment due to
a steady pickup in employment and other macroeconomic factors. The strength of rural
consumption recovery hinges on the outcome of monsoons, which are predicted to be normal,
although some uncertainty remains due to El Nino. The easing of CPI inflation over the
year, to around 5% in FY2024 from 6.7% in FY2023, will provide support to consumption as
well. Government capital expenditure (CapEx) will play a critical role in driving capital
formation, with a substantial increase in budgeted capital spending during FY2024. The
moderation in commodity prices, the government's focus on CapEx, healthy balance
sheets of banks and corporates, and robust credit growth will foster private investment
activity. Encouragingly, RBI's enterprise surveys indicate higher investment
intentions of manufacturing companies during the year. The economic outlook for India is
promising, relative to most other leading economies.
Robust Performance
IndusInd Bank continues to deliver robust performance and this was seen
in outcomes of the recently concluded 3-year Planning Cycle 5 (PC-5 over FY2020-23). The
key balance sheet metrics in terms of capital adequacy, liquidity, retail deposit
mobilisation, provision coverages etc. are at their healthiest levels in the past several
years. Having achieved the balance sheet strengthening, the Bank cautiously moved on to
accelerating growth.
This is reflected in the Balance Sheet footage of `4,57,837 crores (14%
Y-o-Y growth), deposits of ` 3,36,120 crores (15% Y-o-Y increase) and loans of `2,89,924
crores (21% Y-o-Y increase) as of March 2023. As a consequence, the Bank's Total
Income stood at `44,541 crores, compared to `38,167 crores in the previous year. Operating
expenses were `11,346 crores, and Pre-Provision Operating Profit rose to `14,419 crores.
Net Profit soared to `7,443 crores (55% Y-o-Yincrease).
The Bank has now also announced a strategy for the next Planning Cycle
6 (PC-6) spanning FY2023-26. The PC-6 strategy is "Market Share with
Diversification" with a focus on Growth, Granularity and Governance. The strategy
will be executed through continuing Retailization of deposits, diversifying areas of
domain expertise, scaling sub-scale businesses, accelerating Digital initiatives and
delivering value to our esteemed customers, while continuously imbibing ESG principles in
the businesses. Bank believes the current operating environment is conducive to sturdy
growth and thus confident of achieving the ambitions laid out in the PC-6 strategy.
Resilience in the Face of Challenges
While we embrace the healthy growth outlook, we remain cognizant of the
persistent risks. Weak external demand, geo-economic fragmentation impacting trade and
capital flows, and protracted geopolitical tensions pose challenges. However, we believe
that the risks to growth are balanced, with strong domestic drivers sustaining growth
while a challenging global economic environment acts as a headwind.
Our macroeconomic stability, characterized by easing inflation,
manageable external financing requirements, strong external buRs. ers, including adequate
foreign exchange reserves, and a stable policy environment, provides a solid foundation to
complement our domestic growth impulses. In this dynamic environment, I take pride in
highlighting the resilience of IndusInd Bank.
A Better Future in Mind
IndusInd Bank is actively expanding its ESG impact throughout its
operations. We are proud to announce that IndusInd Bank has been recognized as the
‘Best Bank in India for ESG-FY2023' by Asiamoney for the second consecutive
year, afirming our commitment to sustainability and responsible banking practices. We have
embedded ESG principles throughout our business, launching products that promote
sustainability across sectors such as Retail Banking, Corporate Banking, CFD, Digital
Banking and Microfinance. With integrated ESG risk assessments and a board-approved policy
and governance system, we prioritize ethical practices and responsible lending while
monitoring exposure to high ESG risk industries.
IndusInd Bank is the sole Indian bank chosen for the TNFD (Task Force
on Nature-related Financial Disclosures) Pilot program, showcasing our dedication to
managing biodiversity-related risks. Our goal is to become a carbon-neutral Bank by 2032,
with all PIONEER branches now LEED certified. Inclusive practices extend beyond our
internal operations, as evidenced by the launch of all-women branches, the employment of
neurologically diverse individuals, and a board composition that promotes gender equality.
We ensure credibility and reliability in our sustainability reporting by aligning our
policies with the latest ESG trends and obtaining third-party assurance.
As we move forward, your Bank remains steadfastly dedicated to its core
values of trust, transparency and excellence. We are focused on continuously strengthening
our corporate governance practices, effectively managing risks, building the highest
levels of compliance, fair and ethical practices within the Bank. Given fast-evolving
market opportunities, risks and global technological changes, the Bank is fully prepared
to respond with alacrity and dexterity. We recognize the need to constantly reskill our
38,179 highly talented and enthusiastic employees who adroitly adapt to market changes. I
am delighted to say that your Bank was certified as a "Great Place to Work" by
the Great Place to Work Institute? a reputed global body involved in the assessment of
company culture and people practices across sectors and countries. We stay fully committed
to building an ethos that cherishes diversity, strong core values and integrity of
purpose.
Your Bank is deeply committed to delivering sustainable value to all
its stakeholders, including customers, employees, and society at large.
I extend my heartfelt gratitude to our esteemed shareholders, loyal
customers, dedicated employees, regulators and all supportive stakeholders for their
unwavering trust and support. Together, we shall navigate the fast-evolving landscape,
overcome challenges, and expeditiously seize new opportunities to drive the growth and
success of IndusInd Bank.
With warm regards,
Sunil Mehta
Chairman
  Â
IndusInd Bank Ltd
Company History
IndusInd Bank Ltd is one of the new generation private sector banks in India. The Bank's business lines include corporate banking, retail banking, treasury and foreign exchange, investment banking, capital markets, non-resident Indian/high-net-worth individual banking, and information technology. The Bank business divisions include Retail/ Consumer Banking, Consumer Finance, Global Markets Group, Corporate & Commercial Banking, Transaction Banking Group and Investment Banking. The Bank have representative offices in London, Dubai and Abu Dhabi.
The bank provides multi-channel facilities, which includes automated teller machines (ATMs), net banking, mobile banking, phone banking, multi-city banking and international debit cards. The Bank has multi-lateral tie-ups with other banks providing access to more than 18000 ATMs for their customers. They enjoy clearing bank status for both major stock exchanges - BSE and NSE - and three major commodity exchanges in the country - MCX, NCDEX, and NMCE. They also offer DP facilities for stock and commodity segments.
IndusInd Bank Ltd was incorporated in the year 1994 and was promoted by Mr Srichand P Hinduja, a leading Non-Resident Indian businessman and head of the Hinduja Group. The Bank started their operations with a capital amount of Rs 1,000 million among which Rs 600 million was donated by the Indian Residents and Rs.400 million was raised by the Non-Resident Indians. The bank is a pioneer in launching internet banking. They are rated as one of the Top Performing Banks in various survey reports. During the year 2001-02, the Bank increased their network from 36 to 77.
During the year 2002-03, the Bank entered into electronic money transfer arrangements with MoneyGram International Ltd, USA and Zoha Inc USA for attracting beneficiaries of small value remittance from overseas. Thus, they became the first to implement the RBI-Electronic Funds Transfer scheme. Also, they entered into bullion trading activities and financial services to Indian entities setting up joint ventures and wholly-owned subsidiaries abroad.
IndusInd Enterprises & Finance Ltd, a Non-Banking Finance company and one of the promoters of the Bank amalgamated with the Bank with effect from July 11, 2003. As a result, IndusInd Information Technology Ltd became a subsidiary of the Bank. During the year, the bank increased their network to 127 from 77 outlets.
During the year 2003-04, the Bank opened their representative office in Dubai. They launched their debit card with the name International Power Card. They opened 8 new branches and 2 new extension counters during the year. Also, a total of 31 new ATMs were installed, which includes 15 on-site ATMs and 16 off-site ATMs. Ashok Leyland Finance Ltd, a leading Non-Banking Finance company merged with the Bank with effect from June 11, 2004.
During the year 2004-05, the Bank signed an agreement with NCDEX as clearing banker. They launched various innovative products and services, which includes International Mahila Card, Mobile Top-ups, Utility Bill Payment etc. They opened second representative office in London. Also, the Bank entered bilateral tie-up with Corporation Bank and with UTI Bank, in which the Bank's customer can utilize their ATMs across the country.
During the year 2006-07, the Bank added a number of new business and product lines which includes the launch of Indus Gold and Indus Gift Card and E-Remittance facility. They made a tie-up with Religare Securities for extending Portfolio Management services. They also made a tie up with Aviva Life Insurance for bancassurance. The Bank opened 33 branches and set up 41 offsite ATMs during the year.
During the year 2007-08, the Bank signed an agreement with National Multi Commodity Exchange Ltd (NMCE) to become their clearing bank. They made a strategic tie-up with Religare Securities for offering a value-added 3-in-1 savings accounts-linked package to customers - comprising a savings bank account, a depository account, and an Internet trading account. Also, they made a strategic partnership with Cholamandalam MS for bancassurance.
During the year 2007-08, the Bank was awarded the highest A1+ rating for their Certificates of Deposit by ICRA and the highest P1+ rating for their Fixed Deposits and Certificates of Deposit by CRISIL. They also received recognition by BSE and NASSCOM Foundation for the Best Corporate Social Responsibility Practice Category. In July 2008, the Bank was awarded The Smart Workplace Award by Economic Times in association with Acer and Intel for enhancing the productivity of the employees through optimum use of resources as well as technology.
During the year 2008-09, the Bank launched various new products and services which were targeted at building wealth management capabilities as well as enhancing the existing banking channels. The Bank launched the Gold and Investment verticals, which contributed in excess of Rs 5 crore of revenue in the first year of operations. They also launched two new channels - Wealth Relationship Managers and the Central Acquisition Team (CAT).
The Bank commenced the process of opening 'new look branches' to enhance the banking experience of customers and to provide personal attention to their needs. They already opened five branches with the new look at Bandra, Kolkata, Ludhiana, Vadodara and Lucknow. The Consumer Banking opened their new Administrative Office in Gurgaon. Also, the Bank's Consumer Finance Division moved into their own four-storey building at G. N. Chetty Road in Chennai.
In August 2008, the Bank acquired the micro-finance portfolio from SKS Mircofinance. In October 2008, they signed a co-partner agreement with World Gold Council for joint promotion of packaged and certified gold coins and ingots in India. In November 2008, the Bank entered into an agreement with TVS Motor Company where the Bank will provide structured inventory funding to TVS Motors' dealers. In January 2009, they entered into a MoU with CRISIL to rate the Bank's clients.
During the year 2009-10, the Bank opened 30 new branches and 141 ATMs as a part of the strategy of expanding banking network to different locations in the country. The Bank re-launched the Non-Resident (NR) business, which acquired 12,000 new NR clients within a short span and also mobilized significant FCNR book and savings account book.
During the year, the Corporate Office in Mumbai moved into new spacious premises at One Indiabulls Centre, Elphinstone Road (W), Mumbai. The Bank continued the process of opening new-look branches/off-site ATMs at various locations, viz., branches in Chennai, Secunderabad, Phagwara, Coimbatore, Pune, Hapur and off-site ATMs in 114 locations enhancing the customer experiences at primary touchpoints.
During the year 2010-11, the Bank opened 90 new branches and set up 97 ATMs. As at the year ended March 31, 2011, the Bank had a total of 300 branches spread across 212 geographical locations and 594 ATMs, inclusive of 340 off-site ATMs.
In October 2011, the Bank entered into an arrangement with Moscow-based commercial bank JCB Unistream for India bound remittances. In February 2011, they signed MoU with Mahindra & Mahindra Ltd in which the Bank will be one of the preferred financiers for the entire range of vehicles sold by Mahindra & Mahindra Ltd and also extend passenger and commercial vehicle finance to their customers. In June 2011, the Bank signed an agreement with Atos Worldline India (Venture Infotek) for point of sale (POS) acquiring solutions.
During the year 2011-12, the Bank opened 100 new branches and 106 ATMs. As at the end of the year, the Bank had a total of 400 branches spread across 270 geographical locations and 692 ATMs inclusive of 345 off-site ATMs. The Bank launched three new services: Cash-on-Mobile, Direct Connect and Quick Redeem during the year. These new services are aimed at making banking easy and convenient for the customers.
The Bank purchased the Credit Cards business of Deutsche Bank during the year. The launch of IndusInd Bank's Credit Cards business through this acquisition has fast tracked the Cards' business growth plans.
On 24 July 2012, IndusInd Bank and Suzuki Motorcycle India Pvt. Ltd. (SMIPL) signed MOU whereby IndusInd Bank will be the preferred financier to extend retail finance to SMIPL's two wheeler customers across the country. On 16 August 2012, IndusInd Bank announced the launch of its foreign currency pre-paid travel card - the Indus Forex card. On 13 December 2012, IndusInd Bank announced the successful implementation of Finacle core banking across all its branches to facilitate the delivery of state-of-the-art banking services.
IndusInd Bank on 1 April 2013 was included in the NIFTY 50 benchmark index of the National Stock Exchange (NSE). On 29 May 2013, IndusInd Bank and American Express announced the formation of a strategic partnership with the launch of the new IndusInd Bank Iconia American Express credit card.
On 4 August 2014, Jet Airways, India's premier international airline, and IndusInd Bank announced a strategic partnership to launch a suite of Jet Airways IndusInd Bank co-branded credit cards. On 29 September 2014, IndusInd Bank inaugurated its first digital branch at IndusInd Cybercity Rapid Metro station, Gurgaon. With this launch, IndusInd Bank became the first bank in India to have a fully digital branch at a metro station, whose branding rights are owned by the bank.
On 10 April 2015, IndusInd Bank announced that it has entered into an agreement with Royal Bank of Scotland N.V. to acquire its diamond and jewellery financing business in India and related deposits portfolio. On 27 July 2015, IndusInd Bank announced that it had completed the acquisition of Royal Bank of Scotland's diamond and jewellery financing business in India. The acquired loan portfolio is approximately Rs 4100 crore. On 20 May 2015, Worldpay, the global leader in payments, announced that it has partnered with IndusInd Bank to offer domestic acquiring services in India.
On 3 July 2015, IndusInd Bank completed the allotment of 5.12 crore equity shares to Qualified Institutional Buyers (QIBs) at issue price of Rs 845 per share, thereby raising Rs 4327.98 crore. On 6 August 2016, IndusInd Bank completed the allotment of 87.81 lakh equity shares to the promoters of the bank on a preferential basis at issue price of Rs 857.20 per equity share, thereby raising Rs 752.74 crore.
On 12 January 2016, IndusInd Bank announced that it has partnered with online payment solution leader PayU India to redefine the digital experience for Indian consumers, by bringing the full suite of consumer banking products online and powering the same through payment innovations and online eco-systems enabled by PayU India. On 23 May 2016, IndusInd Bank announced that it had signed a Corporate Agency agreement for distributing Reliance General Insurance's insurance products to its customers.
On 12 July 2016, IndusInd Bank announced the opening of an International Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from India. IndusInd Bank's International Banking Unit (IBU) will provide the bank access to international financial markets and will allow IndusInd Bank to deliver a complete range of products to its clients with foreign currency funding requirements.
On 14 March 2017, IndusInd Bank announced that it has entered into an agreement with Infrastructure Leasing and Financial Services Ltd. (IL&FS), the promoter shareholders of IL&FS Securities Services Ltd., (ISSL), to acquire 100% of ISSL. ISSL is a leading capital market intermediary for professional clearing, depository and custodial services. On 29 March 2017, IndusInd Bank announced extension of its agreement with Lohia Auto Industries. IndusInd Bank would be the s preferred financier for retail vehicle finance for all Lohia 3-wheeler electric and diesel models.
On 8 June 2017, Overseas Private Investment Corporation (OPIC) and IndusInd Bank executed a finance agreement for a $225 million loan supporting the expansion of the IndusInd Bank's micro, small, and medium enterprise (MSME) lending programs across India.
On 15 September 2017, Asian Development Bank (ADB) signed a loan of up to $200 million with IndusInd Bank to provide finance to low income women borrowers in rural India. The 7-year senior loan will go towards IndusInd Bank's microfinance activities.
On 14 October 2017, IndusInd Bank and Bharat Financial Inclusion announced a merger of the two entities to create a stronger and more sustainable platform for financial inclusion. The scheme contemplates merger of Bharat Financial with IndusInd and simultaneous transfer of Bharat Financial Inclusion's Business Correspondent operations into a Wholly Owned Subsidiary of IndusInd to be incorporated after receipt of requisite regulatory approvals. Bharat Financial Inclusion's shareholders will receive 639 shares of IndusInd Bank for every 1,000 shares of Bharat Financial Inclusion. Bharat Financial Inclusion is among the largest microfinance companies in India with presence across 16 states covering 1 lakh villages.
In the Extraordinary General Meeting held on August 25, 2020, the members approved Preferential Allotment of equity shares of Rs. 10 each, fully paid, at a price of Rs. 524 per equity share, to five Qualified Institutional Buyers and two corporate entities including one of the promoters. Accordingly, 4,76,29,768 equity shares were allotted on September 2, 2020 to Qualified Institutional Buyers and 1,51,17,477 equity shares were allotted on September 4, 2020 to two corporate entities, pursuant to approval of Finance Committee on respective dates. Consequently, the equity share capital of the Bank increased by Rs. 62.75 crores.
Pursuant to Composite Scheme of Arrangement with Bharat Financial Inclusion Limited, the Bank allotted 1,57,70,985 Share Warrants to the Promoters of the Bank on July 6, 2019, on receipt of subscription amount at 25% of the price of Rs. 1,709 per Share Warrant. Each Share Warrant was convertible to one equity share of the Bank fully paid, upon exercise of the option by paying the remaining amount. On February 18, 2021, the promoters exercised the option of conversion and paid Rs. 2,021.45 crores, being the remaining consideration of 75% of the price of Share Warrants. Consequently, the Bank allotted 1,57,70,985 equity shares of Rs 10 each fully paid at a price of Rs 1,709 per equity share, and the share capital increased by Rs 15.77 crores and share premium by Rs 2,679.49 crores.
As on 31 March 2022, the bank had a network of 2265 branches and 2767 ATMs across the country. The Bank added 250 branches during the year, increasing the branch count to 2,265.
As on March 31, 2022, the Bank held Assets Under Management (AUM) of Rs. 2,22,255 crores of its customers through products like Mutual Funds, Portfolio Management Service (PMS), Alternate Investment Fund (AIF) and Demat. The Bank also mobilised insurance premium of Rs. 2,372 crores for Life and Non-Life products, for the year ended March 31, 2022. The Bank launched Green Deposits for its retail and bulk customers.
As on 31 March 2023, the bank had a network of 2606 branches and 2878 ATMs across the country. The Bank added 341 branches during the year, increasing the branch count to 2606.
As on March 31, 2023, the Bank held Assets Under Management (AUM) of Rs. 1,82,208 crores of its customers through products like Mutual Funds, Portfolio Management Service (PMS), Alternate Investment Fund (AIF) and Demat accounts.
IndusInd Bank Ltd
Directors Reports
IndusInd Bank Ltd
Company Background
| Incorporation Year | 1994 |
| Registered Office | 2401 General Thimmayya Road,Cantonment
Pune,Maharashtra-411001 |
| Telephone | 91-20-2623 4000/10,Managing Director |
| Fax | 91-20-2634 3241 |
Sunil MehtaSumant Kathpalia| Company Secretary | |
| Auditor | MSKA & Associates/M P Chitale & Co |
| Face Value | 10 |
| Market Lot | 1 |
| Listing | BSE,Luxembourg,MSEI ,NSE, |
| Registrar | Link Intime India Pvt Ltd
C-101 247 Park,L B S Marg,Vikhroli West,Mumbai-400083 |
IndusInd Bank Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Sunil Mehta | Independent Non Exe. Director | 2023 |
| Shanker Annaswamy | Independent Non Exe. Director | 2023 |
| T T Ram Mohan | Independent Non Exe. Director | 2023 |
| Akila Krishnakumar | Independent Non Exe. Director | 2023 |
| Rajiv Agarwal | Independent Non Exe. Director | 2023 |
| S K Asher | Independent Non Exe. Director | 2023 |
| Bhavna Doshi | Independent Non Exe. Director | 2023 |
| Jayant Deshmukh | Independent Non Exe. Director | 2023 |
| Pradeep Udhas | Independent Non Exe. Director | 2023 |
| Sumant Kathpalia | Managing Director & CEO | 2023 |
| Arun Tiwari | Non-Exec. Chairman (Parttime) | 2023 |
| Sunil Mehta | Chairman & Independent Directo | 2023 |
| Arun Khurana | Whole Time Director | 2023 |
IndusInd Bank Ltd
Listing Information
| Listing Information |
|---|
| BSE_SENSEX |
| NIFTY |
| BSE_500 |
| BSE_100 |
| BSE_200 |
| BSEDOLLEX |
| CNX500 |
| BSEBANKEX |
| BANKNIFTY |
| CNX100 |
| CNXSERVICE |
| CNX200 |
| BSECARBONE |
| NFT100LQ15 |
| NIFTY50V20 |
| NFT100EQWT |
| BSEALLCAP |
| BSELARGECA |
| BSEFINANCE |
| NFTPVTBANK |
| SENSEX50 |
| ESG100 |
| LMI250 |
| BSEDSI |
| NFT50EQWT |
| BSEDFINRVG |
| BSE100LTMC |
| BSEPVTBNK |
| NFTYLM250 |
| NFTY100ESG |
| NF500M5025 |
| NFTYTOTMKT |
IndusInd Bank Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Interest/disc on advance/bills | Rs. | 0 | 0 | 0 | 25143.4383 |
| Income on investments | Rs. | 0 | 0 | 0 | 4052.8781 |
| Interest on balance with RBI | Rs. | 0 | 0 | 0 | 1288.3619 |
| Others | Rs. | 0 | 0 | 0 | 337.764 |